IFGP Digest

Macroeconomic Monitor November 2025: A Month of Mixed Signals and Selective Recovery

United States Recent data point to a U.S. economy that is still expanding but gradually cooling. On the activity side, S&P Global US Manufacturing PMI stood at 52.5 in October 2025, edging up fro...

Macroeconomic Monitor October 2025: Steady Hands in Unsteady Winds

United States : The latest U.S. data suggest that economic momentum is beginning to soften, with manufacturing activity easing, the labor market showing early signs of stagnation, and inflationary pr...

When Trillions Nap in Banks: The Limits of Indonesia’s Liquidity Push

This paper takes a closer look at the government’s decision to place two hundred trillion rupiah in state-owned banks, noting that while the policy may prevent funds from remaining idle at the cent...

Macroeconomic Monitor September 2025

United States The US expansion continues to be anchored by services and household demand while manufacturing lags. S&P Global Services PMI remained firmly expansionary in August 2025, cushioning...

Indonesia’s Q2 2025 GDP Commentary: Not So Much About Data Integrity, but How We Interpret It

• Real GDP grew 5.12% YoY in Q2 2025 and 4.04% QoQ, marking the strongest Q2 sequential rebound of recent years. The pattern is partly seasonal, Q2 typically jumps after a soft Q1, but 2025’s QoQ spik...