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IFGP Digest

29 Mei 2026

Macroeconomic Monitor May 2026 Growth Holds, but Policy Space Narrows Under External Pressures

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30 MENIT BACA

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Ekonomi, Macroeconomic Monitor, Macroeconomic

  • The U.S. economy continued to demonstrate resilience in April 2026 despite mounting external and inflationary pressures. The Federal Reserve maintained its policy rate at 3.5%–3.75% for a third consecutive meeting, emphasizing a cautious and data-dependent approach amid heightened uncertainty stemming from geopolitical tensions in the Middle East.
  • The euro area increasingly exhibits characteristics of a supply-shock-driven slowdown, with energy inflation squeezing demand while manufacturing remains weak.
  • China’s economy presented a mixed picture in April 2026, characterized by resilient external trade performance but weakening domestic demand.
  • Indonesia remains supported by strong Q1 domestic demand, but forward indicators suggest resilience is becoming narrower as external cost shocks, weaker trade, and monetary tightening raise downside risks. GDP growth accelerated to 5.61% YoY in Q1 2026, driven by stronger household consumption, a sharp increase in government expenditure, and resilient investment activity.
Macroeconomic Monitor May 2026 Growth Holds, but Policy Space Narrows Under External Pressures
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