Jakarta. Finance Minister Purbaya Yudhi Sadewa said on Thursday that several global rating agencies had misjudged Indonesia’s economic trajectory, after earlier forecasts of a sharp slowdown proved inaccurate.

His remarks followed a decision by Moody’s Investors Service to revise Indonesia’s sovereign outlook to negative — a move Purbaya described as inconsistent with subsequent economic data.

“They thought our economy would grow very slowly, which is why Moody’s issued a negative outlook, citing weaker growth prospects. But in reality, our economy grew faster,” Purbaya said during a discussion in Jakarta.

He added that once Indonesia’s official 2025 growth figures were released, several international institutions upgraded their projections, acknowledging that the country’s economic fundamentals were stronger than initially expected.

“After the data announcement, the International Monetary Fund raised its forecast from 4.9% to 5.2% for this year. JPMorgan Chase & Co. did the same, from 4.9% to 5.2%,” Purbaya said.

Indonesia’s economy expanded 5.39% in the fourth quarter of 2025, marking its strongest quarterly growth since the COVID-19 pandemic. Full-year growth reached 5.11%, which Purbaya said ranked among the highest across the G20 economies.

The performance, he added, underscored the resilience of Indonesia’s domestic economy despite ongoing global pressures.

Still, Purbaya said some observers had been too quick to draw pessimistic conclusions about Indonesia’s outlook.

“So it seems some parties were offside. That’s fine — we’ll let them be wrong,” he said.

Looking ahead, the government plans to accelerate growth through fiscal stimulus, ensure adequate liquidity, and encourage business expansion to sustain economic momentum. Purbaya said these measures are expected to support stronger domestic investment.

“I will push as hard as possible to bring growth closer to 6% so economic expansion can continue through 2030,” he said. “So there’s no need to be afraid of investing in Indonesia’s capital markets or business sector.”