In 2024, Banyuwangi Regency demonstrated exceptional economic performance, earning commendations from various institutions, including the Financial Services Authority (OJK) of Jember. The region's economic growth and improvements in key indicators have positioned it as a model for other areas.

Economic Growth Surpasses National and Provincial Averages

Banyuwangi's economy expanded by 5.04% in 2024, outpacing both the national growth rate of 4.95% and East Java Province's rate of 4.1%. This impressive growth underscores the effectiveness of the region's development strategies and its resilience in the face of broader economic challenges.

Significant Reduction in Poverty Rates

The regency also achieved a notable decrease in its poverty rate, which fell from 7.34% in 2023 to 6.54% in 2024. This decline reflects successful poverty alleviation initiatives and a commitment to improving the quality of life for residents. Additionally, the Gini ratio, a measure of income inequality, decreased to 0.31%, indicating a move towards more equitable wealth distribution.

Robust Banking Sector Performance

Banyuwangi's banking sector exhibited strong performance, with credit growth reaching 5.33% and third-party funds, including savings and deposits, increasing by 10.6%. This suggests heightened public confidence in the financial system and a growing propensity for savings among the populace.

OJK Jember's Chairman, Mohammad Mufid, praised these accomplishments, highlighting the collaborative efforts and dynamic governance that have driven Banyuwangi's success. He emphasized the importance of continued cooperation among various stakeholders to maintain and further this positive trajectory.

Banyuwangi's achievements in 2024 serve as a testament to effective policy implementation and community engagement. The region's balanced focus on economic growth, poverty reduction, and financial sector development provides a blueprint for sustainable development that other regions can emulate.