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Indonesia forecasts that GDP will grow between 4.5 and 5.3 percent next year



Perry Warjiyo

Indonesia‘s central bank has forecast the country‘s economy to grow in the coming years, supported by private consumption, investment and positive export performance amid slowing global economy, the bank’s governor said on Wednesday. from Indonesia (BI), Perry Warjiyo.

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The BI estimates that gross domestic product will grow in the range of 4.5 to 5.3 percent in 2023 and continue to strengthen to 4.7 to 5.5 percent in 2024, Warjiyo told the Bank of Indonesia Annual Meeting. 2022 held in Jakarta.

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From August to November, Bank Indonesia raised interest rates by 175 bp to 5.25 percent, Warjiyo said.

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The central bank sees this as a forward-looking, preemptive and forward-looking step to reduce exaggerated expectations and ensure that core inflation returns to the 2-4 percent target in the first half of 2023.

At the same time, the central bank strengthened its policy of stabilizing the rupee’s exchange rate to be in line with its fundamental value due to the strengthening US dollar and high market uncertainty, Warjiyo said. ■


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