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IMF revises down Indonesia’s growth projection in 2022

The International Monetary Fund (IMF) has downgraded Indonesia's 2022 economic growth forecast to 5.6 percent in 2022, from 5.9 percent in its October report, due to the spread of the Omicron variant and slower global economic growth.
IMF revises down Indonesia’s growth projection in 2022 ảnh 1A corner of Indonesia's Jakarta. (Photo: AFP)
Jakarta (VNA) – The International Monetary Fund(IMF) has downgraded Indonesia's 2022 economic growth forecast to 5.6 percentin 2022, from 5.9 percent in its October report, due to the spread of theOmicron variant and slower global economic growth.

“The balance of risks to the outlook is improving, butremains tilted to the downside,” said Assistant Director in the IMF’s WesternHemisphere Department Cheng Hoon Lim. She added that the emergence of more aggressive COVID-19 variantscould put further pressure on the health system and lead to renewed mobilityrestrictions, and risks of spillovers from tighter global financial conditionshave increased.

Meanwhile, on the upside, the boost from global commodity prices couldlast longer than expected, while recent and prospective structural reformscould reduce the extent of economic scarring in Indonesia, she said.

According to her, with the recovery underway, gradually restoring the centraltenets of the pre-pandemic macroeconomic policy frameworks will reinforceIndonesia’s strong policy track record.

However, the IMF team noted that if severe downsiderisks—such as a slower recovery or a rapid resurgence of COVID-19 infectionsand related containment measures—were to materialize, longer-lasting pandemicsupport could become necessary, Cheng Hoon Lim said./.

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