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Indonesia: Central bank cuts economic growth forecast to 3.8 percent

Indonesia's central bank has slashed its forecast for 2021 economic growth to 3.8 percent from a previous forecast of 4.6 percent, based on early assessments of the impact of recent social restrictions.
Hanoi (VNA) - Indonesia's central bank has slashedits forecast for 2021 economic growth to 3.8 percent from a previous forecastof 4.6 percent, based on early assessments of the impact of recent socialrestrictions.

The largest economy in Southeast Asia has been combating the worst COVID-19crisis in the region, with the number of new infections and fatalities climbing atan alarming rate, and many hospitals overloaded.

The country has imposed micro-scale public activity restrictions (PPKM) onJava and Bali islands and added more measures in several other regions lastweek.

The new forecast of Bank Indonesia (BI) was based on an assumption that mobilityrestrictions could successfully bring down cases after a month, said Governor ofBI Perry Warjiyo.

Warjiyo said measures were needed to mitigate the impact of the containment measureson private consumption.

Last week, the Indonesian government lowered its economic growth forecastfor 2021 4 to 3.7-4.5 percent from the previous prediction of 5-5.3 percent.

According to Coordinating Minister for Economic Affairs AirlanggaHartarto, Indonesia's economic growth is predicted to drop sharply in thethird quarter due to the impact of the PPKM in Java and Bali, which account for60 percent of the country's GDP./.
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