Indonesian Finance Minister Sri Mulyani Indrawati has said the country will continue to be “the bright spot” of the global economy after the Central Statistics Agency (BPS) reported robust economic growth in the third quarter and uninterrupted surpluses in international trade for over two years.
Indonesia is a bright spot of the global economy amid risks of economic contraction facing many countries in 2022, Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva has said.
Indonesia’s economy expanded 5.44 % in the second quarter of 2022, up slightly from the 5.01% growth recorded in the first quarter according to Statistics Indonesia.
The impact of the COVID-19 pandemic coupled with the Russia-Ukraine war could cause Indonesia’s economy to decline to 4.6 percent this year, said Speaker of the People's Consultative Assembly (MPR) Bambang Soesatyo.
The Finance Ministry of Indonesia has raised its tax revenue target for 2022 to 9.3 - 9.5 percent of GDP, banking on the implementation of new tax regulations and continued economic recovery.
The Indonesian economy is likely to expand by 7 percent in the second quarter of 2021, following an upward trend in the disbursement of foreign direct investment (FDI) and an improved consumer confidence index.
The Asian Development Bank (ADB) has projected that the Indonesian economy will return to high growth, last seen in the pre-pandemic era, in 2022, with the economy forecast to expand 5 percent next year.
The Indonesian economy must grow between 6-7 percent from 2022 to escape the middle-income trap, Minister of National Development Planning and head of the National Development Planning Agency (Bappenas) Suharso Monoarfa has said.
The Indonesian economy is gradually recovering, owing in part to a bold, comprehensive, and coordinated policy response to address the socio-economic hardship inflicted by the COVID 19 pandemic in the first half of 2020, according to the International Monetary Fund (IMF).
Although the Indonesian Government’s National Economic Recovery (PEN) programme has accelerated the country’s economic recovery post COVID-19, the economy may still be in recession in the first quarter of this year, given the adverse impact of the pandemic.
The Asian Development Bank (ADB) has reduced its projections for Indonesia’s economy in 2020 and 2021 due to a continued slowdown in financial activity as a result of the continuing COVID-19 pandemic.
Indonesia is among the top five countries that have successfully mitigated the COVID-19 pandemic and optimally boosted the national economic recovery, the country’s Coordinating Minister for Economy Airlangga Hartarto said on October 12.
Indonesia’s economy could contract more than expected if the coronavirus pandemic remains uncontrolled, as Southeast Asia’s largest economy faces an “uneven and volatile” economic recovery, according to the World Bank (WB).
Indonesia recorded 3.26 billion USD in trade surplus in July, a nine-year high, as the export value reached 13.72 billion USD while imports were 10.46 billion USD.
The Indonesian government is set to disburse 22 trillion rupiah (1.49 billion USD) on August 17 to millions of unbankable micro, small and medium-scale enterprises (MSMEs) to help them start over during the slowing, pandemic-hit economy.
Credit ratings agency Fitch Ratings (Fitch) has forecast that Indonesia’s economic growth will contract by 2 percent in 2020, largely attributable to the impact of the COVID-19 pandemic.
The Indonesian Government is planning to expand its social aid programme and incentives for micro, small and medium enterprises (MSMEs) in an effort to boost consumer spending and revive the economy in the second half of this year.
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