Jakarta (VNA) – Bank Indonesia (BI) said it expects Indonesia’s gross domestic product (GDP) to increase by between 4.7 and 5.5 percent in 2022, higher than the previous forecast of 3,2-4 percent.

The bank forecast the economy will recover from the COVID-19 pandemic next year, supported by a rebound in both domestic demand and global economic activity.

As quoted by The Jakarta Post, BI Governor Perry Warjiyo said in his annual speech that “Strong policy synergy and economic performance in 2021 will be our capital to further rebound and be optimistic about a better economic recovery for Indonesia in 2022.”

He said the national vaccination campaign against COVID-19, the reopening of the economy, and stimulus measures have played a key role in accelerating the country’s recovery.

According to Our World in Data (OWID), as of November 22, the number of Indonesians who had received at least one dose of the vaccine reached 48.88 percent, while the number of fully vaccinated people accounted for nearly one third of the population.

Perry believed that Indonesia’s exports would continue to grow strongly in 2022, supporting the national economic recovery. Consumer spending and investment were also forecast to recover, helping to boost demand./.