Indonesia: BI upbeat about economic growth of 4.7-5.5 percent in 2022

This is higher than the growth in 2021 at 3.2 to 4 percent.

Jakarta (ANTARA) – Bank Indonesia (BI) Governor Perry Warjiyo is upbeat about Indonesia’s economic recovery in 2022, with growth lying in the range of 4.7 to 5.5 percent.

“This is higher than the growth in 2021 at 3.2 to four percent,” Warjiyo stated during the central bank’s annual meeting here on Wednesday.

Economic recovery would be spurred by the increase in exports, consumption, and investment, with the support of the COVID-19 vaccination drive and stimulus policies, he remarked.

On the other hand, the central bank has forecast a lower inflation as compared to 2021 that would help the country to maintain its inflation rate at two to four percent in 2022.

“The inflation rate would be supported by adequate supply, BI’s policy responses, coordination between central and local Inflation Controlling Teams (TPIs), and the rupiah rate stability,” he remarked.

According to Warjiyo, BI remains committed to maintaining stability of the rupiah amid the US Federal Reserve’s monetary policy normalization.

During the period from January to September 17, 2021, the rupiah had weakened 1.35 percent point-to-point as compared to that in 2020.

However, the rupiah depreciation is lower than that of other currencies, such as the Singapore dollar that reached 2.58 percent; Malaysian ringgit, 3.43 percent; the Philippine peso, 6.06 percent; and the Euro, 8.68 percent.