Indonesia forecasts growth of up to over 5% for next two years

Indonesia will possibly record economic growth of 4.5 – 5.3% in 2023 and 4.7 – 5.5% in 2024, according to Governor of Bank Indonesia Perry Warjiyo.

Jakarta (VNA) – Indonesia will possibly record economic growth of 4.5 – 5.3% in 2023 and 4.7 – 5.5% in 2024, according to Governor of Bank Indonesia Perry Warjiyo.

Growth drivers will include such factors as exports, consumption, and investment, which will increase, he told the central bank’s recent annual meeting.

Downstreaming, infrastructure development, foreign investment, and tourism activities are also expected to boost growth.

Warjiyo predicted that core inflation, which is currently still high, will decline again to the target of 3% +/- 1% in the first half of next year.

He also assured that the rupiah exchange rate will be maintained and strengthened in 2023 if the global turmoil subsides. The currency will be maintained on the back of Indonesia’s good economic fundamentals, high growth, low inflation, and attractive government bond yields.

The policy for stabilising the rupiah against global pressure is also targeted to control inflation and stabilise the macro-economy and financial system./.