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Indonesia Sets Economic Growth at 5.2-5.8 Percent for Next Year

Indonesia has set an economic growth rate of 5.2 to 5.8 percent in the 2022 draft state budget (RAPBN), the country’s finance minister said on Thursday, May 20.

“The government proposes a range of macroeconomic indicators for drafting the 2022 budget proposal with an economic growth at between 5.2 and 5.8 percent,” Sri Mulyani Indrawati said in an online meeting on the draft state budget.

The minister also proposed that the 2022 inflation rate would be between 2.0 and 4.0 percent, while the government debt papers (SUN) interest rate of a 10-year tenor was expected to stand at between 6.32 – 7.27 percent. The rupiah would be 13,900 to 15,000 per US dollar.

She proposed that the price of the Indonesian Crude Price (ICP) would be between $55 and $65 per barrel, with oil lifting between 686,000 and 726,000 barrels per day (bpd) and natural gas extraction of 1.03 to 1.10 million barrel per day next year.

The minister said the assumptions could be achieved if the Covid-19 pandemic would still be manageable, the role of financial intermediaries could be restored and supported by the Bank Indonesia monetary policy.

Source: https://go.kompas.com/read/2021/05/20/192308874/indonesia-sets-economic-growth-at-52-58-percent-for-next-year.