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Government Projects Economic Growth of Above Five Percent in Q3

September 1, 2022, 07.09 PM

JAKARTA, - The Indonesian government has forecast the national economy to grow by above five percent in the third quarter (Q3) of 2022.

“We predict (the growth) will remain high in the third quarter because of low baseline in the third quarter last year due to the Delta variant (of Covid-19). Hence, the government predicts it will be above five percent,” Finance Minister Sri Mulyani Indrawati said during a meeting with the House of Representatives in Jakarta on Wednesday, Aug. 31.

The Indonesian economy has grown by above five percent so far this year. She said that overall, the economic growth is expected to reach 5.2 percent in 2022.

Also readIndonesia’s Export Growth Greatly Increases in October 2021

To achieve the target this year, she added, the government will continue to maintain the economy to grow by above five percent, including in the fourth quarter.

The minister further predicted economic growth to increase slightly to 5.3 percent next year, which is almost the same as the forecast by various international institutions.

The International Monetary Fund (IMF) and the Asian Development Bank (ADB) have forecast the Indonesian economy to grow by 5.2 percent next year, while the World Bank and Bloomberg Consensus Forecast have projected it to reach 5.2 percent and five percent, respectively.

Also readFinance Minister Forecast Indonesia’s Economic Growth at 8.3 Percent in Q2 due to Seasonal Factors

Sri Mulyani said economic growth in 2022 will be fueled by improvement in the public’s purchasing power and accelerated economic transformation despite global economic uncertainty.

“After all, we see a tendency in the downward revision of the economic growth forecast in 2023,” she said.

Source: State News Antara

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