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Economy in brief: Govt revises down GDP growth forecast
The government has revised the countryâs economic growth projection in the 2016 state budget, indicative of macro assumptions, to between 5
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he government has revised the country's economic growth projection in the 2016 state budget, indicative of macro assumptions, to between 5.5 and 6 percent from between 5.8 and 6.2 percent previously.
Finance Minister Bambang Brodjonegoro said that the revision was based on next year's economic prospects and the weak economic growth this year.
Because of a persistent decline in exports, the World Bank and the International Monetary Fund (IMF) had revised down their forecasts on Indonesia's economy to a growth rate of 4.7 percent this year from their previous estimate of 5.2 percent.
The two financial organizations estimated the Indonesian economy, which grew 4.7 percent in the first quarter, the lowest since 2009, would remain weak until the end of the year.
Bambang is optimistic that Indonesia's economic growth will reach 6 percent, the upper level of the government's forecast.
'The IMF still predicts that global economic growth will hit 3.8 percent next year. It is better than the current growth that only hits 3.3 percent and the 2014 growth that revolves at 3.3 to 3.4 percent,' Bambang said.
