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BI forecasts GDP to grow 4.7-5.5% in 2022
The forecast marks an improvement from this year’s slower than expected growth due to the Delta wave of COVID-19.
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A Bank Indonesia logo is displayed on a gate in Jakarta on Feb. 4, 2011. (AFP/Romeo Gacad)
B
ank Indonesia (BI) has forecast Indonesia’s economy will recover from the COVID-19 pandemic in 2022, supported by a rebound in both domestic demand and global economic activity.
BI expects the country’s gross domestic product (GDP) to grow by between 4.7 and 5.5 percent in 2022. This reflects a further improvement from this year’s forecast of between 3.2 and 4 percent, which is a result of the slowdown induced by the COVID-19 wave caused by the Delta variant that peaked in July.
“Strong policy synergy and economic performance in 2021 will be our capital to further rebound and be optimistic about a better economic recovery for Indonesia in 2022,” BI Governor Perry Warjiyo said in his annual speech on Wednesday.
The Delta wave, which led to emergency mobility curbs (PPKM Darurat) in Java and Bali, forced BI to slash further this year’s economic growth forecast from between 3.5 and 4.3 percent.
Indonesia saw its GDP grow by 3.51 percent year-on-year in the July to September period, half the growth rate seen in the previous quarter, Statistics Indonesia (BPS) data show.
Read also: Surge in commodity prices drives growth in Indonesia
