The Jakarta Post
The IMF-World Bank (WB) Meeting from Oct. 8 to 14 in Nusa Dua, Bali, is expected to boost Bali’s economic growth amid the current economic slowdown.
"The event can help boost Bali’s economic growth,” National Development Planning Minister Bambang Brodjonegoro said during the Merdeka Barat Forum in Jakarta on Monday.
“Since 2017, Bali’s economic growth has slowed to below 6 percent for various reasons, including the decreasing number of foreign tourist arrivals following the volcanic eruption.”
The minister explained that in October, Bali’s economy was predicted to grow by 6.54 percent, 0.64 percent higher compared to the last year’s growth thanks to the international event, which is expected to see the arrival of 19,800 foreign and domestic tourists.
Bambang said without the IMF- World Bank Meeting, Bali's tourism would continue to slow until the end of 2018, and economic growth would be around 5.9 percent.
He said preparations for the IMF-World Bank Meeting had contributed directly to Bali’s economic output worth Rp 5.9 trillion (US$395.73 million) in 2017 to 2018.
"The estimated spending of 19,800 foreign and domestic tourists during the event will reach about Rp 1.1 trillion,” he said, adding that Bali had also benefited from infrastructure developments ahead of the international meeting with an investment value worth Rp 3 trillion and the creation of 32,700 new jobs.
Meanwhile, Bali is expected to get an additional gross regional product (GDP) of Rp 894 billion in 2018. (bbn)