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Jakarta Post

World Bank downgrades Indonesia growth outlook, calls for reforms on grim global economy

  • Marchio Irfan Gorbiano

    The Jakarta Post

Jakarta   /   Fri, October 11, 2019   /  08:22 am
The Jakarta Post Image
Workers at a garment factory in Ungaran, Semarang, Central Java, carry out short daily exercise in between work on Thursday, Oct. 3.(Jakarta Post/Ardila Syakriah)

The World Bank has cut Indonesia’s economic growth forecast for 2019, calling for reforms for East Asia and Pacific economies as they will be under long-term threat from increasing global trade tensions. Indonesia’s economy is projected to grow by 5 percent this year, the lowest annual economic growth since 2016, according to the October 2019 edition of the World Bank’s East Asia and Pacific Economic Update published on Thursday. The 0.2-percentage-point cut from April’s forecast for Indonesia is in line with a broad-based deterioration in the economic growth outlook for the developing East Asia and Pacific region, excluding China, which is seen at 4.9 percent. The World Bank previously expected the region to grow 5.2 percent. The lower growth projection reflects weakening global demand and heightened uncertainty around ongoing United States-China trade t...