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Jakarta Post

IMF joins bandwagon, cuts Indonesia's GDP outlook as trade data weighs on economy

  • Marchio Irfan Gorbiano and Adrian Wail Akhlas

    The Jakarta Post

Jakarta   /   Wed, October 16, 2019   /  08:03 am
The Jakarta Post Image
Ready for shipment: An employee watches over cranes as he talks on his interphone at a port in Qingdao in east China’s Shandong province on Thursday. (Agence France-Presse/-)

The International Monetary Fund has become the latest global institution to slash Indonesia’s economic growth projection amid thickening gloom surrounding world trade that is expected to spill over into the domestic economy. In its October 2019 World Economic Outlook published on Tuesday, the Washington, DC-based institution expects the country’s gross domestic product (GDP) to expand just 5 percent this year – down 0.2 percentage points from its April projection – and 5.1 percent in 2020, down 0.1 percentage points from the earlier forecast. Global growth in 2019 is seen at 3 percent, the lowest level since 2009 and down 0.3 percentage points from the April 2019 World Economic Outlook. While global growth is projected to pick up to 3.4 percent in 2020, that would still be 0.2 percentage points less than predicted in the April assessment. “The momen...