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View all search resultsTop government officials forecast Indonesia’s gross domestic product (GDP) to grow between 6.5 and 8.3 percent in the second quarter this year as the country is expected to book its first year-on-year (yoy) GDP growth since the COVID-19 pandemic struck.
The Finance Minister said structural reform, in part through the Jobs Creation Law, could accelerate Indonesia's economic growth to above 6 percent by 2023 without putting additional pressure on the state budget.
The expansion would be the largest in four decades of publicly available data from the IMF, marking a sharp turnaround from a 3.3 percent contraction last year -- the worst peacetime decline since the Great Depression -- due to the coronavirus pandemic.
Singapore's downgrade adds to concerns globally about the effect of increasing protectionism on exports and production. The deterioration in the global outlook has pushed central banks to cut interest rates and consider unconventional stimulus to shield their economies.
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