World Bank Cuts Indonesia's Economic Growth Projection to 3.7% in 2021

The World Bank has revised its projection for Indonesia's economic growth in 2021 downward to 3.7%. This is lower than the April 2021 estimate of 4.4%.

In addition to Indonesia, the World Bank has lowered its economic growth projections for several Southeast Asian countries in 2021. Vietnam, for example, is now projected to have economic growth of 4.8% this year, down from the previous projection of 6.6%.

The Philippines' economic growth is projected at 4.3% this year, a slight decrease from the previous projection of 6.6%.

Malaysia's economic growth projection for 2021 stands at 3.3%, lower than the previous projection of 6%.

Cambodia's projected economic growth for 2021 has been cut from 4% to 2.2%. Laos's projection for this year has also been reduced from 4% to 2.2%.

The World Bank also lowered its economic growth projection for Thailand in 2021 from 3.4% to 1%. Meanwhile, Myanmar's economic contraction is projected to deepen from 10% to 18%.

The projected economic growth for the East Asia and Pacific region in 2021 has been revised upward from 7.4% to 7.5%. Regional growth is boosted by China, whose economy is expected to grow by 8.5% this year.