OECD projects Indonesia's economy to grow 4.7% in 2023

Economics & Macro

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Adi Ahdiat 26/04/2023 13:23 WIB

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The OECD projects that Indonesia's economic growth will slow from 5.3% in 2022 to 4.7% in 2023. This projection is more pessimistic than the forecasts of the World Bank and the IMF.

Indonesia's Economic Growth Projections according to the OECD (2019-2023)

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Indonesia's Economic Growth Projections according to the OECD (2019-2023)

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The Organisation for Economic Co-operation and Development (OECD) projects that Indonesia's economic growth will slow from 5.3% in 2022 to 4.7% in 2023.

This projection is more pessimistic than the forecasts of the World Bank and the International Monetary Fund (IMF).

The World Bank predicts that Indonesia's economy will grow by 4.9% this year, while the IMF estimates growth of 5%.

The OECD also assesses that global economic conditions this year remain challenging, resulting in a slowdown from 3.2% in 2022 to 2.6% in 2023.

They view the world as still overshadowed by uncertainty due to the ongoing Russia-Ukraine war. Global energy commodity prices are also predicted to fluctuate again, risking higher inflation.

Despite its pessimistic projection, the OECD believes Indonesia and Asian countries in general have better growth prospects than the United States and Europe.

"Emerging market economies in Asia are less affected by the global slowdown, aided by China's economic recovery and more moderate inflationary pressures," they stated in the March 2023 edition of the OECD Economic Outlook.

The OECD projects that China's economy will grow by 5.3% this year and India's by around 6%. Meanwhile, the US economy is projected to grow by only 1.5% and the Eurozone by 0.8%.

Amid these conditions, the OECD encourages countries to maintain tighter monetary policies and strengthen cooperation.

"Monetary policy should remain restrictive until there are clear signs that inflation will fall sustainably," said the OECD.

"Increased international cooperation is needed to address food insecurity, energy insecurity, assist low-income countries in debt servicing, and mitigate carbon emissions," it continued.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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OECD projects Indonesia's economy to grow 4.7% in 2023

OECD projects Indonesia's economy to grow 4.7% in 2023

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OECD projects Indonesia's economy to grow 4.7% in 2023

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