World Bank Projects Indonesia's Economy to Grow 4.9% in 2023

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Adi Ahdiat 12/04/2023 10:55 WIB

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In its April 2023 East Asia and the Pacific Economic Update, the World Bank projected that Indonesia's economic growth will slow from 5.3% in 2022 to 4.9% in 2023.

Indonesia's Economic Growth Projections According to the World Bank (2019-2023)

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Indonesia's Economic Growth Projections According to the World Bank (2019-2023)

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In its April 2023 edition of the *East Asia and the Pacific Economic Update*, the World Bank projects that Indonesia's economic growth will slow from 5.3% in 2022 to 4.9% in 2023.

This figure is slightly more optimistic than the previous projection. In December 2022, the World Bank projected that Indonesia's economy would grow by only 4.8% this year.

In its latest report, the World Bank has not discussed in detail the factors that could burden the Indonesian economy.

However, in general, countries in the East Asia and Pacific region are expected to face macroeconomic challenges this year, including inflation, high interest rates, and a decline in exports.

"Domestic demand is predicted to remain a key driver of growth (in East Asia and the Pacific), but high inflation could dampen private sector consumption," said the World Bank.

"Private investment growth could also be hampered by high interest rates and uncertainty from external economic factors," it continued.

In addition, the World Bank views the export performance of East Asian and Pacific countries as generally weakening in 2023, affected by the moderation of global economic growth and reduced demand.

"Short-term economic growth (in East Asia and the Pacific) will depend on global growth, which is projected to slow in 2023," said the World Bank.

"Although the latest projections show greater optimism, and commodity prices have become more moderate, financial tightening is likely to continue given inflationary pressures in the United States," it added.

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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World Bank Projects Indonesia's Economy to Grow 4.9% in 2023

World Bank Projects Indonesia's Economy to Grow 4.9% in 2023

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World Bank Projects Indonesia's Economy to Grow 4.9% in 2023

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