World Bank Predicts Weakening Indonesian Economy in 2023

Economics & Macro

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Adi Ahdiat 09/01/2023 11:30 WIB

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The World Bank projects that Indonesia's economic growth will weaken from 5.2% in 2022 to 4.8% 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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The World Bank projects that Indonesia's economic growth will weaken from 5.2% in 2022 to 4.8% in 2023. This is recorded in the December 2022 edition of the Indonesia Economic Prospects (IEP) report.

This projection differs from the previous report, the October 2022 edition of the East Asia and the Pacific Economic Update, where the World Bank had predicted that Indonesia's economy would remain stable until 2023.

The projection for Indonesia's economy has changed due to several factors, such as declining export demand and increased inflation risks in 2023.

"Weakening global demand could harm Indonesia's export performance and reduce foreign investment flows. Global monetary tightening could also trigger larger capital outflows and rupiah depreciation, which would then fuel inflation," said the World Bank in the December 2022 IEP.

"Indonesia's economic conditions remain stable amid global turmoil, but are not immune to price pressures," it continued.

To address these challenges, the World Bank recommends that the Indonesian government broaden the tax base, improve business tax collection, restructure energy subsidy budgets, and strengthen social assistance programs.

"Finally, to benefit from the global low-carbon economic transition, Indonesia can strengthen complementary trade and climate change policies," said the World Bank.

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 Predicts Weakening Indonesian Economy in 2023

World Bank Predicts Weakening Indonesian Economy in 2023

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World Bank Predicts Weakening Indonesian Economy in 2023

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