IMF Projects Weakening for Most of Indonesia's Trading Partners in 2023

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Adi Ahdiat 31/01/2023 17:20 WIB

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According to IMF projections, economic growth in most of Indonesia's trading partner countries is expected to weaken in 2023.

IMF Projection of Trading Partner Countries' Economic Growth (2022-2023)

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IMF Projects Weakening for Most of Indonesia's Trading Partners in 2023

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IMF Projection of Trading Partner Countries' Economic Growth (2022-2023)

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In its January 2023 World Economic Outlook (WEO) report, the International Monetary Fund (IMF) projected that Indonesia's economic growth will slow from 5.3% in 2022 to 4.8% in 2023.

This projection coincides with the forecast of a weakening economy in the majority of Indonesia's trading partners.

Of Indonesia's 13 largest non-oil and gas export destinations, 9 are predicted to experience a slowdown: India, the Philippines, Malaysia, South Korea, Australia, the United States, the Netherlands, Italy, and Germany.

The most severe economic slowdown is expected in European countries, namely the Netherlands, Italy, and Germany, with details as shown in the graph.

Only 3 partner countries are predicted to see economic strengthening: China, Japan, and Thailand. Projections for another partner country, Singapore, are unavailable.

Overall, the IMF views global economic growth this year as being at risk of being hampered by the influence of China. Even though its economy is predicted to strengthen, the IMF is concerned that China has not yet fully recovered from the Covid-19 pandemic.

"With still low population immunity and inadequate hospital capacity, especially outside major cities, health issues could hamper China's recovery," stated the IMF in the January 2023 WEO.

"This could affect various parts of the world, mainly due to decreased demand and supply chain issues," it continued.

The IMF also assesses that the global economy this year is highly vulnerable to an escalation of the Russia-Ukraine war, debt pressure in many countries, inflation rates, and increasingly widespread geopolitical fragmentation.

"International sanctions against Russia have divided the world into blocs and intensified pre-existing geopolitical tensions, such as trade disputes between the United States and China," said the IMF.

"Fragmentation could increase, resulting in increased restrictions on the movement of capital, workers, international payments, and hindering multilateral cooperation in the provision of commodities in the global market," 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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IMF Projects Weakening for Most of Indonesia's Trading Partners in 2023

IMF Projects Weakening for Most of Indonesia's Trading Partners in 2023

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