IMF Projects 5% Growth for Indonesian Economy in 2023

Economics & Macro

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Adi Ahdiat 12/04/2023 17:01 WIB

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In its April 2023 World Economic Outlook report, the IMF projects that Indonesia's economic growth will reach 5% this year.

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

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IMF Projects 5% Growth for Indonesian Economy in 2023

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

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In its April 2023 World Economic Outlook (WEO) report, the International Monetary Fund (IMF) projects that Indonesia's economic growth could reach 5% in 2023.

This figure is more optimistic than previous projections. In January 2023, the IMF predicted Indonesia's growth this year at only 4.8%.

Although the figure has increased, Indonesia's economic growth this year is still predicted to weaken compared to 2022, as shown in the graph.

The IMF also assesses that the global economy this year still faces many challenges.

"Although inflation has fallen as central banks have raised interest rates, underlying price pressures persist, with tight labor market conditions in several countries," the IMF stated in the April 2023 WEO.

According to the IMF, the economic turmoil that occurred in 2022 will continue throughout this year, only with a different intensity.

"Debt levels remain high, limiting the ability of fiscal policymakers to respond to new challenges. Commodity prices, which surged sharply after the Russian invasion of Ukraine, have moderated, but the war continues and geopolitical tensions remain high," said the IMF.

"Although food and energy prices are starting to fall, the world also faces risks from the recent increase in financial sector uncertainty," it continued.

With these various challenges, the IMF projects that global economic growth will slow from 3.4% in 2022 to 2.8% in 2023.

In this situation, the IMF encourages countries to strengthen cooperation.

"Strengthening multilateral cooperation is crucial for creating a more resilient world economy, including by strengthening the global financial safety net, mitigating the costs of climate change, and reducing the adverse impacts of geo-economic fragmentation," said the IMF.

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."