IMF Predicts Slight Dip in Indonesia's Economy in 2023

Economics & Macro

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Adi Ahdiat 12/10/2022 11:50 WIB

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Despite a decline, the IMF predicts that Indonesia's economic growth will still be able to reach the range of 5% until next year.

ASEAN Countries' Economic Growth Projections by the IMF (2021-2023)

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IMF Predicts Slight Dip in Indonesia's Economy in 2023

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ASEAN Countries' Economic Growth Projections by the IMF (2021-2023)

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In its October 2022 edition of the *World Economic Outlook* report, the International Monetary Fund (IMF) predicted a global economic downturn lasting until 2023.

The IMF views the global economy as burdened until next year by high inflation, the impact of the Russia-Ukraine war, and the lingering effects of the Covid-19 pandemic in several regions.

"Global economic growth is projected to slow from 6% in 2021 to 3.2% in 2022 and 2.7% in 2023," the IMF predicted.

However, the global economic downturn is largely influenced by the decline in the economies of developed countries such as the United States and European countries.

"Economic growth in the group of advanced economies is projected to slow from 5.2% in 2021 to 2.4% in 2022 and 1.1% in 2023. This projected slowdown is concentrated in the US and European economies," the IMF explained.

Meanwhile, the economic slowdown in developing countries is generally predicted to be less severe.

"Economic growth in the group of emerging market and developing economies is expected to fall to 3.7% in 2022 and remain at the same level in 2023, in contrast to advanced economies, where the slowdown is deeper," the IMF continued.

In more detail, the IMF projects Indonesia's economy to grow quite significantly this year, then decline slightly in 2023. The good news is that, even with the decline, Indonesia's economy is still projected to grow in the range of 5% until next year.

A decline is also predicted in several other ASEAN countries, except for Thailand, whose economy is projected to continue to grow until 2023, as shown in the graph above.

The IMF stressed that countries need to address this turbulent period by implementing appropriate policies, such as inflation control and social protection for vulnerable groups.

The IMF also encourages countries to strengthen international cooperation, including by easing export restrictions on commodities.

"When countries ban exports, they may find it difficult to buy other goods they may need from abroad. Export bans in one country often provoke retaliatory export bans from other countries, making everyone worse off," the IMF concluded.

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."