World Bank Predicts Indonesia's Economy to Recover Starting Next Year

Economics & Macro

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Dwi Hadya Jayani 06/08/2020 08:25 WIB

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The World Bank projected Indonesia's economic growth in 2020 to be 0%.

Indonesia's Economic Projection 2020-2022

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World Bank Predicts Indonesia's Economy to Recover Starting Next Year

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Indonesia's Economic Projection 2020-2022

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The World Bank projected that Indonesia's economy did not grow in 2020 due to the impact of the Covid-19 pandemic. A decline occurred across all economic indicators.

Government spending led Indonesia's economy with 5% growth (year on year/yoy). Meanwhile, household consumption, which has been the engine of Indonesia's economy, only grew by 1% (yoy).

Investment, exports, and imports experienced negative growth of -3.5% (yoy), -23% (yoy), and -27% (yoy), respectively. Indonesia's economy is projected to rebound with 4.8% growth (yoy) in 2021 and accelerate to 6% (yoy) in 2022.

Editor : Safrezi Fitra

"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."