Indonesia's Economic Growth Compared to its Trading Partners: Who's Growing Fastest?

Economics & Macro

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Vika Azkiya Dihni 13/05/2022 16:00 WIB

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Indonesia's Central Bureau of Statistics (BPS) recorded that the country's economic growth in the second quarter of 2022 reached 5.01% year-on-year. This is in line with Indonesia's trading partners,

Indonesia's Economic Growth and its Major Trading Partners (First Quarter 2022)

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Indonesia's Economic Growth and its Major Trading Partners (First Quarter 2022)

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Statistics Indonesia (BPS) recorded Indonesia's economic growth at 5.01% year-on-year (yoy) in the first quarter of 2022.

This is in line with the positive growth experienced by a number of Indonesia's main trading partners.

The trading partner that experienced the fastest economic growth in the first quarter of 2022 was the European Union, at 5.2% (yoy).

Vietnam then recorded economic growth slightly below Indonesia, at 5% (yoy) in the same period.

Followed by China, which grew by 4.8% (yoy), the United States at 3.6% (yoy), Singapore at 3.4% (yoy), South Korea at 3.1% (yoy), and Taiwan at 3.1% (yoy).

"When discussing the global economy, we focus on our trading partners. China accounts for 20.24% of our trade share, the United States 12.40%, South Korea 4.4%, Singapore 3.72%, Vietnam 2.73%, Taiwan 2.58%, and the European Union 11.46%," said Head of Statistics Indonesia Margo Yuwono in his virtual press conference on Monday (9/5/2022).

Although Indonesia's economic growth in this quarter is relatively high compared to its partner countries, Margo believes that Indonesia needs to anticipate future global economic shocks impacted by the Russia-Ukraine conflict.

"The IMF initially projected that the global economy would grow by 4.4% in 2022, but revised it to 3.6%," said Margo.

"The IMF also changed its inflation projection from 3.9% to 5.7%. Meanwhile, for developing countries, it changed from 5.9% to 8.7% in 2022," he continued.

"The correction of global economic growth and the projection of inflation developments for developed and developing countries certainly require anticipation from the Indonesian Government regarding how to manage the economy, especially in 2022," concluded Margo.

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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Indonesia's Economic Growth Compared to its Trading Partners: Who's Growing Fastest?

Indonesia's Economic Growth Compared to its Trading Partners: Who's Growing Fastest?

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Indonesia's Economic Growth Compared to its Trading Partners: Who's Growing Fastest?

Indonesia's Economic Growth Compared to its Trading Partners: Who's Growing Fastest?

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