Indonesia's Trade Partners Predicted to Weaken in 2023, Except China

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Adi Ahdiat 19/01/2023 14:30 WIB

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The World Bank projects a decline in global economic growth in 2023. Consequently, several of Indonesia's major trading partners are also predicted to weaken.

Global and Major Indonesian Trading Partner Economic Growth Projections (2022-2023)

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Indonesia's Trade Partners Predicted to Weaken in 2023, Except China

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Global and Major Indonesian Trading Partner Economic Growth Projections (2022-2023)

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The World Bank projects global economic growth to decline from 2.9% in 2022 to 1.7% in 2023.

Consequently, the economies of several of Indonesia's major trading partners are also predicted to weaken.

In its January 2023 edition of *Global Economic Prospects*, the World Bank estimates that the US economy will only grow by 0.5% this year, down from 1.9% in 2022. Similar declines are also projected for India, Japan, and Malaysia.

The World Bank did not detail projections for other major Indonesian trading partners, namely South Korea, Singapore, Taiwan, the Netherlands, Australia, Germany, and Italy. However, in general, the economies of developed countries and European Union members are predicted to decline, as shown in the graph.

A different situation is predicted for Indonesia's largest non-oil and gas export destination, China, whose economy is forecast to strengthen.

"China's economic growth is projected to rise to 4.3% in 2023, driven by the lifting of pandemic restrictions that could unleash Chinese consumer spending," the World Bank stated in its report.

"However, the Chinese economy faces risks of slowdown due to continued Covid-19 transmission, extreme weather disruptions, and pressures in the real estate sector," it continued.

Besides China, another major Indonesian trading partner predicted to strengthen is Thailand.

"Thailand's economic growth is projected to rise to 3.6% in 2023 thanks to the recovery of the tourism and transportation sectors," said the World Bank.

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 Trade Partners Predicted to Weaken in 2023, Except China

Indonesia's Trade Partners Predicted to Weaken in 2023, Except China

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Indonesia's Trade Partners Predicted to Weaken in 2023, Except China

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