Indonesia expects 4.5-5.2 percent growth in Q1

Indonesian Finance Minister Sri Mulyani Indrawati has projected that the country’s economy will grow 4.5 percent to 5.2 percent in the first quarter of 2022 amid uncertainty about the global economy due to the conflict in Ukraine.

The minister said at a press conference on April 13 that the growth is attributable to positive economic indicators such as consumer’s confidence index, retail revenues, motor vehicles sales and cement and electricity consumption.

She believed that the Indonesian economy would grow within a range of 4.8–5.5 percent throughout 2022.  

According to the minister, many international institutions, including the Organisation for Economic Cooperation and Development (OECD), World Bank, and International Monetary Fund (IMF), are expected to revise their global economic outlook downward this month.

She noted that the OECD had revised its global economic growth forecast for 2022 downward to 3.5 percent from 4.5 percent earlier.

Meanwhile, the World Bank had also lowered its economic growth forecast for East Asia and the Pacific this year to 4.0–5.0 percent from 5.4 percent.

 She added that the World Bank has projected that the Indonesian economy will grow 5.1 percent this year./.

VNA