National Economic Recovery Program Update
GROWTH IS EXPECTED TO REMAIN STRONG IN 2023
Global Uncertainties needs to be anticipated and the impact to the domestic economy needs to be mitigated.
Annual Economic Growth Outlook (%, yoy)
Sources: BPS, forecast
5
5.2
5.0
Economic Growth Outlook (%, yoy)
2022
2023
IMF (WEO Oct)
5.3
5.0
5.3
World Bank (IEP Dec)
5.2
4.8
5.1
ADB (ADO Update Sept)
5.4
5.0
Bloomberg Consensus (Nov)
5.3
4.9
5.3
4.7
3
3.7
2018
2019
2020
2021
2022F
-1
-2
-3
-2.1
Source: IMF WEO October; World Bank Indonesia Economic Prospects Dec 2022; OECD Economic Forecast Summary Nov 2022;
ADB Asian Development Outlook Sept 2022; Bloomberg, and Ministry of Finance
.
•
•
•
OECD (Nov)
Pandemic situation is getting more manageable and the
gradual easing of social restrictions potentially encourage
public consumption
Although faced with high global uncertainties, Indonesia's
exposure to the external is relatively moderate, given the high
domestic demand
Banking liquidity is relatively ample to support consumption
and investment activities
However, the risk of global economic slow down along with
global monetary tightening still need to be anticipated
• The government will continue to coordinate closely with
relevant institutions and authorities to maintain domestic
economic stability
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