Indonesia forecasts GDP to grow 4.5-5.3 pct next year-Xinhua

Indonesia forecasts GDP to grow 4.5-5.3 pct next year

Source: Xinhua| 2022-11-30 21:00:00|Editor: huaxia

JAKARTA, Nov. 30 (Xinhua) -- Indonesia's central bank has forecast the country's economy will grow in the coming years, supported by private consumption, investment, and positive export performance amid the slowing global economy, Bank Indonesia (BI) Governor Perry Warjiyo said on Wednesday.

The BI estimates that gross domestic product will grow in the range of 4.5 to 5.3 percent in 2023 and will continue to strengthen to 4.7 to 5.5 percent in 2024, Warjiyo said at the 2022 Bank Indonesia Annual Meeting held in Jakarta.

From August to November, Bank Indonesia has raised the interest rates by 175 bps to 5.25 percent, said Warjiyo.

The central bank sees this as a front-loaded, pre-emptive, and forward-looking step to reduce overshooting expectations and ensure core inflation returns to the target of 2 to 4 percent in the first half of 2023.

At the same time, the central bank strengthened its rupiah exchange rate stabilization policy to be in line with its fundamental value due to the strengthening U.S. dollar and high market uncertainty, Warjiyo said.

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