Optimism for Indonesian economic growth is at a high

While waiting for the GDP data from the previous year, executives predict great results for Indonesia

Indonesia’s economic growth is certainly looking up. alitrisno/Shutterstock

The Asian Development Bank (ADB), as reported by Indonesia Investments, kept their prediction of a 5.4 percent growth in terms of economic expansion in 2022, with the expectations of a rise in property consumption by 2023. The World Bank, on the other hand, left their prediction for 2022 last year at 5.2 percent, close to ADB’s prediction.

However, the World Banks did not agree on ADB’s prediction of the country’s growth for 2023. The institution believes that current issues such as the tightening of global financing conditions and the currency pressures may affect the economy in 2023. Despite this, it is almost certain that the 2022 economic growth would be between five to 5.5 percent whole, and there are those who trust that the prediction for 2023 would match that. Though last year’s 4th quarter GDP data have yet to be released to clarify the prediction, the country’s economic growth is certainly looking up.

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VietnamPlus quoted Indonesian Finance Minister Sri Mulyani Indrawati on the strengthening growth of Indonesia’s economy. This could be seen through Indonesia’s recovered investments, high exports, and high imports as well as all the  return of sectors badly affected by the pandemic

Haryadi Sukamdani, chairperson of the Indonesian Employers’ Association (Apindo), told Antara News that he has a similar prediction of five to 5.3 percent economic growth in 2022 but has left his forecast for the following year open. He noted that the recession caused by the pandemic caused a great decline in the economy, so the government would need to strictly apply structural economic reform agendas to get a better growth target for 2023.

The Property Report editors wrote this article. For more information, email: [email protected].