JAKARTA - Indonesian Chamber of Commerce and Industry (Kadin) Deputy Chairman for Monetary, Fiscal, and Public Policy Raden Pardede predicts that Indonesia will be safe from the threat of recession in 2020 although the country’s economic growth is estimated to slow down.
Indonesia’s economic condition next year, said Mr Pardede, will be affected by global economic uncertainty that will still loom. This will negatively impact on Indonesia’s trade volume.
“Exports of raw materials and intermediate goods to China will be lower, and exports to the United States will be limited. In addition, the prices of commodities such as palm oil and coal will also remain low,” said Mr Pardede at the Indonesia Economic Outlook 2020 event held by PT Bank Permata Tbk (BNLI) at the Raffles Hotel, South Jakarta as quoted by Bisnis.com, Wednesday (4/12).
With such conditions, Mr Pardede projects that Indonesia’s economic growth will be in the range of 4%-5% in 2020. Although slowing down, the figure is still considered better compared to other countries.
“The Indonesian economy will remain resilient enough next year, and I think we’ll be safe from the threat of recession,” concluded Mr Pardede. (MS)