JAKARTA. Asian Development Bank (ADB) will raise the projection of economic growth of Indonesia in 2022 to 5.4%, following the solid recovery progress.
Henry Ma, Senior Economist of ADB for Indonesia, believed that this year, Indonesia’s economic growth may raise to a minimum of 5.4% year-on-year (yoy) from the initial 5.0% yoy. He explained that ADB boost the economic growth projection after seeing the strong recovery, even amidst the COVID-19 case surge and Russia-Ukraine war in early 2022.
Ma further mentioned that this higher projection is set after considering the economic condition in the first half of 2022, which was deemed quite solid as it managed to increase 5.23% yoy.
In the second half of 2022, Ma spots quite positive development in the domestic economy and incoming investments, which, in turn, will reinforce the economic progress. Several indicators also indicate improvement, including Consumer Confidence Index that reflects the optimism in retail sales, the manufacture industry that is still safe above expansive level, the subdued COVID-19 crisis, the more relaxed community’s mobility, and the progress detected in the tourism sector.
“Therefore, we conclude that Indonesia’s economic growth this year has a potential to reach over 5.4% yoy,” Ma claimed during an online seminar earlier today (21/9). (AM/ZH)