JAKARTA - Perry Warjiyo, Governor of Bank Indonesia at the Board of Governors Meeting (RDG) of Bank Indonesia on 19-20 October 2022 said that the domestic economy in the third quarter is predicted to continue to improve. This is supported by the increase in private consumption and non-construction investment, continued strength in exports, and the purchasing power of the public which is still maintained amid rising inflation.
"Various indicators for September 2022 and the results of the latest Bank Indonesia survey, such as consumer confidence, retail sales, and the Manufacturing Purchasing Managers' Index (PMI) indicate that the domestic economic recovery process is continuing," explained the BI Governor at a press conference.
Externally, export performance is predicted to remain strong, in particular coal, CPO, as well as iron and steel in line with continued strong demand from several major trading partners and the Government's policy to encourage exports of CPO and its derivatives.
With these developments, economic growth in 2022 is predicted to remain biased upwards within the projection range of Bank Indonesia at 4.5 - 5.3%. Economic growth in 2023 is predicted to remain strong, driven by solid domestic demand in line with increasing mobility and the continued completion of the National Strategic Program (PSN), amidst the deepening global economic slowdown. (LM)