Indonesia’s central bank forecasts growth at 5 percent in Q1
The central bank of Indonesia has predicted the country’s economic growth in the first quarter at 5 percent – the lower limit of the targeted range of 5-5.4 percent for all of 2017, according to Antara News.
Jakarta (VNA) – The central bank of Indonesia haspredicted the country’s economic growth in the first quarter at 5 percent – thelower limit of the targeted range of 5-5.4 percent for all of 2017, accordingto Antara News.
Bank Indonesia (BI) Governor Agus Martowardojosaid the first-quarter national economy will still be much affected by loosecontribution of the government’s spending in Q4 of 2016 due to budgetcut.
The government slashed budget spending in 2016to keep budget deficit under control. However, only budget spending on lessproductive activities were slashed.
BI had originally predicted the economy wouldgrow 5.05 percent year-on-year in Q1 of 2017. But in late February, therealised fiscal spending did not push economic activities as a whole, thecentral bank had revised down its economic growth forecast from the targeted5.05 percent in the first half of this year.
However, the central bank still maintains itseconomic growth forecast for all of this year at the targeted range of 5-5.4percent.
The government has set this year’s economicgrowth target at 5.1 percent.-VNA
The International Monetary Fund (IMF) has forecasted Indonesia’s economic growth will reach 5.1 percent in 2017, mostly driven by domestic expenditure and private investment.
Indonesia posted a slower economic growth in the fourth quarter of 2016 and the country will have to struggle to get the rate above 5 percent this year.
Indonesia’s economic growth was 5.02 percent in 2016, below the government’s expectations, local news agency Antara quoted Indonesian Coordinating Minister for Economic Affairs Darmin Nasution as saying on February 7.
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Illustrative image (Source: The Business Times) 
