World Bank upbeat about Indonesia’s economic prospects
The World Bank (WB) has forecast that the Indonesian economy will remain strong and record a growth rate of 5.1 percent in 2017 and 5.3 percent in 2018.
A corner of Jakarta. The World Bank (WB) has forecast that the Indonesian economy will remain strong and record a growth rate of 5.1 percent in 2017. (Photo: thejakartapost.com)
Jakarta (VNA) – The World Bank (WB) has forecast that the Indonesianeconomy will remain strong and record a growth rate of 5.1 percent in 2017 and5.3 percent in 2018.
In the WB’s Quarterly EconomicReport, World Bank Country Director for Indonesia Rodrigo Chaves said thatIndonesian economy can still grow more optimistically, spurred by such factorsas conductive external environment, strong economic fundamentals and progressin structural reforms.
"The basics to boost the Indonesian economy are good policy reform, strongdomestic demand, and contribution from the external environment," he said.
The WB official also noted that household consumption will grow stronger and contributeto the economy coupled with hike in real wages and increase in employmentopportunities.
Private investment will also benefit from a decrease in the Bank Indonesia’sinterest rate that resulted in lower borrowing costs as well as an improvement inthe business environment and public investment in the infrastructure sector.
According to Chaves, better and more well-planned infrastructure and the wealthof businesspeople will bolster the Indonesian economy. Infrastructuredevelopment has positive impact on the investment sector since the fourthquarter of 2015, he said.
The report also exposed some external risks, such as uncertainty arising due tothe normalisation of monetary policy by the US Federal Reserve System (Fed),the weakening of commodity prices, and the protectionist trade policiesimplemented by developed countries, which could affect Indonesia’s economicgrowth.
Other risks arising from the domestic side will be the implementation of inconsistentstructural reforms.-VNA
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.
The World Bank forecast that Indonesia would grow 5.3 percent and 5.4 percent by 2018 and 2019, respectively, higher than 5.02 percent recorded in 2016.
Indonesian Minister of National Development Planning Bambang Brodjonegoro has believed that the country’s economic growth rate will be higher than the ADB’s forecast of 5.1 percent.
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A corner of Jakarta. The World Bank (WB) has forecast that the Indonesian economy will remain strong and record a growth rate of 5.1 percent in 2017.
