TEMPO.CO, Jakarta - PwC Indonesia Investment Director Julian Smith on Thursday estimates that the global economic growth will start to slightly slow down in 2023 even though there would still be a number of Asian countries where their economies would continue to grow.

“In 2023, India is predicted to become the country with the fastest economic growth in G20 (5.4 percent). Followed by Indonesia (4.8 percent) and China (4.7 percent),” said Smith in a press conference held virtually on March 9.

According to him, Indonesia’s growth projection is below last year’s growth which reached 5.3 percent. However, the Indonesian government appears ready to mitigate the potential adverse effects of economic uncertainty by continuing to encourage investment and affirming its commitment to a green transition.

Global Economy Slows a Notch, Recession Avoided

Meanwhile, PwC Global Economics Network Leader, Nick Forrest estimates that the global economy will experience a slowdown even though it can avoid a global recession. In his calculations, the global economy will grow by 1.9 percent in 2023, or slightly higher than the long-term trend average of around 3.5 percent.

Forrest said that the world economy will enter a new phase of globalization with increased strategic competition among major countries in the world. On a broader scale, this includes the gradual recovery of several economic sectors.

MOH KHORY ALFARIZI

Editor's Choice: PwC Indonesia Projects Lower Economic Growth than 2022

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