Bank Indonesia Predicts 5.5% Economic Growth in 2022

Translator

Ririe Ranggasari

Editor

Laila Afifa

20 January 2022 20:18 WIB

TEMPO.CO, Jakarta - Bank Indonesia estimates that economic growth will increase to the range of 4.7-5.5 percent in 2022. The central bank also predicted the performances of major business fields such as manufacturing, trade, construction, and agriculture to grow higher.

"This is in line with the acceleration of private consumption and investment, amid maintained government fiscal spending and exports, although the risk of increasing Covid-19 cases needs to be monitored," the central bank's governor, Perry Warjiyo, said in a press conference on Thursday, January 20.

The forecast is supported by increased mobility that came with faster vaccine rollouts, the reopening of more economic activities, and continued stimulus policies.

Overall, BI predicted Indonesia's economic growth in 2021 at a range of 3.2 to 4.0 percent.

"The economic indicators in December 2021 showed accelerations in the recovery process, including community mobility, retail sales, and consumer confidence," he said.

Bank Indonesia's board of governors' meeting was held on January 19 and 20. Central bank leaders decided to keep the benchmark interest rate—the BI 7 Days Repo Rate—at 3.5 percent. The deposit facility and lending facility rates were also kept at 2.75 percent and 4.25 percent, respectively.

Read: CORE Indonesia Forecasts 5 Percent Economic Growth in 2022

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