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BI Predicts Swollen CAD in 2017
Indonesia's Central Bank Governor Agus Martowardojo speaks to reporters at Bank Indonesia headquarters in Jakarta, November 17, 2016. REUTERS/Beawiharta
Friday, 17 February, 2017 | 17:10 WIB
BI Predicts Swollen CAD in 2017

TEMPO.CO, Jakarta - Bank Indonesia (BI) Governor Agus Martowardojo said that the 2016 current account deficit (CAD) stood at 1.75 percent of the gross domestic product or at around US$16 billion.

"We predicted that the 2017 CAD will increase but remain under control," Agus said at the BI Complex in Jakarta on Friday, February 17, 2017.

Agus predicted that the 2017 CAD would be at around 2.11 percent of the GDP, lower than the previous prediction of 2.4 percent of the GDP.

"It could be a little higher than [the CAD in] 2016. But it will remain healthy," Agus added.

Agus also expressed optimism that the economic condition in 2017 will improve. Agus said that the global economy is showing a better trend compared to last year. BI predicted that the global economic growth would reach 3.4 percent this year and 3.6 percent in 2018.

According to Agus, commodity and oil prices have shown improvement, which will have positive impacts on Indonesia's economy. Last year, the trade balance recorded a surplus after recording deficits three years in a row.

"The balance of payment in 2016 also recorded a surplus of US$12 billion," Agus said.

ANGELINA ANJAR SAWITRI



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