ADB lowers Indonesia's economic growth forecast to 3.5% this year


The ADB also projected Indonesia's inflation rate at 1.7 per cent for this year, lower than the bank's previous forecast of 2.4 per cent in April. - Bloomberg

JAKARTA (Xinhua): The Asian Development Bank (ADB) has adjusted its forecast of Indonesia's 2021 economic growth to 3.5 per cent year-on-year from the previous 4.5 percent in early April.

"The economic recovery will continue although at a more moderate speed," ADB's Senior Country Economist Henry Ma said during the Asian Development Outlook 2021 event in Jakarta on Wednesday. (Sept 22)

The ADB has also revised its economic growth forecast for Indonesia in 2022 to 4.8 per cent year-on-year, which is slightly lower than its earlier 5-per cent projection.

There were several factors behind the ADB's decision to lower its forecast for Indonesia, Ma said, adding that the public mobility restrictions, locally known as PPKM, have put pressure on the country's economy and people's purchasing power.

The ADB also projected Indonesia's inflation rate at 1.7 per cent for this year, lower than the bank's previous forecast of 2.4 per cent in April.

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Indonesia , economy , ADB , 2021

   

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