"Therefore, the economic growth in 2022 is expected to remain in line with Bank Indonesia's own projection at 4.5-5.3%," BI Governor Perry Warjiyo said in a statement on Thursday.
According to him, domestic economic improvements remain intact on the back of growing domestic demand amid persistently solid exports.
This is confirmed by several early indicators and the results of Bank Indonesia's latest surveys, including consumer confidence, retail sales and Manufacturing Purchasing Managers Index (PMI).
Export performance remains strong, particularly coal, iron and steel and metalliferous ores, despite the risks posed by weaker demand compressed by the global economic slowdown.
BI Key Interest Rate
On Thursday, BI announced its decision to hold the BI 7-Day Reverse Repo Rate (BI7DRR) at 3.50%, while also maintaining the Deposit Facility (DF) rates at 2.75% and Lending Facility (LF) rates at 4.25%.The decision is consistent with the need to manage inflation and maintain exchange rate stability, while continuing to foster economic growth amid escalating external pressures stemming from the emerging risk of stagflation in several countries.
Moving forward, global economic uncertainty is expected to remain elevated given the looming risk of an economic downturn and persistently high global inflation, including the expansion of inward-looking policies, particularly affecting food, in a number of countries.
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