Indonesia's Economic Growth Expected to Accelerate in 2022

Jakarta: Bank Indonesia (BI) expects the domestic economic recovery process to endure and accelerate in 2022.  
 
Indonesia's economic growth is projected to improve in the fourth quarter of 2021 in line with increasing mobility after the Indonesian Government successfully introduced measures to break the domestic chain of Delta variant transmission. 
 
"Overall, economic growth in 2021 remains in line with Bank Indonesia's projection, namely 3.2-4.0%.  Economic gains in 2022 will primarily stem from increasing private consumption, exports and fiscal spending, which are in line with increasing mobility, broader economic reopening and ongoing policy stimuli.  Bank Indonesia, therefore, projects stronger domestic economic growth in 2022 in the 4.7-5.5% range," BI Governor Perry Warjiyo said in a press conference on Thursday.
 
According to the central bank, private consumption, investment and government consumption are set to increase amid maintained export performance.  

In addition, economic performance is also supported by the major economic sectors, including the manufacturing industry, trade and mining.  
 
As of December 2021, several indicators confirmed the recovery is intact, such as increasing community mobility in several regions, higher retail sales, growing consumer confidence and an expansionary Manufacturing PMI.  

 
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