Jakarta: Bank Indonesia (BI) projects national economic growth for 2021 in the 4.1-5.1% range, BI Governor Perry Warjiyo has said.
"Domestic economic gains are persisting on the back of stronger export performance and fiscal spending," said Perry during a virtual press conference here on Tuesday.
According to him, exports are expected to continue improving beyond early projections at the beginning of the year on growing demand from Indonesia's main trading partners, China in particular, driven by crude palm oil (CPO), metal ore, pulp and wastepaper, motor vehicles as well as iron and steel.
Spatially, export performance is improving in the Java region along with Sulawesi-Maluku-Papua (Sulampua).
"Fiscal stimuli in the form of social aid program (bansos) disbursements, procurement and capital spending have also increased beyond previous forecasts," he explained.
Meanwhile, consumer expectations and retail sales in March 2021 point to subdued private consumption gains in line with public mobility restrictions amidst government efforts to accelerate the national vaccination program.
Moving forward, domestic economic recovery momentum is expected to build in response to stronger exports, ongoing fiscal stimuli and increasing investment, as signalled by the upward manufacturing PMI trend.
"Orderly implementation of the vaccination program, coupled with the disciplined application of Covid-19 protocols, remain a prerequisite for a faster domestic demand recovery," he stated.
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