Jakarta: Bank Indonesia (BI) today welcomed the IMF's positive statement as the Executive Board of the IMF recently concluded the Article IV consultation with Indonesia.
According to the IMF, the Indonesian economy is recovering at a brisk pace.
As elsewhere, the COVID?19 pandemic has led to tragic loss of life and triggered a major economic downturn in Indonesia.
Nevertheless, the Indonesian authorities have responded with a bold, comprehensive, and well-coordinated policy package that has successfully maintained economic and financial stability.
IMF staff project GDP growth at 5.4 percent for 2022 and 6.0 percent in 2023, supported by favorable global commodity prices, easing restrictions on activity, continued policy support, and rising mobility and confidence as the vaccination program expands into more remote areas.
"The IMF's positive projection is in line with the results of an assessment by Bank Indonesia, which predicts that the momentum for national economic improvement will continue in 2022," BI Communication Department Head Erwin Haryono said in a media release on Wedneesday.
Inflation has remained lower than in other emerging and advanced economies, allowing BI to support the recovery through accommodative policies, and is expected to rise gradually within the inflation target range in 2022.
"Bank Indonesia continues to optimize its policy mix to maintain stability and support national economic recovery," the BI official stated.