Indonesian economy forecast to grow 4.6 percent in 2022
The impact of the COVID-19 pandemic coupled with the Russia-Ukraine war could cause Indonesia’s economy to decline to 4.6 percent this year, said Speaker of the People's Consultative Assembly (MPR) Bambang Soesatyo.
Speaker of the People's Consultative Assembly Bambang Soesatyo. (Source: ANTARA/Muhammad Zulfikar)
Hanoi (VNA) - The impact of the COVID-19 pandemic coupledwith the Russia-Ukraine war could cause Indonesia’s economy to decline to 4.6percent this year, said Speaker of the People's Consultative Assembly (MPR)Bambang Soesatyo.
Soesatyo said that the conflict disrupted the commodity market, trade, and global finance market,while several prices of household and energy commodities skyrocketeduncontrollably, thereby causing wild inflation, Antara news agency reported.
The official informed that on April 5, the World Bank projected economic growth for countries in East and Pacific Asia, includingIndonesia, as an early warning. Most of them were forecast to experience sloweconomic growth due to stress factors, including the Russia-Ukraine war.
Indonesia's economic growth was projected to be capped at5.1 percent in 2022, which is 0.1 percent less than the projection released onOctober 2021. The worst-case scenario is that the growth could decline to 4.6percent.
To address the issue, Soesatyo urged the Financial SystemStability Committee, comprising the Finance Ministry, Bank of Indonesia, theFinancial Services Authority, and the Deposit Insurance Corporation (LPS), toimprove coordination to anticipate the situation along with a series ofanti-inflation and currency stability measures, among others./.
Indonesian Finance Minister Sri Mulyani Indrawati has projected that the country’s economy will grow 4.5 percent to 5.2 percent in the first quarter of 2022 amid uncertainty about the global economy due to the conflict in Ukraine.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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Speaker of the People's Consultative Assembly Bambang Soesatyo. (Source: ANTARA/Muhammad Zulfikar) 
