Indonesia’s Economic Growth to Moderate in 2023, 2024 — ADB

Indonesia’s economy is expected to grow by 4.8% in 2023 and 5.0% in 2024 as the commodity boom wanes and domestic demand normalizes, according to a report by the Asian Development Bank (ADB) released ( 04th April 2023).

“Booming commodity exports drove growth to 5.3% in 2022, making up for modest domestic demand,” said ADB Country Director for Indonesia Jiro Tominaga. “Global headwinds in 2023 are projected to cut export growth, although the current account should continue to be close to balance. But because private consumption accounts for a large share of Indonesia’s economy, as consumer spending further normalizes and benefits from the tapering off of inflation, this should put a floor on growth. Investment, however, is likely to remain modest as businesses wait and see.”

Export and import opportunities in Indonesia

The export boom generated windfall revenues that enabled Indonesia to cut the budget deficit below the statutory ceiling of 3% of gross domestic product, one year ahead of schedule, says the Asian Development Outlook (ADO) in April 2023. Inflation peaked at almost 6% in September, way above the central bank’s 4% inflation ceiling. However, it has been moderating, on easing commodity prices and monetary policy tightening, and is projected to fall to about 3.5% by December and to average 4.2% in 2023, the report adds.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 member countries—49 from the region.

Source by adb-org

Disclaimer

The information provided here is based on our long experience. The process or requirement may vary depending on the specific facts and conditions. Besides, the law and regulations in Indonesia are subject to frequent changes. Please contact us as your consultant to get an up to date information and accurate advice. For more Information click here and You can also follow our social media accounts to see the latest information posts. please click on the following links: FacebookInstagramLinkedin, and Twitter.

Lest's Connect With Us

RELATED PAGE
Limited Stay Permit (KITAS) Regulations Update 2023

Limited Stay Permit (KITAS) Regulations Update 2023

//
October 19, 2023
Read More

Limited Stay Permit (KITAS) Regulations Update 2023

KITAS Investor is a special type of residence permit designed for foreign investors who wish to establish or invest in business activities (PT PMA) in Indonesia. KITAS Investor is a

The Benefits of Applying for Investor KITAS in Indonesia

The Benefits of Applying for Investor KITAS in Indonesia

//
June 16, 2023
Read More

The Benefits of Applying for Investor KITAS in Indonesia

Investor KITAS is a stay permit that offers many benefits to investors who invest in a company in Indonesia and want to manage this company. Here are some benefits of

The Investor KITAS in Indonesia – A Comprehensive Guide

The Investor KITAS in Indonesia – A Comprehensive Guide

//
June 15, 2023
Read More

The Investor KITAS in Indonesia – A Comprehensive Guide

Are you a foreign investor looking to invest in Indonesia? The Investor KITAS may be the perfect solution for you. The Investor KITAS is a visa specifically designed for business

Retirement Kitas in Indonesia: Everything You Need to Know Before Apply

Retirement Kitas in Indonesia: Everything You Need to Know Before Apply

//
June 14, 2023
Read More

Retirement Kitas in Indonesia: Everything You Need to Know Before Apply

Before deciding to apply for a Retirement Kitas (KITAS Lansia) in Indonesia, there are several important things you need to know: Eligibility Criteria To be eligible for a Retirement Kitas,

Visa Extension Made Easy: What You Need to Know Before Extending Your Stay Permit in Indonesia?

Visa Extension Made Easy: What You Need to Know Before Extending Your Stay Permit in Indonesia?

//
June 13, 2023
Read More

Visa Extension Made Easy: What You Need to Know Before Extending Your Stay Permit in Indonesia?

Extending your residence permit is an important decision that requires careful consideration. Whether you're studying, working, or simply exploring a new country, understanding the process and key factors involved in

prev
next
error: Alert: Content is protected !!