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Maybank raises 2022 growth forecast for Indonesia

Maybank Investment Bank Bhd (Maybank IB) has raised its economic growth forecast for Indonesia this year to 5.3% from 5.0%, amid better recent growth performance. Indonesia’s Q3 gross domestic product (GDP) growth of 5.7% came in above consensus expectations, mainly due to firm investment and robust exports, Maybank IB said. The investment bank also maintained its 2023 GDP growth forecast for Southeast Asia’s largest economy at 5.1%. It said that while Indonesia’s growth has been resilient this year despite external headwinds, momentum may ease in 2023 due to a significant slowdown in external demand, the impact of Bank Indonesia’s policy tightening, and higher fuel costs. The Indonesian central bank is also expected to hike rates by a smaller 25 basis points (bps) in the upcoming meeting on Nov 17.

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