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Slower growth in Indonesia seen in 2023

Indonesia’s central bank has announced that the country’s annual economic growth may slow to 4.37% next year partly due to the impact of domestic monetary tightening. Bank of Indonesia (BI) governor Perry Warjiyo gave the forecast as part of a discussion with Parliament on the central bank’s 2023 budget. BI maintained its 2022 gross domestic product growth forecast was biased towards the upper end of 4.5% to 5.3%. Warjiyo said that predicting economic indicators was difficult due to volatility in the global economy, adding that the numbers could be discussed further with lawmakers. The governor also gave a headline inflation forecast of 6.11% for end-2022 and 3.61% for end-2023 at the hearing. His presentation showed the figure for 2022’s inflation was BI’s forecast as of November 3.

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