Indonesian Economy Expected to Grow 5.8% in 2021: Central Bank

    Husen Miftahudin - 03 December 2020 15:39 WIB
    Indonesian Economy Expected to Grow 5.8% in 2021: Central Bank
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    Jakarta: Bank Indonesia (BI) is optimistic that national economic recovery in 2021 can be realized by strengthening synergies through a prerequisite and 5 strategies.

    This was conveyed by the Governor of Bank Indonesia, Perry Warjiyo, at the 2020 Bank Indonesia Annual Meeting entitled "Synergize to Build Optimism for Economic Recovery" which was held virtually today in Jakarta.  

    According to the central bank, the prerequisite is vaccination together with the discipline of following covid-19 protocols.

    Meanwhile, the 5 policy response strategies are opening up productive and safe sectors, accelerating fiscal stimulus, increasing credit from the demand and supply side, monetary stimulus and macroprudential policies, and digitalization of the economy and finance, especially MSMEs. 

    The meeting was attended by the President of the Republic of Indonesia, Joko Widodo, The House of Representatives especially Comission XI, Heads of State Institutions, Onward Indonesia Cabinet, Regional Governors, heads of banking and non-bank corporations, academics, economic observers, and representatives of a number of international institutions. 

    Bank Indonesia Annual Meetings are held regularly at the end of each year to convey Bank Indonesia's views on the latest economic conditions, challenges and prospects for the future, as well as the direction of Bank Indonesia policies. 

    In 2021, the Indonesian economy is predicted to grow and reach 4.8% - 5.8%, supported by an increase in export performance, private and government consumption, as well as investment from both Government capital expenditures and foreign investment as a positive response to the Job Creation Law. 

    "Growth in all regions will increase," said the BI Governor.

    Macroeconomic stability will be maintained with inflation under control and targetted at 3 ± 1%, while the rupiah exchange rate will be stable with the potential to strengthen. 

    External stability will be maintained, with a balance of payments surplus supported by a low current account deficit of around 1.0% - 2.0% of GDP. 

    Financial system stability will also increase, with high capital ratios, low NPLs, and growth in each third party funds and credit that will rise to around 7% - 9% in 2021. 

    (WAH)

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