JakartaGlobe-April 6, 2022

The Asian Development Bank (ADB) has projected Indonesia’s economy to expand by 5.0 percent in 2022 and 5.2 percent in 2023 on the back of recovering demand, according to the multilateral lender’s latest report published on Wednesday. The Asian Development Outlook (ADO) 2022 upgraded the growth estimation from its earlier projection for 2022 of 4.8 percent, acknowledging Indonesia’s success in reining in the Covid-19 third wave. Still, the lender said a prolonged war between Russia and Ukraine carried a risk to Indonesia’s growth momentum. Last year, the largest economy in Southeast Asia grew by 3.7 percent after contracted by 2.1 percent in 2020. “The Indonesian economy briskly rebounded from the downturn in the third quarter and ended 2021 with an output higher than in pre-pandemic 2019. Growth was broad-based and should strengthen in 2022 as economic activity continues to normalize,” ADB Country Director for Indonesia Jiro Tominaga said. Indonesia managed to control the Covid-19 third wave, driven by a highly contagious Omicron variant, in February, losing only little momentum in growth with a far lower death toll compared to last year’s Delta wave. Read more at:  https://jakartaglobe.id/business/indonesias-economy-to-expand-faster-in-20222023-adb