BI forecasts economic growth of 5.5 percent in 2020

BI forecasts economic growth of 5.5 percent in 2020

BI Senior Deputy Governor  Destry Damayanti  (ANTARAFOTO/PUSPA PERWITASARI)

"Bank Indonesia predicts the economic growth to remain good, fueled by domestic needs influenced by high consumption and stable investment," BI Senior Deputy Governor Destry Damayanti remarked
Jakarta (ANTARA) - Bank Indonesia (BI) has estimated Indonesia’s economy to increase by nearly 5.5 percent in 2020, driven by high domestic consumption and investment.

"Bank Indonesia predicts the economic growth to remain good, fueled by domestic needs influenced by high consumption and stable investment," BI Senior Deputy Governor Destry Damayanti remarked at a working meeting with the House of Representatives' Budgetary Committee at the parliament building in Jakarta on Wednesday.

The national economic growth is expected to rise to 5.5 percent in 2020, from 5.0-5.4 percent this year, Damayanti noted.

Related news: Jokowi sets target to reach 5.3 percent growth in 2020

High consumption in Java, Sumatra, Bali, and Nusa Tenggara, among others, will boost the national economic growth, he remarked.

The domestic consumption will remain high coupled with the celebration of national religious holidays and a notable improvement in export performance.

The central bank has also projected the rupiah's exchange rate against the greenback to hover in the range of Rp13,900 to Rp14,000 per US dollar, or stronger than the previous close of Rp14,173 per US dollar. BI has forecast the rupiah's exchange rate to grow in the range of Rp14,000-Rp14,400 per US dollar at the end of this year.

She remarked that the consumer price index until July 2019 was recorded at 3.32 percent year-on-year, a slight increase than the June 2019 inflation of 2.8 percent yoy.

"The inflation remains under control, fueled by the well-managed core inflation owing to good expectation of BI's consistent policies to stabilize prices," she added. Related news: Indonesian economy to grow 5.2% in 2019: BI

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