The economic growth target of 5.2 percent would be attained if the government and the central bank are able to encourage the effectiveness of various fiscal and monetary stimuli that they have issued, he stated here on Wednesday.
"If the fiscal stimuli are pushed, the economy will be able to grow by up to 5.2 percent. If we lower the interest rate, coupled with the liquidity facility, it can grow by 5.2 percent," he remarked.
BI had originally projected the economy to grow at 5.1 percent last year. However, economic growth of 5.2 percent was recorded owing to fiscal policies and stimuli, he pointed out.
The central bank has projected the economy to grow 4.9 percent in the first quarter, five percent in the second quarter, 5.1 percent in the third quarter, and 5.2 percent in the fourth quarter. Overall, the economy will grow 5.1 percent this year.
"Why have we proposed five to 5.2 percent? This is since we have taken into account the impact of the coronavirus until the meeting of the central bank's board of governors last month by issuing stimulus and monetary policies as well as fiscal stimuli," he stated.
He spoke of the BI announcing latest developments on the economic growth during the meeting of its board of governors next week. Related news: BI Governor responds to plunge in world oil prices
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