(The impact of the) Omicron variant is still low or weak in terms of affecting Indonesia's economic recoveryJakarta (ANTARA) - Indonesia's domestic production and consumption remained relatively strong in the midst of cases of the COVID-19 Omicron variant, Finance Minister Sri Mulyani Indrawati stated.
"(The impact of the) Omicron variant is still low or weak in terms of affecting Indonesia's economic recovery," Indrawati stated at the Fitch on Indonesia 2022 Webinar here on Wednesday.
In terms of production, the minister explained that the Manufacturing Purchasing Managers' Index (PMI) had continued to be in an expansion phase during the past five months, the highest in ASEAN.
Related news: Ensuring economic recovery does not lose steam
Imports of raw materials and capital goods are still growing in double digits, and business and industrial electricity consumption are increasing, she pointed out.
This is also apparent from the Consumer Confidence Index as consumption indicators, which is above the optimistic level; increasing Retail Sales Index in line with public optimism and mobility; and the Mandiri Spending Index that is still above the pre-pandemic conditions.
The minister shared her optimism on Indonesia's economy to grow in the range of 4.8 percent to 5.5 percent, with favorable economic conditions amid transmission of the Omicron variant.
Related news: Several challenges can potentially rattle recovery path: Minister
The International Monetary Fund (IMF) has projected the country's economic growth at 5.6 percent, the World Bank forecasts 5.2 percent, while the Organization for Economic Cooperation and Development (OECD) estimates 5.2 percent.
However, Indrawati noted that Indonesia will continue to focus on accelerating vaccination.
"Hopefully, we would be able to reach 70 percent of the population to receive complete vaccinations before Eid, and at the same time, we also accelerate booster vaccinations," she remarked.
Related news: Accommodation rooms available for MotoGP spectators: Minister Uno
Related news: Indonesia reiterates importance of vaccine equity at COVAX meeting
Translator: Agatha Olivia V, Sri Haryati
Editor: Fardah Assegaf
Copyright © ANTARA 2022