"Indonesia's economy continues to show its resilience amid the ongoing global friction," the Ministry's Fiscal Policy Agency (BKF) Head Febrio Kacaribu noted here on Wednesday.
The World Bank's conclusion is shown through its projection that Indonesia's economy will be at the level of 5.1 percent in 2022, or only declining by 0.1 percent from the previous projection.
Within the report, the World Bank stated that Indonesia's economy will be boosted by a rise in commodity prices.
The decline of Indonesia's economy occurs amid the slowdown in global economic growth estimation to 2.9 percent this year due to escalations of various risks.
This figure declined by 1.2 percent from the previous projection in January as a result of global risk, specifically the war in Ukraine.
Related news: WB lowers Indonesia's growth projection to 5.1 percent for 2022
The slump in economic growth projections by the World Bank widely occurs in various countries, both developing and developed.
Europe experiences downward revisions by 1.7 percent, or from 4.2 percent to 2.5 percent. Russia is estimated to contract 8.9 percent or decline from the previous projection by 11.3 percent.
The United States and China also experience growth projection slumps with 1.2 percent and 0.8 percent each.
Meanwhile, for developing countries such as India, Mexico, and Thailand, they also experience quite significant projection declines with 1.2 percent, 1.3 percent, and one percent.
Indonesia's economy is considered to be strong because it is estimated to only decrease by 0.1 percent from the previous prediction, as the country's economic performance continues to improve supported by stabilizing pandemic circumstances.
The government will continue to maintain the situation to prevent pandemic spikes so that the people's trust in carrying out economic activities can be maintained, Kacaribu noted.
One of the ways to do this is by encouraging vaccinations, which have now reached 74.2 percent of the population for the first dose and 62.1 percent for complete doses.
In addition, the state budget will continue to be directed to become an important instrument in responding to economic circumstances, including becoming a shock absorber to maintain the people's purchasing power.
"This effort is carried out due to a potential energy, food, and financial crisis," he explained.
Related news: Indonesia must attract private investors for green transition: WB
Translator: Astrid F H, Fadhli Ruhman
Editor: Suharto
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