We predict (the growth) will remain high in the third quarter because of low baseline in the third quarter last year due to the Delta variant (of COVID-19)
Jakarta (ANTARA) - The Indonesian government has forecast the national economy to grow by above five percent in the third quarter (Q3) of 2022.

"We predict (the growth) will remain high in the third quarter because of low baseline in the third quarter last year due to the Delta variant (of COVID-19). Hence, the government predicts it will be above five percent," Finance Minister Sri Mulyani Indrawati stated during a working meeting with the House of Representatives' (DPR's) Commission X in Jakarta on Wednesday.

The Indonesian economy has grown by above five percent so far this year. Overall, the economic growth is expected to pick up to 5.2 percent in 2022, she remarked.

To achieve the economic growth target of 5.2 percent for this year, the government will continue to maintain the economy to grow by above five percent, including in the fourth quarter, she stated.

The minister further predicted economic growth to increase slightly to 5.3 percent next year, which is almost the same as the forecast by various international institutions.

The International Monetary Fund (IMF) and the Asian Development Bank (ADB) have forecast the Indonesian economy to grow by 5.2 percent next year, while the World Bank and Bloomberg Consensus Forecast have projected it to reach 5.2 percent and five percent respectively.

Indrawati said economic growth in 2022 will be fueled by improvement in the public's purchasing power and accelerated economic transformation despite global economic uncertainty.

"After all, we see a tendency in the downward revision of the economic growth forecast in 2023," she remarked.

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Translator: Astrid Faidlatul H, Suharto
Editor: Sri Haryati
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