Monday Briefing

Economy: Bank Indonesia slashed its 2021 economic growth forecast range for Indonesia to between 3.5-4.3 percent from 4.1-5.1 percent predicted previously. The lower prediction resulted from complicated developments of the COVID-19 pandemic, particularly the appearance of the Delta variant. Nevertheless, Indonesia’s economic growth potential remained quite good until the second quarter, fueled by an increase…

Monday Briefing

Economy: S&P Global Ratings lowered economic forecast for Indonesia for 2021 to 3.4% from 4.4% earlier, while 2022 growth will be higher on base effects at 5.6% from 5.2% earlier. A Covid-19 resurgence is exacerbating downside pressures for Indonesia’s economy and credit conditions, A delayed economic recovery will drag on revenue for banks, most corporate…

Friday Briefing

Economy: Bank Indonesia (BI) revises down its forecast for the country’s economic growth this year from 4.1-5.1 percent to 3.8 percent citing the enforcement of emergency public activity restrictions (PPKM). “If the emergency PPKM lasts for one month and lowers COVID-19 cases, well, then the economic growth will decline to around 3.8 percent,” BI Governor…

Monday Briefing

Economy: The government has prepared several strategies to sustain a national economic recovery. The first is continuing with the national economic recovery (PEN) program as the main instrument for economic growth in 2021. The second is accelerating the free COVID-19 vaccination program, which started in January 2021, and aims to cover 181.5 million of the…

Friday Briefing

Economy: The economic authority confident that Indonesian economy to print a nearly seven-percent growth in the second quarter of 2021 thanks to an upward trend in the realization of foreign direct investments and consumer confidence index. “Our economic growth rate indicates a positive trend. It is expected to reach seven percent,” Coordinating Minister for Economy…

Monday Briefing

Economy: The Indonesian government is committed to carrying out structural reforms through the Omnibus Law of Job Creation, according to the Deputy Minister of Finance. It is expected that the Job Creation Law can create employment, facilitate the opening of new jobs, streamline regulations, and help eradicate corruption. “This is important to support the economic…

Friday Briefing

Economy: Indonesian monetary and financial authorities expressed their optimism that the program to accelerate national economic recovery will soon start delivering outcomes. Amongst the policies that are starting to have a positive impact is the removal of down payments to purchase motorbikes, cars, and property with bank loans, which came into effect in early March.…

Monday Briefing

Economy: Some international economic institutions, including the International Monetary Fund (IMF), World Bank, and Organization for Economic Cooperation and Development (OECD), have forecasted Indonesia’s economy to grow 4.5 percent this year, according to President Joko Widodo. The president emphasized that Indonesia should be in a position to realize the forecast. To this end, all elements…

Friday Briefing

Economy: Bank Indonesia cut interest rates for a sixth time during the pandemic and eased lending rules on Thursday in a bid to boost the coronavirus-hit economy as it lowered its 2021 growth forecast. The central bank cut the benchmark 7-day reverse repurchase rate by 25 basis points (bps) to a new record low of…

Monday Briefing

Economy: Indonesia printed its first annual contraction since the 1998 Asian financial crisis as the country hard hit by the Covid-19 pandemic. The country´s gross domestic product fell 2.07 percent in 2020 from a year earlier with household spending, transportation and tourism among the hardest-hit sectors. It marked the first time Indonesia´s economy contracted on…