Indonesia’s economic growth climbed to its strongest in nine years last year fueled by revived spending from the lifting of pandemic restrictions and as a global commodity boom sent exports to a record high. | Reuters
Household consumption, which accounts for more than half of Indonesia’s GDP, accelerated last year, especially supported by travel-related spending as COVID-19 restrictions eased.
Investment grew 3.87 percent last year, similar to 2021’s growth but is yet to return to pre-pandemic levels, the statistics bureau said. Government officials have said economic activity may slow this year, predicting a global economic downturn that would lead to a further drop in commodity prices and a slowdown in Indonesia’s exports.“China’s economic reopening indeed could support demand, but commodity prices are still prone to continued weakening amid prospects of increased supplies and lower demand in the U.S. and euro zone,” said Faisal Rachman, Bank Mandiri economist.
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