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JAKARTA, March 4 -- The Indonesian economy is gradually recovering, owing in part to a bold, comprehensive, and coordinated policy response to address the socio-economic hardship inflicted by the COVID 19 pandemic in the first half of 2020, according to the International Monetary Fund (IMF).
The country’s gross domestic product (GDP) is projected to expand by 4.8 per cent in 2021 and 6 per cent in 2022. Meanwhile, inflation is set to rise gradually to 3 per cent (y/y) at the end of 2021, reports Vietnam News Agency (VNA).
The current account deficit is expected to widen to 1.5 per cent of GDP in 2021, reflecting higher imports driven by the economic recovery.
IMF Executive Directors commended the authorities’ containment measures and supportive macroeconomic policies, which have been instrumental in cushioning the economic impact of the pandemic.
They noted that Indonesia’s strong fundamentals and prudent macroeconomic policy track record have contributed to its economy’s resilience.