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ADB revises Indonesia's GDP growth forecast this year

Xinhua, July 7, 2015 Adjust font size:

Asian Development Bank (ADB) slashes this year's economic growth projection of Indonesia to 5.0 percent from 5.2 percent as the development budget spending slows amid subdued exports, officials of the lender said here on Tuesday.

Slower-than-expected spending of development budget, which in part had slowed Indonesia's GDP growth at the first quarter to below expectation, 4.71 percent, the lowest since 2009, and lower tax earnings, are among the main factors of the revision, said Edimon Ginting, deputy country director of the bank.

"So our prediction to Indonesia's growth this year is 5.0 percent. Previously we projected it at 5.2 percent," he said.

Indonesia's exports have been subdued in recent months through weakening rupiah and the lender has kept its benchmark interest rate at 7.5 percent since March.

On July 3, the Indonesian Economic Chief Minister Sofyan Djalil disclosed that the government has revised the growth target for this year to 5.2 percent from the initial target of 5.8 percent. Endi