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Indonesian central bank revises downward this year's GDP growth target

Xinhua, May 19, 2016 Adjust font size:

Indonesian central bank revises decreases the target of economic growth this year amid weak consumption and subdued investment from private sector.

The Central Bank Governor Agus Martowardojo said that the lender lowered the growth projection to 5 to 5.4 percent in 2016 from initial estimate of 5.2 to 5.6 percent.

In the first quarter, Indonesia economy expanded by 4.92 percent, lower than the 5.02 percent median forecast economic analysts in a Xinhua poll, but Mr. Martowardojo was upbeat over faster GDP growth in the next quarters.

"This will be supported by fiscal stimulus particularly that links with the acceleration of infrastructure development," he said at the bank headquarters on Thursday evening.

The hike of prices of several Indonesia's export commodities, such as tin, crude palm oil and rubber, will also factor, Martowardojo disclosed.

In 2015, Indonesia economy expanded by 4.79 percent, according to the national statistic bureau.

President Joko Widodo has unveiled a raft of economic stimulus since September last year, which is expected to start taking effect in coming months, amid his efforts to build a massive infrastructure projects to pursue over 7 percent economic growth at the end of his five-year tenure in 2019. Enditem