Production, consumption relatively strong amid Omicron cases: Minister
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- 16 Mar 2022
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Indonesia's domestic production and consumption remained relatively strong in the midst of cases of the COVID-19 Omicron variant, Finance Minister Sri Mulyani Indrawati stated.
"(The impact of the) Omicron variant is still low or weak in terms of affecting Indonesia's economic recovery," Indrawati stated at the Fitch on Indonesia 2022 Webinar here on Wednesday.
In terms of production, the minister explained that the Manufacturing Purchasing Managers' Index (PMI) had continued to be in an expansion phase during the past five months, the highest in ASEAN.
Imports of raw materials and capital goods are still growing in double digits, and business and industrial electricity consumption are increasing, she pointed out.
This is also apparent from the Consumer Confidence Index as consumption indicators, which is above the optimistic level; increasing Retail Sales Index in line with public optimism and mobility; and the Mandiri Spending Index that is still above the pre-pandemic conditions.
The minister shared her optimism on Indonesia's economy to grow in the range of 4.8 percent to 5.5 percent, with favorable economic conditions amid transmission of the Omicron variant.
The International Monetary Fund (IMF) has projected the country's economic growth at 5.6 percent, the World Bank forecasts 5.2 percent, while the Organization for Economic Cooperation and Development (OECD) estimates 5.2 percent. Read More...
