Indonesia’s GDP Growth Expected to Rebound to 4.4% in 2021: World Bank

Jakarta: Indonesia’s economic growth is expected to rebound to 4.4% in 2021 and strengthen further to 5% in 2022, according to the World Bank’s June 2021 Global Economic Prospects.
 
However, many jobs in low-value-added services may be slow to return.
 
“Covid-19 infection rates remain elevated in Indonesia, Malaysia, and the Philippines and have recently increased in Cambodia and Thailand,” the report stated.

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Growth in the East Asia and Pacific region is projected to strengthen to 7.7% in 2021, primarily reflecting a strong rebound in China. 
Growth in China is projected to pick up to 8.5% this year, supported by buoyant exports and the relief of pent-up demand amid effective control of the outbreak. 
 
Output in the rest of the region is projected to grow 4.0% in 2021 in the face of continued pandemic-related headwinds and delayed recovery of tourism and travel.
 
Growth in China is projected to moderate to 5.4% in 2022, reflecting diminishing fiscal and monetary support and tighter property and macroprudential regulations. 
 
Growth in the region excluding China is expected to accelerate to 5% in 2022 as the economic recovery takes hold. 
 
“Among the three largest economies, China, Indonesia, and Thailand, only China has seen its output surpass pre-pandemic levels,” the report stated.
 

Thailand’s economy is expected to recover gradually over the next two years, with growth picking up to 2.2% in 2021 and 5.1% in 2022, helped by a recovery in tourism and travel. 
 
Philippine growth is projected at 4.7% in 2021 and 5.9% in 2022, while Malaysia is expected to rebound to 6% in 2021. 
 
Vietnam is projected to expand 6.6% on average this year and next.
 
Among smaller economies, the recovery is expected to be particularly weak in tourism-dependent island economies as tourism is expected to remain below pre-pandemic levels until at least 2023. 
 
(WAH)

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