Maybank IB raises Indonesia's 2022 GDP growth forecast to 5.3 pct

09/11/2022 10:26 PM

JAKARTA, Nov 9 (Bernama) -- Maybank Investment Bank Bhd (Maybank IB) has raised its 2022 gross domestic product (GDP) growth forecast for Indonesia to 5.3 per cent from 5.0 per cent amid better recent growth performance.

Indonesia’s third quarter gross domestic product growth of 5.7 per cent came in above consensus expectations, mainly due to firm investment and robust exports, Maybank IB said in a research note today.

The investment bank said it had maintained Southeast Asia’s largest economy’s 2023 GDP growth forecast at 5.1 per cent.

“While Indonesia’s growth has been resilient this year despite external headwinds, momentum may ease in 2023 due to a significant slowdown in external demand, the impact of Bank Indonesia’s policy tightening and higher fuel costs,” it said.

Maybank IB said the Indonesian central bank is also expected to hike rates by a smaller 25 basis points (bps) in the upcoming meeting on Nov 17 to support domestic demand after two straight meetings of 50 bps hikes.



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