Macro - Country Economic Forecasts - Indonesia
We have significantly downgraded our 2023 GDP growth forecast for Indonesia by 0.8ppts to 5.7% from our February baseline. This mainly reflects a slower domestic demand recovery from Q2 onwards with the Russia-Ukraine war resulting in higher global energy and food prices, which will affect domestic prices despite subsidies. Still, our 2022 and 2023 growth forecasts remain above the historical trend and consensus as we see more room for domestic demand to run.
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