Coordinating Minister for Economic Affairs Airlangga is confident that Indonesia's growth will be better than the World Bank's projection.

Coordinating Minister for the Economy Airlangga Hartarto. (Photo: Aris Nurjani/VOI)

JAKARTA - Coordinating Minister for Economic Affairs Airlangga Hartarto spoke out regarding the World Bank's (WB) downward revision of Indonesia's economic growth projection to 4.7 percent.

According to Airlangga, the revision of the projection is a natural thing in the midst of uncertain global conditions, especially due to geopolitical conflicts.

He said that many countries and regions also experienced a decline in economic growth projections.

However, Airlangga said that Indonesia's projected figure was still higher than the average global economic growth of 3.4 percent.

"If we look at the figure, it is still above the average global growth. The average global growth is 3.4. But if Indonesia itself is optimistic, because later in the first quarter we will see what the results are like," he told the media, Thursday, April 9.

Regarding the accuracy of the projection, Airlangga said that each institution has its own methods and assumptions in making calculations.

However, he assessed that Indonesia often recorded better realization than the international institution's projections.

"Yes, the problem of projection is that they have their own estimates. But in many things, we often get better results than their predictions, so it's okay," he said.

Regarding communication with the World Bank, Airlangga explained that interactions and meetings were indeed often carried out, as was the case with other international institutions.

However, he added that the government did not intervene in the projections issued by each institution.

He also added that other institutions such as the OECD also projected Indonesia's economic growth below 5 percent, which showed a trend of caution in looking at the current global economic conditions.