BI Governor Perry Warjiyo Called E-commerce Transactions Will Reach IDR 337 Trillion In 2021

Governor of Bank Indonesia (BI), Perry Warjiyo. (Photo: Bank Indonesia)

JAKARTA - Bank Indonesia (BI) projects that digital transactions in 2021 will increase significantly. This increase was driven by the trend of accelerated digitalization during the COVID-19 pandemic that hit Indonesia and the world.

Governor of Bank Indonesia (BI) Perry Warjiyo estimates that e-commerce transactions in 2021 will be able to reach IDR 337 trillion. This figure is an increase from this year's projection of IDR253 trillion.

"The digital economy and finance will increase rapidly. In 2021, the value of e-commerce transactions will reach Rp. 337 trillion," he said at the 2020 Bank Indonesia Annual Meeting, Thursday, December 3.

Perry also predicts that digital transactions in banking will experience a significant increase. Electronic money transactions next year are predicted to reach IDR266 trillion and digital bank transactions are estimated at more than IDR32,000 trillion.

Furthermore, Perry assessed that the prospects for economic performance in 2021 will get better as uncertainty subsides, especially regarding the COVID-19 pandemic. So that economic growth in 2021 will be in the range of 4.8 percent to 5.8 percent on an annual basis.

Meanwhile, Perry said, global economic growth is also expected to improve to 5 percent in 2021, after being hit hard during the pandemic with a 3.8 percent contraction this year.

According to him, the global economic recovery will also be supported by encouragement of fiscal and monetary stimuli in a number of countries such as the United States and China as well as starting to increase human mobility and economic activity. This indicator of global recovery has had a positive impact on the performance of domestic financial markets.

Previously, Bank Indonesia recorded the total value of transactions in the four major e-commerce sites in Indonesia of IDR 22.05 trillion as of September 2020. This value is an increase of 0.44 percent from the total transaction value in August 2020 which amounted to IDR 21.95 trillion.