BI Believes That The Indonesian Economy Will Fly In The Medium Term

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Jakarta, 14/3 (ANTARA) - Bank Indonesia (BI) believes that the Indonesian economy is on the right track and has the potential to grow even higher in the medium term.

This belief is based on bright prospects in terms of improving the global economy, increasing domestic productivity as a result of structural reforms, including the acceleration of reform of the digitalization of the economy, state finances, and primary markets, as well as strengthening the small and medium business sector.

"Development of the sharia economy and halal finance, including the halal industry, also greatly contributes to overall economic performance," said Deputy Governor of Bank Indonesia (BI), Juda Agung, at the Indonesia Halal Markets Business Forum event, as reported by Antara, Monday, March 14.

Meanwhile, for the short term, Juda estimates that Indonesia's economic growth in 2022 will be in the range of 4.7 percent to 5.5 percent. This projection is supported by stronger private consumption, solid export performance, and a better pace of investment.

Yuda stated that the projected growth is also supported by the increase in community mobility, the faster launch of vaccination programs, the reopening of economic centers, and ongoing policies.

He also believes that the main economic sectors such as manufacturing, trade, construction, and agriculture will gain economic momentum this year.

"We also hope that tourism will start the momentum by normalizing mobility, especially with the Moto GP event in Mandalika, Lombok," said Juda.

Meanwhile, on the other hand, Juda also said that the halal industrial economic sector continues to show resilience during the pandemic. Likewise, the sharia business continues to grow positively on the basis of recovery, in line with the increase in national business activities.

Based on the recent Global Islamic Economic Report, Indonesia's ranking in the development of the Islamic economic and financial ecosystem has increased significantly compared to 2018.

This shows that Indonesia has a significant acceleration and development of the sharia economy and particularly in the halal industry.