Jakarta (VNA) – The World Bank (WꦑB) has cut its projection for Indonesia’s economic growth from 5.3 to 5.1 percent this year, local media reported on October 6.
The Washington – based lender also revised the country’s growth will be at 5.3 percent in 2017 and 5.5 percent in 2018.
Weak global trade and uncertainty over the Federal Reserve rate hike led to the cut, said Hans Anand Beck, WB Senior Economist.
However, the projection is higher than the Asian Development Bank (ADB)’s one released last month. ADB predicted Indonesia’s economy would expand 5 percent this year and 5.1 percent in 2017 due to low investment in the private and public investment sectors.
Private spending will remain the main driving force for the country’s economy. Consumer spending is forecasted to continue increasing due to a stable macro-economy and other financial policies, said the WB.
The bank also highlighted challenges for the Southeast Asian country, including low commodity prices and low revenue. Tax collection in the country was only about 61 billion USD by the end of September, half of this year’s goal.
El Nino and La Nina phenomena are liable to take its’ toll on Indonesia’s agriculture, leading to high fo🐎od prices and inflation, said experts.-VNA
The Indonesian Government maintained a 5.3 percent economic growth target for this year in the revised state budget to withstand uncertainties in the domestic and global economies.
Indonesia’s second-quarter economic growth has surpassed expectation as spending surged, particularly during Ramadan holiday, said the country’s statistics bureau.
The House of Representatives’ Budget Committee of Indonesia agreed with the government’s proposal on lowering the country’s economic growth target for 2017 to 5.1 percent on September 29.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
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ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Illustrative Image (Photo: cnbc.com)
