Wednesday, May 14, 2008

Bank Indonesia reduces 2008 growth forecast to 6.2%.

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Bank Indonesia reduces 2008 growth forecast to 6.2%. According to Antara News , Bank Indonesia (BI) decided on Tuesday to reduce its forecast for Indonesia 's 2008 economic growth to 6.2% from its earlier estimate of between 6.2% and 6.8%. The BI cited the global economic slowdown and the surge in global commodity prices in support of the revision. Earlier, the government reduced its growth forecast to 6.4% from its previous forecast of 6.8%. According to the BI, private consumption, exports and investment will be the main drivers of growth. The BI said that while the global slowdown would impact Indonesia 's exports, the effect would not be significant owing to the diversification of the country's export destinations. During Q1, Indonesia 's exports increased by 31.4%, with the exports of oil and gas increasing by 62%.

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Bank Indonesia reduces 2008 growth forecast to 6.2%.

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