The World Bank estimates that the Indonesian economy will grow by 5.2% this year, from 2021’s estimated economic growth at 3.7%. This is due to strong domestic demand and rising commodity prices. Meanwhile, the neighbouring countries’ economic growth forecasts are 4.2% for Malaysia, 5.1% for Thailand, 6.5% for Vietnam, and 5.9% for the Philippines. Despite the sluggish economic growth in 2021 due to the impact of the ongoing pandemic, the World Bank noted that Indonesia’s economic output is expected to exceed pre-pandemic levels in 2022.
