17:02 | 03/10/2016 Global Economy
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.
A construction site in Jakarta (Photo: AFP/VNA)
This target is 0.2 percentage points below the target set by President Joko Widodo earlier.
The Committee forecast the country’s inflation at 4 percent in 2017.
Earlier on September 22, Bank Indonesia cut the benchmark interest rate by 0.25 percent to 5 percent in an effort to boost economic growth.
Besides, the Asian Development Bank (ADB) lowered its forecast for Indonesia’s economy in 2016 and 2017.
The economy is predicted to grow at 5 percent and 5.1 percent for 2016 and 2017 instead of the previous prediction of 5.2 percent and 5.5 percent, respectively./.