Macro - Country Economic Forecasts - Indonesia
We have further lowered our 2023 growth forecast to 5%, from 5.5% previously. The economy proved resilient to lockdowns in China and a palm oil export ban in Q2, with the 5.4% GDP expansion coming in stronger than our expectation. But that pace is unlikely to be sustained, as rising inflation and falling commodity prices take a toll on real incomes and domestic demand. Alongside weakening external demand, we expect this to weigh on growth next year.
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