Prospera newsleter | 21 December 2022
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By the end of the year Indonesia will have had more than 6.7 million reported Covid cases. In 2022 cases spiked with the rise of the Omicron variant early in the year which was followed by two less intense waves.
GDP figures indexed to the pre-pandemic level (Q42019) show a sharp decline in 2020. However, this was followed by a steady increase in 2021 and a strong economic recovery through 2022.
Tourists flocked back to Indonesia as international travel restrictions relaxed. By the end of October there had been nearly 4 million visitors in 2022.
The energy and food crises triggered by the Russo-Ukraine war caused commodity prices to reach all-time highs and Indonesia saw coal and palm oil exports increase as a result.
Bank Indonesia raised interest rates for the first time since 2018 as it looked to ward off inflation driven by the food and energy crises.