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Indonesia’s economy has rebounded from the recession caused by the COVID-19 pandemic as consumers and businesses resumed activities and a global economic recovery boosted exports.
The GDP rose 3.69 percent in 2021 from the preceding year, driven largely by a rebound in investment, Statistics Indonesia (BPS) reported on Monday.
“The driver is a combination of improvement in health care and mobility and the sustained global economic recovery, as well as the fiscal stimulus,” BPS head Margo Yuwono said in an online press briefing on Monday.
In 2020, Indonesia plunged into its first recession since the Asian financial crisis, as the GDP contracted by 2.07 percent from a year earlier due largely to the mobility restrictions, especially in Java.
BPS reported that gross fixed capital formation grew by 3.8 percent in 2021, thus becoming the largest driver behind the overall GDP growth. Investment in transportation machinery and equipment posted the strongest rebound.
As reported in January, overall investment realization rose 9 percent last year to Rp 901.2 trillion (US$62.56 billion), slightly exceeding the Investment Ministry’s target.
Read also: 2021 investments exceed target as new policies take shape
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