Purbaya Criticises World Bank's Projection: His Major Sin is Creating Negative Sentiment

JAKARTA, KOMPAS.com - Finance Minister Purbaya Yudhi Sadewa has criticised the World Bank’s projection for Indonesia’s economic growth. He considers the calculation to be erroneous and to have triggered negative sentiment towards the national economy. “But he has already committed a major sin. He has created negative sentiment towards us. I’ll wait for their apology when oil prices return to normal levels. If they change their economic prediction again,” Purbaya said at the Ministry of Finance on Thursday (9/4/2026). “Even the first quarter alone might be 5.6 or more. That means the World Bank is calculating that we are heading for a recession, dropping way below after that, right? If the average is 4.6, I think the World Bank has miscalculated,” he stated. The government remains focused on maintaining economic fundamentals. Steps are being taken through priority programmes, financial system stability, and improvements to the investment climate. Purbaya suspects the World Bank’s projection is influenced by assumptions of high global oil prices. He believes that situation could change. “I’m sure the World Bank calculated that because of the impact of high oil prices. If in a month’s time oil prices drop back to normal levels, the World Bank will definitely change its prediction, right?” he said. He stated that he would await clarification if the projection is revised. The government is said to optimise all policy instruments to maintain growth momentum. “But I will optimise all the economic engines we have here. That’s it. It’s possible the World Bank is right later. But I don’t know. Clearly, in my figures, it seems to be continuously improving ahead, and we will continue to safeguard it,” Purbaya said. “Maybe the World Bank doesn’t yet know my Asian moves, the secret moves of Mr Prabowo,” he added. Previously, the World Bank lowered its projection for Indonesia’s economic growth to 4.7 per cent in 2026. This figure is lower than the October 2025 projection of 4.8 per cent. The revision is stated in the April 2026 edition of the East Asia and Pacific Economic Update report. “Indonesia’s growth is projected to slow to 4.7 per cent, due to headwinds from higher oil prices and risk-averse sentiment,” the report states. The World Bank assesses that the slowdown is triggered by external pressures. The rise in global oil prices and investor caution sentiment are the main factors.