Q1 economic growth in 2008 to drop below 6 pct : BI
Jakarta (ANTARA News) - Senior Bank Indonesia (BI) Deputy Governor Miranda S Goeltom said the Indonesian economy would grow at a rate of less than six percent in the first quarter of this year.
"Initially, we projected that the economy in the first semester of this year would grow at 6.05 percent. But now we must revise the figure to below six percent," she told a press conference here on Thursday.
Miranda was however not yet able to provide the exact economic growth figure for the first semester of 2008.
She said the slowing down of economic growth in the first quarter was due to a similar condition in the global economy.
Miranda said BI had revised its economic projections from 6.2-6.8 percent to 6.2 - 6.5 percent so that the mid point would also change from 6.5 percent to 6.35 percent.
In the meantime, a BI board of governors` meeting on Thursday decided to maintain BI`s benchmark rate at 8 percent.
Miranda said the BI rate was kept at the 8 percent level in order to control inflationary pressures and to anticipate the global economic slowdown.
In March, the inflation rate was still recorded at a high level of 0.95 percent while the year-on-year rate was recorded at 8.17 percent.
She said the BI rate was also maintained at the 8 percent level so that the inflation rate target of 6.5 percent for 2008 could be achieved. (*)
"Initially, we projected that the economy in the first semester of this year would grow at 6.05 percent. But now we must revise the figure to below six percent," she told a press conference here on Thursday.
Miranda was however not yet able to provide the exact economic growth figure for the first semester of 2008.
She said the slowing down of economic growth in the first quarter was due to a similar condition in the global economy.
Miranda said BI had revised its economic projections from 6.2-6.8 percent to 6.2 - 6.5 percent so that the mid point would also change from 6.5 percent to 6.35 percent.
In the meantime, a BI board of governors` meeting on Thursday decided to maintain BI`s benchmark rate at 8 percent.
Miranda said the BI rate was kept at the 8 percent level in order to control inflationary pressures and to anticipate the global economic slowdown.
In March, the inflation rate was still recorded at a high level of 0.95 percent while the year-on-year rate was recorded at 8.17 percent.
She said the BI rate was also maintained at the 8 percent level so that the inflation rate target of 6.5 percent for 2008 could be achieved. (*)