(MENAFN) The Asian Development Bank (ADB) has modified its estimate of the Indonesian 2021 economic expansion to 3.5 percent year-over-year from the prior 4.5 percent in early April.
In the Asian Development Outlook 2021 event in Jakarta on Wednesday, ADB's Senior Country Economist Henry Ma stated: "the economic recovery will continue although at a more moderate speed."
The ADB has also adjusted its economic expansion estimate for the country in the coming year to 4.8 percent year-over-year, which is marginally lower than its previous 5-percent expectation.
There were a number of reasons behind the ADB's conclusion to reduce its estimate for the country, Ma noted, further saying that the public mobility constraints, locally acknowledged as PPKM, have put pressure on Indonesia’s economy and people's buying power.
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