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Economy

Indonesia's central bank slashes growth forecast on outbreak

Bank Indonesia sees a 2.3% expansion in 2020 as it holds its key rate

JAKARTA -- Indonesia's central bank slashed its growth forecast for 2020 but kept its key interest rate on hold, as concerns continue to mount over the impact of the coronavirus outbreak on the country's economy.

Bank Indonesia said Tuesday it now expects the growth rate to come in at 2.3%, significantly lower than the 4.2%-4.6% it projected in its March meeting, and more in line with the forecasts of international institutions. The Asian Development Bank sees growth slowing to 2.5%, while the World Bank projects a fall to 2.1% in its baseline scenario.

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