BI: Bali’s Economic Growth Higher Than National Average

Antara News are reporting that the Bank Indonesia (BI) Bali Representative Office predicts that Bali’s economic growth until the end of 2023 will be in the range of 5 to 5.8-percent with tourism-related business fields being the main support.

Deputy Head of Bali’s BI Representative Office (KPwBI), Gusti Ayu Diah Utari said in Denpasar on Thursday (30/11/23) that Bali’s economic growth achievements in Q3/ 2023 had grown by 5.35-percent, adding that this was higher than national economic growth which was recorded at 4.94-percent (yoy).

Bali’s economic growth, he continued, has so far been mainly supported by tourism-related business fields which have contributed 54.64-percent. The highest growth in this business field was in the transportation and warehousing sector at 27.52-percent, say Antara News.

“By looking at the development of the number of tourist arrivals, especially foreign tourists, which is estimated at the end of 2023 to reach around 5.25-million people, we estimate that Bali’s economic growth until the end of 2023 will be in the range of 5 to 5.8-percent,” he said, adding that Bali’s economic growth was also supported by low and controlled inflation. In October 2023 Bali’s inflation was recorded at 2.64-percent.

Controlling inflation, he added, cannot be separated from the role and solid coordination between regional governments, BI and relevant stakeholders in the inflation control program with the 4K framework, namely price affordability, supply availability, smooth distribution and effective communication.

By the end of 2023 Bali’s inflation is also estimated to be under control within the target of 3 plus or minus 1-percent. Meanwhile, in 2024, pressure on energy and food prices will remain high due to increasing global geopolitical tensions.

“We must increase our vigilance together so that Bali’s inflation is within the national inflation range of 2.5 plus or minus 1-percent,” he said.

Diah Utari said that in the future, to achieve strong sustainable and inclusive economic growth in Bali towards a developed Indonesia in 2045 according to the Nangun Sat Kerthi Loka Bali concept, other sources of economic growth must also continue to be encouraged so that they are in line with the tourism sector, report Antara News.

Source: Antara News

Stock image by Ahsanjaya on Pexels

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