Indonesia proposes 2022 fiscal deficit at 4.85% of GDP

JAKARTA: Indonesia's President Joko Widodo on Monday proposed to parliament a 2,708.7 trillion rupiah ($188.30 billion) budget for next year, with a fiscal deficit equal to 4.85% of GDP, aimed at boosting an economic recovery from the pandemic.

The president has set a gross domestic product growth target within a range of 5% to 5.5% next year, compared with this year's estimate of 3.7% to 4.5% growth.

IMF revises Pakistan's GDP growth projection upward to 3.9pc

The economy shrunk by 2.1% last year, the first contraction since 1998 due to the fallout of the COVID-19 pandemic.