Central bank upbeat about Bali’s economic recovery in 2022

Photo of Penglipuran Village in Bali for illustration purpose only. Photo: Ministry of Tourism and Creative Economy
Photo of Penglipuran Village in Bali for illustration purpose only. Photo: Ministry of Tourism and Creative Economy

Rising consumer spending and fewer mobility restrictions portend an optimistic outlook for Bali’s economy in 2022, Indonesia’s central bank said, with the hope that the tourism-dependent island would finally recover from its economic struggles during the pandemic.

“Bali’s economic recovery will continue into 2022 with a projected growth of 5.4 to 6.2 percent year-on-year,” Bank Indonesia Bali Office Head Trisno Nugroho said today.

Last year’s numbers hint at the beginning of gradual recovery in Bali. Overall, Bali’s GDP in 2021 has been projected to contract by 1.4 to 2.2 percent year-on-year, but the island has been projected to record a 2.1-2.9 percent year-on-year growth in the last quarter of the second year of the pandemic.

The return of domestic tourists towards the end of 2021 has been a boost for the island’s economy. 

In 2022, Bali is hanging hope on foreigners to bring in tourism dollars following their absence throughout the pandemic. 

Yet Bali’s international tourism relaunch has been anticlimactic so far, hampered by COVID-19 travel restrictions and requirements.

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