BI predicts West Papua's economy will grow higher in 2023

Bank Indonesia West Papua assesses that the economy in 2023 is projected to grow higher than in 2022, in line with the accelerated growth of strategic Business Fields (LU) and increased public consumption.
 
Deputy Chief Representative of West Papua Bank Indonesia Eko Listiyono in Manokwari, Wednesday, stated that the Processing and Mining Industry LU is predicted to grow better in line with the increase in Liquefied Natural Gas (LNG) production output from Tangguh LNG Train III operations in Teluk Bintuni Regency.
 
"This increase in production is estimated to be able to drive economic growth in West Papua in 2023 to be in the range of 5.00 ± 1.00 percent year on year (yoy). This increase is expected to be in line with the increasing demand for LNG in the international market, in line with with the tightening policy due to heat waves and increased demand as a source of power generation," said Eko at the 2022 Bank Indonesia Annual Meeting.
 
Eko conveyed that Pertamina EP's exploration of new wells could also be one of the supporters of the accelerated growth of LU Mining and Quarrying. Exploration of new wells will boost Barrel Oil per Day (BOPD) production.
 
On the other hand, Eko said joint efforts to support accelerated economic growth were carried out by encouraging the creation of new sources of economic growth that were continuously strengthened to be able to further accelerate growth rates in West Papua Province.
 
According to him, natural resources in West Papua are very abundant, and this is a bonus for the region in developing them.
 
Eko invited all parties to make various joint efforts to facilitate the realization of regional economic growth that is more independent, based on the main potential of the region, as well as sustainable empowerment of human resources.
 
In the payment system sector, digital transactions are expected to grow in line with West Papua's projected economic growth in 2023 which will be higher than in 2022. The 2025 Indonesian Payment System Blueprint (BSPI 2025) is confirmed to be BI's policy direction in navigating the payment system in the digital era increasingly dynamic.
 
In 2023, it is hoped that three new Digital Local Governments will be present which will become a digital payment system ecosystem in West Papua. Until now, there are three Digital Local Governments, namely the Provincial Government of West Papua, the Regency Government of Manokwari, and the Regency Government of Teluk Wondama.
 
The circulation of money in West Papua in 2023 is expected to continue to grow in line with the increasing need for currency among the people, in line with the recovery phase after the COVID-19 pandemic which has subsided.

"This is reflected in the positive growth in the money supply in January-September 2022, after experiencing negative growth in the previous three years," said Eko.

SOURCE : https://papuabarat.antaranews.com/berita/24046/bi-prediksi-ekonomi-papua-barat-2023-tumbuh-lebih-tinggi