Valuation data from the World Bank

• Part 1 of 4 · Data

• Part 2 of 4 · Commodities

World Development Indicators, the Global Inflation Database and the Global Financial Development Database cover growth, prices, interest rates and financial depth for more than 200 economies.

Monthly commodity prices since 1960 and the semi-annual Commodity Markets Outlook with price forecasts for coal, oil, palm oil, nickel and other key Indonesian commodities.

• Part 3 of 4 · Specialised

• Part 4 of 4 · Terms

Risk and infrastructure data

Open licence, with care

Worldwide Governance Indicators, Private Participation in Infrastructure, Enterprise Surveys and Business Ready, plus Indonesia Economic Prospects and Global Economic Prospects.

Most datasets are CC BY 4.0: reuse, including commercial, is allowed with attribution. Third-party indicators may carry other terms, and the World Bank name or logo must not imply endorsement.

■ World Bank data · Getting started

About World Bank data and its licence

World Bank data are open, well documented and easy to cite, which makes them a strong default for macro context in valuation reports. A few minutes understanding the platforms and licence prevents most citation and dating errors.

Where the data lives

Licence, citation and updates

Entry points: World Bank Open Data for quick charts and downloads by indicator or country, and DataBank for building custom tables across countries, indicators and years.

Licence: under the World Bank Terms of Use for Datasets, datasets are provided under CC BY 4.0 unless stated otherwise, allowing reuse, including commercial use, with attribution.

Indonesia: the Indonesia country data page gathers the headline indicators in one place; every indicator page shows its source and last update.

Citation: 'The World Bank: dataset name: data source (if known)', plus indicator code and access date for traceability under IVS 104 para 50.01.

Indicators: browse all series on the indicators page; each has a code, for example NY.GDP.MKTP.KD.ZG for real GDP growth, which should be recorded in the working papers.

Third-party indicators: some indicators come from other providers and may not be redistributed without their consent; the conditions appear in each indicator's metadata.

API: the Indicators API returns the same series in JSON or XML, useful for firms that refresh macro inputs for many engagements.

No endorsement: valuation reports may cite World Bank data but must not use its name or logo in a way that implies the World Bank sponsors or approves the valuation.

Example: for a valuation at 30 September 2026, the valuer downloads Indonesia's annual GDP growth and CPI inflation from Open Data, noting that the latest full year is 2025 and that the 2026 figure must come from a forecast source.

Practice tip: annual WDI series are revised, and the most recent year is often missing for some countries. Save the downloaded file with its date and say which year the figure refers to.

■ World Bank data · Macro

World Development Indicators

World Development Indicators (WDI) is the World Bank's main collection of development statistics: about 1,400 indicators covering economy, finance, trade, infrastructure, environment and population, with long annual histories for Indonesia and its peers.

What WDI contains

Using WDI in valuation

Economy: GDP growth, GDP in current and constant prices, GDP deflator, sector value added (agriculture, industry, services) and gross fixed capital formation.

Historical context, not forecasts: WDI is backward-looking. Use it for track records and long-term averages; take projections from Global Economic Prospects, the IMF WEO or the OECD Economic Outlook.

Prices: consumer price inflation and GDP deflator inflation, consistent across countries for long periods.

Long-term growth: twenty-year averages of real GDP growth and inflation help test terminal growth assumptions for long-lived assets in IDR.

Interest rates: lending interest rate, deposit rate and real interest rate, reported by national authorities through the IMF.

Cross-country comparison: consistent definitions make WDI suitable for comparing Indonesia with peer markets when selecting comparable companies or transactions from other countries.

Financial and market depth: domestic credit to the private sector, stock market capitalisation and value traded as a share of GDP, useful context for liquidity and marketability.

Example: a valuer checks that the 4% real terminal growth assumed for an Indonesian toll road is close to long-run real GDP growth, and explains why traffic growth may differ from GDP.

Example: in the market overview for an Indonesian cement company, the valuer charts construction value added and gross fixed capital formation over ten years to show the demand cycle behind the forecast.

Practice tip: note whether a figure is annual average or end of period, in current or constant prices, and in IDR or USD. WDI often offers several versions of the same concept.

■ World Bank data · Commodities

Commodity prices: Pink Sheet and Commodity Markets Outlook

The World Bank's commodity data are a standard reference in natural resource and agribusiness valuations. They combine monthly price history with semi-annual price forecasts for energy, metals and agricultural products important to Indonesia.

What is published

Using commodity data

Hub: World Bank Commodity Markets links to the latest Pink Sheet, monthly and annual price histories in Excel, and the Commodity Markets Outlook.

Forecast horizon: CMO forecasts cover only about two years. For long-life assets, blend them with futures, analyst consensus and a long-term real price, and document the method.

Pink Sheet: monthly prices and indices for about 70 commodities, published at the start of each month, with history from 1960 in the Excel files.

Benchmark adjustments: Pink Sheet prices are international benchmarks. Adjust for grade, calorific value, delivery terms, freight and export levies to estimate the subject's realised price.

Coverage: crude oil, natural gas, Australian and South African coal, palm oil, rubber, coffee, cocoa, nickel, copper, aluminium, tin, gold and fertilisers, among others.

Real versus nominal: CMO reports both. Keep price assumptions consistent with the inflation basis of the cash flows and discount rate (IVS 103 para A20.06).

Commodity Markets Outlook: published in April and October, with analysis of each market and annual price forecasts for the next two years in nominal and real terms.

Example: an Indonesian thermal coal producer sells lower-calorie coal than the Australian benchmark. The valuer applies a historical discount between the subject's realised price and the benchmark, supported by sales invoices.

Example: valuing a palm oil plantation, the valuer uses the Pink Sheet palm oil series to show the price cycle and the Commodity Markets Outlook forecast as one reference for the first two forecast years.

Practice tip: the Excel download links change with each monthly release. Cite the release month and save the file, rather than relying on the download link in a report.

■ World Bank analysis · Outlook

Global Economic Prospects

Global Economic Prospects (GEP), published in January and June, is the World Bank's flagship forecast of global and regional growth. It provides a second independent forecast alongside the IMF and OECD, useful when testing macro assumptions.

What GEP provides

Using GEP forecasts

Report: Global Economic Prospects, with country forecast tables, regional chapters including East Asia and Pacific, and analytical chapters on topical risks.

Triangulation: when GEP, IMF and OECD forecasts differ, explain which one is adopted and why, or use an average with a stated rationale, rather than picking the most favourable.

Forecasts: real GDP growth for the current year and the next two years for most countries, including Indonesia.

Vintage control: use the edition published before the valuation date (IVS 102 para 10.04).

Scenarios and risks: downside and upside scenarios discuss commodity prices, interest rates, trade tensions and financial conditions.

Regional context: the East Asia and Pacific chapter discusses capital flows, exchange rates and commodity exporters, helpful when explaining country risk premiums for Indonesia.

Data downloads: forecast tables are available with each edition, so the exact figures used can be cited.

Example: if management projects 9% annual revenue growth for a domestic retailer while GEP projects about 5% real growth and inflation is near 3%, the valuer asks management to explain market share gains or new stores.

Example: for a June valuation, the valuer compares Indonesian growth forecasts in the June GEP, the April IMF WEO and the latest OECD Economic Outlook to show the range of independent views.

Practice tip: cite the edition and table, for example 'World Bank, Global Economic Prospects, June 2026, Table 1.1'.

■ World Bank analysis · Indonesia

Indonesia Economic Prospects and country reports

The World Bank's Indonesia office publishes the Indonesia Economic Prospects (IEP) report twice a year, together with sector studies and policy notes. These are valuable, citable sources for the Indonesian economic narrative in a valuation report.

What the reports contain

Using them in a report

IEP: Indonesia Economic Prospects reviews recent growth, inflation, fiscal and external developments and gives the World Bank's near-term outlook and risks for Indonesia.

Policy risk: IEP discussions of regulatory changes, subsidies, export policies and tax reform help identify risks that may affect cash flows or discount rates.

Special topics: each IEP includes a focus chapter, for example on investment climate, jobs, energy transition or fiscal reform, often with sector detail useful for valuers.

Consistency: when IEP forecasts differ from GEP or IMF figures, check publication dates; the most recent edition before the valuation date usually reflects the latest information.

Country page: World Bank in Indonesia links to projects, publications and data, including studies on infrastructure, logistics and urban development.

Sector studies: World Bank studies on specific sectors, such as energy or water, can support assumptions on tariffs, demand and regulation for infrastructure assets.

Use in valuation: IVS 200 para 110.01 requires consideration of the economic environment; IEP provides an independent, dated basis for that section.

Example: for a hospital valuation, the valuer refers to World Bank analysis of health financing and national health insurance coverage to explain expected changes in patient mix.

Example: valuing a logistics company, the valuer cites IEP analysis of logistics costs and infrastructure investment to support the expected growth in freight volumes.

Practice tip: quote short findings with the report title, edition and page, and present them as World Bank staff analysis, not as established fact.

■ World Bank data · Prices and finance

Global inflation and financial development databases

Two specialised databases add depth to WDI: a long-run global inflation database and a database of financial system characteristics. Both help valuers judge long-term inflation and the depth and efficiency of a country's financial markets.

Global Inflation Database

Global Financial Development Database

Database: A Global Database of Inflation covers headline, core, food and energy consumer prices, producer prices and GDP deflators for about 200 economies, with annual, quarterly and monthly series.

Database: Global Financial Development Database covers financial depth, access, efficiency and stability of banks and capital markets for over 200 economies.

Long history: series run back several decades, allowing long-term average inflation for Indonesia to be compared with central bank targets.

Market liquidity: stock market turnover and capitalisation help explain marketability discounts and the reliability of listed comparables for Indonesian companies.

Producer prices: where available, PPI series can support cost trending of plant and equipment better than consumer prices (IVS 300 para 90.08).

Bank efficiency: net interest margins, overhead costs and concentration support assumptions in bank valuations and in the cost of debt for private companies.

Use: long-run inflation averages and volatility inform the inflation differential used to convert USD discount rates into IDR and to judge terminal inflation assumptions.

Example: valuing a minority stake in an Indonesian company, the valuer cites low stock market turnover relative to peers as context for a discount for lack of marketability.

Example: the valuer notes that Indonesian CPI inflation averaged well above current levels over thirty years and justifies a terminal inflation assumption closer to Bank Indonesia's target, citing the recent track record.

Practice tip: these databases are updated annually with a lag; check the last year available and combine with recent national data from OJK or Bank Indonesia.

■ World Bank data · Country risk

Worldwide Governance Indicators

The Worldwide Governance Indicators (WGI) measure six dimensions of governance for over 200 countries. They give valuers a documented basis for discussing institutional and regulatory risk, which affects country risk premiums and the enforceability of contracts and rights.

What WGI measures

Using WGI in valuation

Dataset: Worldwide Governance Indicators, updated annually, with estimates, percentile ranks and standard errors.

Not a premium in itself: WGI scores do not convert directly into a discount rate. Use them to support the qualitative discussion behind a country or company-specific risk premium.

Six dimensions: voice and accountability, political stability and absence of violence, government effectiveness, regulatory quality, rule of law, and control of corruption.

Contract and title risk: weak rule of law or regulatory quality can affect the reliability of licences, land titles and offtake contracts, matters to consider under IVS 400 and IVS 210.

Method: composite indicators built from many surveys and expert assessments; the standard errors show how uncertain each estimate is.

ESG link: governance is the G in ESG. IVS 104 Appendix A10.05 lists governance factors such as corruption and rule of law that valuers should consider where significant.

Peer comparison: percentile ranks let Indonesia be compared with ASEAN peers and with countries of comparable sovereign ratings.

Example: valuing a mining licence in a region with weak enforcement, the valuer adds a scenario for permit delays and documents the governance evidence behind it.

Example: in a valuation of a concession-based asset, the valuer cites Indonesia's rule of law and regulatory quality ranks to explain why contract renegotiation risk is reflected in the scenario analysis.

Practice tip: report percentile ranks with their confidence intervals; small changes between years are often within the margin of error.

■ World Bank data · Infrastructure

Private Participation in Infrastructure database

The PPI database records infrastructure projects with private participation in low- and middle-income countries, including Indonesia. It is a rare source of comparable project information for valuations of toll roads, power plants, ports, airports and water assets.

What the database contains

Using PPI data

Database: Private Participation in Infrastructure (PPI), covering energy, transport, water and ICT projects since 1990.

Comparable terms: contract periods and structures help check the remaining concession life and the treatment of handback at the end of the term in a DCF.

Project data: country, sector, type of private participation (concession, greenfield, brownfield, divestiture), contract period, investment commitment, sponsors and status.

Cost benchmarks: investment commitments per unit of capacity (per MW or per kilometre) support cost approach cross-checks under IVS 300, with adjustments for timing and scope.

Reports: semi-annual and annual reports summarise investment trends by region and sector.

Distress and cancellation: project status data show cancelled or distressed projects, context for the risk of contract failure in an emerging market.

Coverage: Indonesia has a substantial project list across power, toll roads and other sectors, useful for identifying comparable concessions.

Example: for a 60 MW gas-fired independent power producer, the valuer compares investment per MW with similar Indonesian projects in the PPI database and explains the difference by technology and site.

Example: valuing a toll road concession, the valuer uses the PPI database to identify comparable Indonesian and regional toll road projects, their contract lengths and investment per kilometre.

Practice tip: PPI investment figures are commitments at financial close, not final costs. Treat them as indicative and corroborate with project-specific evidence.

■ World Bank data · Business climate

Enterprise Surveys and Business Ready

Enterprise Surveys interview thousands of firms about their costs, finance and obstacles, while Business Ready (B-READY), which replaced Doing Business, assesses the regulatory framework for firms. Both give evidence on the operating environment behind a valuation.

Enterprise Surveys

Business Ready (B-READY)

Dataset: Enterprise Surveys, firm-level surveys in more than 150 economies covering finance, infrastructure, corruption, competition, workforce and performance.

Programme: Business Ready (B-READY) assesses regulatory framework, public services and operational efficiency across ten topics, from business entry to dispute resolution and business insolvency.

Indonesia: the Indonesia economy profile summarises results by indicator and compares them with regional averages.

Doing Business discontinued: the old Doing Business rankings were discontinued in 2021. Do not cite them as current evidence; B-READY uses a different methodology and is not directly comparable.

Useful indicators: share of firms with bank loans, collateral required as a percentage of loan value, power outages, time to obtain permits, and informal payments.

Legal and insolvency context: B-READY's dispute resolution and insolvency topics inform recovery assumptions in liquidation values and secured lending valuations.

Use in valuation: survey evidence supports assumptions on working capital financing, access to credit and operating disruptions for small and medium-sized businesses.

Example: in a liquidation value for a lender, the valuer refers to evidence on the time and cost of insolvency proceedings to justify the assumed realisation period.

Example: valuing a family-owned manufacturer, the valuer notes high collateral requirements for Indonesian firms as context for limited debt capacity and a higher cost of capital.

Practice tip: check which economies and survey years are covered. Business Ready is being rolled out over several years, and Enterprise Survey years differ by country.

■ World Bank data · Quality control

Worked example and common pitfalls

This illustrative example shows World Bank sources in a typical Indonesian engagement, followed by the issues reviewers most often raise. Figures are hypothetical; always use the data available at your valuation date.

Worked example: palm oil plantation

Common pitfalls

Price history: from the Pink Sheet, take monthly crude palm oil prices for twenty years to show the cycle and current position relative to the long-run real average.

Wrong vintage: citing a Pink Sheet, CMO or GEP edition published after the valuation date.

Price forecast: from the latest Commodity Markets Outlook before the valuation date, take the two-year palm oil forecast as one input to the price deck, with a long-term real price thereafter.

Benchmark as realised price: applying an international price without adjusting for quality, freight, levies or contract terms.

Macro inputs: from WDI and GEP, take Indonesian GDP growth and inflation history and forecasts for cost escalation and the IDR discount rate conversion.

Discontinued data: citing Doing Business rankings as current evidence of the business climate.

Risk context: cite Worldwide Governance Indicators and IEP discussions of land and export policy to support scenarios for regulatory changes.

Third-party indicators: redistributing indicators whose metadata restrict reuse, or implying World Bank endorsement of the valuation.

Example: the input register records 'World Bank: Commodity Price Data (Pink Sheet), October 2026: palm oil, USD per tonne, accessed 3 November 2026'.

Practice tip: keep one input register per engagement with dataset, edition, indicator code, unit, value, access date and file location for every World Bank input (IVS 104 para 50.01).

✱ Source and attribution

Data by the World Bank, used under its licence

All datasets and reports on this page are published by the World Bank Group and, unless stated otherwise, licensed under CC BY 4.0 according to the World Bank Terms of Use for Datasets. Valuvix is not affiliated with or endorsed by the World Bank and links to the original sources. Figures in the examples are illustrative; always use the edition available at your valuation date and check third-party restrictions in each indicator's metadata.