Indonesia, the largest economy in Southeast Asia region was estimated to see more than 5 percent growth this year on the back of its massive economic reform.

In its fresh East Asia and Pacific Economic Report, World Bank (WB) estimated that Indonesia would see 5.1 percent and 5.3 percent growths in 2016 and 2017 respectively, thanks to the government's efforts to reform its economy aimed at boosting up foreign investments coming in into the country.

"It (the growth) would be very much depended to the efficacy of the nation's economic packages issued recently and implementation of its ambitious investment programs," WB Chief Economist Sudhir Shetty said through a teleconference to announce WB report from Washington, the United States on Monday.

Among par countries in Southeast Asian nations' bloc of ASEAN, Indonesia's estimated growth for this year was lower than the Philippines and Vietnam which were estimated to see more than 6 percent.

Meanwhile, through its annual economic publication of Asian Development Outlook (ADO) report for this year published late last month, the Asian Development Bank (ADB) estimated that Indonesia would see 5.2 and 5.5 percent growths in 2016 and 2017 respectively.

ADB Indonesia Country Director Steven Tabor said that despite of global financial market volatility, the wide-ranging economic reforms carried out by President Joko Widodo's administration have bolstered market confidence and are showing positive results.

"It is critical for Indonesia to implement its ambitious public investment program, to deepen and maintain the momentum of these reforms to boost productivity, attract investment, and nurture new sources of growth," Tabor said in his remarks to launch the report here on March 30.

Indonesian government has set growth target at 5.3 percent in its state budget this year despite hardships in its macroeconomic sector that made assumptions set in its budget changed.

Indonesian Finance Minister Bambang Brodjonegoro said last week that inflation rate target was corrected to 4 percent from the initial 4.7 percent, while the U.S. dollar exchange rate was changed to 13,400 rupiah from the previous 13,900 rupiah per one U.S. dollar in the state budget this year.

Due to the decreasing of international oil price, the oil producer nation also reduced its domestic crude oil price standard to 35 U.S. dollars per barrel from 50 U.S. dollars in the previous state budget.

The administration of President Joko Widodo has issued up to 10 economic reform packages aimed at facilitating and simplifying procedures for investors to invest in Indonesia and then attracting more investors to invest in wider areas in the country.