Clouds thicken over Indonesia’s economic growth as uncertainties persist

The Asian Development Bank projected Indonesia’s gross domestic product to shrink 1 per cent this year, the weakest since the 1998 Asian financial crisis as the coronavirus pandemic has inflicted a “significant economic disruption” in the country. The forecast is a down revision from 2.5 percent growth it projected in April, according to the ADB’s Asian Development Outlook Supplement.

The government estimates 1.8 million to 4.8 million people may fall into poverty this year, while 3 million to 5.2 million may lose their jobs because of the severe economic impact of the pandemic. The economy grew 2.97 per cent in the first quarter this year as household spending and investment growth plunged, dragging down the country’s economy to its weakest growth since 2001 as it began large-scale social restrictions to curb the spread of the virus.

The Organisation for Economic Cooperation and Development projected the Indonesian economy to shrink 2.8 per cent this year even if the government manages to avoid a second wave of infections. If it is hit by a second wave, however, the economy could witness a 3.9 per cent contraction. “We are looking at economic developments and will try to mitigate the downside risks so that it will not get worse,” she said, adding that the government hoped for the recovery process to start in the third quarter.

Source: Entertainment Trends (entertainmenttrends.net)

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