Indonesian Finance Minister Mulyani Indrawati says there is a risk that policy makers ‘underestimate the real impact the virus has on trade.
“All the economic ministers coming here, and the central banks, they have instruments and policy tools that they can implement and execute, including fiscal expansion if it’s necessary,” Indrawati said. While Indonesia hasn’t recorded any cases, officials are increasingly worried about the broader impact the outbreak will have on the economy, the biggest in Southeast Asia. The government announced plans to accelerate spending, and the central bank cut interest rates Thursday while revising down its growth forecast for this year to 5%-5.4%.
Capital inflows may also take hit as global sentiment drops, undermining the currency and putting the current account under pressure. The rupiah is down more than 0.6% against the dollar in the past month, while the current account shortfall widened to 2.8% of gross domestic product in the fourth quarter from 2.6% in the previous three months.Indrawati said transport and tourism “are going to be hit very hard” considering the magnitude of China’s contribution to the global economy.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
World stocks follow Wall Street lower on renewed virus fearsBEIJING (AP): Global stock markets followed Wall Street lower Friday (Feb 21) after a spike in new virus cases in South Korea refuelled investor anxiety about China's disease outbreak.
Source: staronline - 🏆 4. / 75 Read more »
Covid-19 incubation can reach up to 27 days, says Chinese local governmentA longer incubation period complicates efforts to contain the virus outbreak. FMTNews Coronavirus Covid19 China
Source: fmtoday - 🏆 5. / 72 Read more »
China expects more companies to resume operations by late Feb, early MarchThe disruptions from the virus are increasingly spilling over into global supply chains. FMTNews China Coronavirus
Source: fmtoday - 🏆 5. / 72 Read more »
Not all gloom and doom in virus outbreakCovid-19 is causing economic damage to China, but experts believe it will emerge stronger economically when the epidemic is overcome. They are also confident that troubled Asean countries can come out of the doldrums.
Source: staronline - 🏆 4. / 75 Read more »
Asia’s big economies already feeling impact of virus outbreakHONG KONG/TOKYO (Bloomberg):Key gauges for manufacturing in Australia and Japan fell while early export orders for South Korea showed a slump in Chinese demand. Data from China showed car sales sank 92 per cent in the first half of February while its Commerce Ministry said trade and inbound investment would take an increasing hit from the epidemic. ...TRUE, as Supply Chain(SC) very disrupted, however,as of 20th Feb , I read China manuf. Started opening up since lockdown, China & countries need to be resilient and to Subdue&Win fight against Covid-19 TOTALLY , then SC & Tourism n Global economies will be up again.
Source: staronline - 🏆 4. / 75 Read more »
China restaurants starved for cash amid virus outbreak | The Malaysian InsightSome are even selling their produce directly to consumers.
Source: msianinsight - 🏆 8. / 63 Read more »