JAKARTA - Indonesia's economy contracted for the first time in over two decades in the second quarter as efforts to contain the new coronavirus dealt a blow to consumer demand and business activity in Southeast Asia's largest economy.
The economy had been expected to shrink 4.61 per cent, according to a Reuters poll of economists, after growing by 2.97 per cent year-on-year in the first quarter. Indonesia's stock index turned negative, slipping nearly 0.3 per cent after the data, while the rupiah was unchanged. "We are of the view that monetary policy has been stretched, especially under the recent burden sharing scheme."
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