Indonesia's virus-hit economy contracts for first time in two decades

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JAKARTA: Indonesia's economy contracted in the second quarter for the first time in more than two decades as it was slammed by coronavirus ...

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Governments around the world have been struggling to contain the deadly disease, which essentially forced governments to shut down the global economy in the second quarter.

Last month, Indonesia's central bank cut interest rates for the fourth time this year in a bid to boost the struggling economy. Indonesia has announced a stimulus package worth more than US$48 billion to help offset the impact of the virus, which forced a large-scale shutdown that hammered growth, including in the key tourism sector.

The archipelago, home to nearly 270 million people, has been easing movement restrictions in a bid to head off economic collapse but COVID-19 infections are mounting, with cases topping 115,000 with and more than 5,300 deaths. The true scale of the public health crisis is widely believed to be much bigger in a country with one of the world's lowest testing rates.

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