The government is confident #Indonesia's economy would return to an expansion mode in the first quarter this year, banking on the government spending increase, manufacturing growth, and exports, after a persistent rise of the Covid-19 cases prevent the country from escaping its first recession in 22 years last year.
The Central Statistics Agency (BPS) announced on Friday that Indonesia's #economy shrunk by 2.07 percent in 2020, compared to a 5 percent expansion in 2019. The largest economy in Southeast Asia declined by 2.2 percent in the fourth quarter from the same quarter a year earlier.
That was the third straight quarter Indonesia's economy stayed in the negative territory, placing it in a first recession since the 1998 Asian Financial Crisis.
Still, the 2020's slump was not as severe as many predicted. For example, the World Bank expected Indonesia's economy to drop by 2.8 percent in its flagship report "Global Economic Prospects" last month.
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The Central Statistics Agency (BPS) announced on Friday that Indonesia's #economy shrunk by 2.07 percent in 2020, compared to a 5 percent expansion in 2019. The largest economy in Southeast Asia declined by 2.2 percent in the fourth quarter from the same quarter a year earlier.
That was the third straight quarter Indonesia's economy stayed in the negative territory, placing it in a first recession since the 1998 Asian Financial Crisis.
Still, the 2020's slump was not as severe as many predicted. For example, the World Bank expected Indonesia's economy to drop by 2.8 percent in its flagship report "Global Economic Prospects" last month.
Access @jakartaglobe article via our Twitter post.
#StaySafe #StayHealthy
View on Instagram