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Jakarta Post

Analysis: Economic prospects amid COVID-19 pandemic

  • Dendi Ramdani

Jakarta   /   Wed, April 8 2020   /  01:53 am

Probably no one predicted that in early 2020 we would experience a significant drop in economic growth. Prior to this we were still discussing positive global economic growth in 2020. Suddenly, in March we find that economic growth is very likely to be negative due to the global COVID-19 pandemic. For example, the Economist Intelligence Unit (EIU) predicts that the global economy will decline by 2.2 percent, significantly different from the forecast before the coronavirus outbreak of 2.3 percent growth.

According to the World Bank East Asia and Pacific Economic Update in April 2000, the economic growth of East Asian Pacific developing countries in 2020 will be only 2.1 percent in the baseline scenario but will contract by 0.5 percent in the worst-case scenario, much worse than the prediction before the pandemic of 5.8 percent growth. Indonesia, according to this report, will grow ...