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Jakarta Post

‘Crisis like no other’ will shrink Indonesia’s economy, IMF forecasts

  • Adrian Wail Akhlas

    The Jakarta Post

PREMIUM
Jakarta   /   Thu, June 25, 2020   /  01:31 pm
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Jakartans take to the streets around the Hotel Indonesia traffic circle to exercise during Car Free Day (CFD) on Sunday amid the COVID-19 pandemic. Indonesia’s economy is on track for a significant contraction this year as the coronavirus crisis is hitting the global economy harder than previously expected, according to the International Monetary Fund (IMF).(JP/Donny Fernando)

Indonesia’s economy is on track for a significant contraction this year as the coronavirus crisis has hit the global economy more severely than previously expected, the International Monetary Fund (IMF) has forecast. The United States-based institution projects that Southeast Asia’s biggest economy will contract by 0.3 percent this year, according to the June update of the World Economic Outlook titled A Crisis Like No Other, An Uncertain Recovery, which was published on Wednesday. The global economy, meanwhile, is expected to shrink by 4.9 percent. “The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast,” the IMF said, highlighting a reversal of progress on poverty reduction and job creation. “In countries with high shares...