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Jakarta Post

Indonesia’s annual GDP set to contract for first time since 1998

  • Adrian Wail Akhlas

    The Jakarta Post

PREMIUM
Jakarta   /   Wed, September 23, 2020   /  08:33 am
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A woman walks past closed stores at Pasar Baru market in Jakarta on April 1.(Antara/Akbar Nugroho Gumay)

Indonesia’s annual gross domestic product (GDP) is set to contract for the first time since the 1998 Asian financial crisis as the government struggles to control the COVID-19 pandemic and contain its economic fallout. Finance Minister Sri Mulyani Indrawati said the government had revised its gross domestic product (GDP) outlook down to an annual contraction of between 0.6 percent and 1.7 percent as the uncertainty surrounding the pandemic had taken a significant toll on consumption and business investment. The country’s economy shrank by 13.13 percent in 1998 before rebounding to 0.79 percent growth the next year. “Several indicators of economic activity show that the economic recovery is still at a very early stage and remains very fragile,” Sri Mulyani told reporters during a virtual press conference on Tuesday. “We will continue to use the state...