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Jakarta Post

ADB downgrades Indonesia’s economic prospects as slowdown persists

  • Dzulfiqar Fathur Rahman

    The Jakarta Post

PREMIUM
Jakarta   /   Fri, December 11, 2020   /  01:46 pm
The Jakarta Post Image
A 'jamu' (herbal medicine) seller crosses a bridge above the Jagorawi toll road in Cibubur, East Jakarta. Residents and businesses have started to resume activities after the government introduced a restrictions transition policy while still urging the public to follow health protocols.(JP/PJ.Leo)

The Asian Development Bank (ADB) has downgraded its projections for Indonesia’s economy this year and in 2021 due to a continued slowdown in economic activity as a result of the continuing coronavirus outbreak. The COVID-19 pandemic led to a contraction of around 3.5 percent year-on-year (yoy) in gross domestic product (GDP) in the third quarter, taking the country into its first recession since the 1998 Asian financial crisis, after a 5.32 percent contraction in the second quarter, according to data from Statistics Indonesia (BPS). “GDP forecast in 2020 has been downgraded for Indonesia, Malaysia and the Philippines as COVID-19 containment measures have hampered economic recovery,” ADB country economist for Indonesia Emma Allen said in a virtual briefing on Thursday. “So in light of these developments with the third quarter outcome and assuming a gradual...