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Jakarta Post

Breaking: Indonesia’s economy shrinks 2.07 percent in 2020

  • Dzulfiqar Fathur Rahman and Farida Susanty

    The Jakarta Post

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Jakarta   /   Fri, February 5, 2021   /  10:38 am
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Breaking News(TJP/File)

Indonesia’s economy contracted 2.07 percent year-on-year (yoy) in 2020, well within the government’s expectation and the first annual contraction since 1998 Asian financial crisis, as the country continued to struggle with the persisting pandemic, while nearly all gross domestic product (GDP) components fell, Statistics Indonesia (BPS) announced on Friday. BPS also announced that the economy shrank 2.19 percent yoy in the fourth quarter last year, which showed slowing contraction from the year’s second and third quarter, when the GDP dropped 5.32 percent yoy and 3.49 percent yoy, respectively. The previous contractions led the country to its first recession in two decades. “This still shows improvement, even though it might not be what we hoped for. We still need to evaluate what’s working, what needs to be strengthened, so that economic growth ca...