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Jakarta Post

Pessimism halts economic recovery: Sri Mulyani

  • Adrian Wail Akhlas


Jakarta   /   Sat, November 21 2020   /  01:00 am
Shoppers crowd at a shopping center in Jakarta on Monday, May 27, 2019 .Shopping malls across the city are selling various Ramadan decorations and holding bazaars off ering discounted items to visitors.(JP/Dhoni Setiawan)

The lack of confidence in the economy among upper-middle-class citizens presents a hurdle for the nation’s economic recovery, Finance Minister Sri Mulyani Indrawati has said, noting that the government will need to get purchase on the COVID-19 pandemic to restore confidence. The finance minister said weak consumption in the upper-middle class had hindered the economic recovery and that bringing back Indonesian consumer confidence would be crucial. “The confidence of upper-middle-class consumers in Indonesia is an important component for businesses to continue to survive and recover,” she said at a forum held by Bloomberg on Wednesday. “It is very important to restore confidence, but it will really depend on whether the pandemic can be handled or a vaccine can be distributed equally.” Indonesia has fallen into recession for the first time since the 1...