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Jakarta Post

[ANALYSIS] Stimulating a recovery amid the pandemic

  • Reny Eka Putri 

    Jakarta

Jakarta   /   Wed, December 2 2020   /  01:00 am
Indonesia GDP growth forecasts by Asian Development Bank (ADB).(ADB/Asian Development Outlook 2020)

After eight months of the COVID-19 pandemic hampering business activities and people’s mobility, the current economy is starting to show gradual improvements. Indonesia's economic growth in the third quarter of 2020 was recorded at minus 3.49 percent year-on-year (yoy).  While there was still a contraction, this realization was better than the economic growth of Q2, which amounted to minus 5.32 percent yoy.  On a quarterly basis, Q3 economic growth experienced positive growth of 5.05 percent quarter-on-quarter (qoq), improving from the previous quarter, which was recorded at minus 4.19 percent qoq. The improvement is in line with the easing of large-scale social restrictions (PSBB), which reopened economic activity. Several recent economic indicators have also shown positive development, such as Indonesia's foreign exchange reserves at the end of Oct...