August 5, 2020

Virus-hit Indonesian economy shrinks for first time in two decades

Jakarta (AFP) – Indonesia’s coronavirus-hit economy contracted in the second quarter for the first time in more than two decades, with warnings that its recovery could be among the weakest in Southeast Asia.Output in the region’s biggest economy slumped 5.3 percent on-year in April-June, the statistics agency said Wednesday, as retail sales and manufacturing took a hit.That marked Indonesia’s first contraction since the first quarter of 1999 during the Asian financial crisis, putting it on course for its first recession since then.”Economic activity in Indonesia collapsed in the second quarter…


Leave a Reply

Your email address will not be published. Required fields are marked *