‘Crisis like no other’ will shrink Indonesia’s economy, IMF forecasts

Indonesia’s economy is on track for a significant contraction this year as the coronavirus crisis is hitting the global economy harder than previously expected. - JP/ANN

JAKARTA (The Jakarta Post/ANN): Indonesia’s economy is on track for a significant contraction this year as the coronavirus crisis has hit the global economy more severely than previously expected, the International Monetary Fund (IMF) has forecast.

The United States-based institution projects that Southeast Asia’s biggest economy will contract by 0.3 per cent this year, according to the June update of the World Economic Outlook titled A Crisis Like No Other, An Uncertain Recovery, which was published on Wednesday. The global economy, meanwhile, is expected to shrink by 4.9 per cent.