“You know a blow is coming and you’ve been bracing yourself for it, but when it comes it’s still going to hurt -- a lot, ” said Wellian Wiranto (pic), an economist at Oversea-Chinese Banking Corp in Singapore. “While we still see a recovery in the second half, the path is made all the more uncertain by global developments.
JAKARTA: Indonesia’s economy contracted for the first time since the aftermath of the Asian Financial Crisis more than two decades ago, as movement restrictions to contain the coronavirus outbreak took a toll on South-East Asia’s largest economy.
Gross domestic product (GDP) declined 5.32% in the second quarter (Q2) from a year ago, data from the statistics bureau showed yesterday, its deepest contraction since the first three months of 1999. The median estimate in a Bloomberg survey of economists was for a 4.72% slump. GDP fell 4.19% compared to the previous quarter, worse than the 3.65% drop expected.
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