Jakarta, a city that's home to more than 10 million people, has been the epicenter of Indonesia's Covid-19 outbreak, accounting for nearly a quarter of the country's cumulative infections. The city reported more than 1,000 daily new cases for most of this month, according to government data.
Indonesia's over 200,000 in cumulative reported cases is the second-highest in Southeast Asia behind the Philippines, but the country's death toll of more than 8,000 is the region's largest, according to data compiled by Johns Hopkins University. Helmi Arman, an economist at Citi Research, said Jakarta's plans to tighten restrictions could put Indonesia's "macroeconomic and financial sector risks back in the spotlight."
"The economic impact of any retightening of restrictions will depend on the details of the program as well as how stringently the new rules are enforced on the ground," he wrote in a Wednesday note. The Indonesian economy, Southeast Asia's largest, has been badly hit by the pandemic. Its gross domestic product