Indonesia trying to avert recession due to coronvirus outbreak, Finance Minister says

JAKARTA - Indonesian authorities are making efforts to prevent an economic recession due to the coronavirus outbreak, but their worst case scenario is for contraction in two consecutive quarters beginning this April-June, the country's finance minister said.

Sri Mulyani Indrawati said on Tuesday her worst case scenario, assuming a prolonged outbreak, is for gross domestic product to shrink by as much as 2 per cent in the second quarter, followed by another contraction in the third quarter. "Two times of contraction and we will enter a recession. We strive for this not to happen," she told an online news conference.

Ms Sri Mulyani previously said her baseline scenario is for 2020 gross domestic product growth of 2.3 per cent.

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Source: The Straits Times - 🏆 8. / 63 Read more »