Noted with thanks, PKR says of Umno’s call for ‘political ceasefire’. The Asian Development Outlook (ADO) 2020 Update says the country’s economic recovery next year will be … As a whole this year, the Indonesian economy contracted between 0.6 per cent and 1.7 per cent. Global Green Growth Institute (Press Release), By clicking "OK" or continuing to use this site, you agree that we may collect and use your personal data and set Meanwhile, the decline in capital goods imports has outpaced the contraction in tourism and commodities export earnings, with the current account deficit now set to narrow to an equivalent of 1.5% of gross domestic product in 2020. ($1 = 14,690.0000 rupiah) (Reporting by Gayatri Suroyo and Fransiska Nangoy; Additional reporting by Tabita Diela; Editing by Ana Nicolaic da Costa). The government responded by delivering wide-ranging policy responses to mitigate the impacts of the pandemic, including income support for vulnerable households and workers, improvements in health care, and economic relief to businesses. Today, Indonesia is the world’s fourth most populous nation, the world’s 10th largest economy in terms of purchasing power parity, and a member of the G-20. The contraction in 2020, which would be the first decline in the Indonesian economy since the Asian financial crisis of 1997–1998, is against a backdrop of overall negative growth projections in developing Asia, including Malaysia (-5.0%), the Philippines (-7.3%), and Thailand (-8.0%). Indonesia’s consumption contracted in the first half of 2020, as households cut spending and businesses postponed investments. ING analysts expected no further cuts in near-term, saying the rupiah remained susceptible to potential weakness. Southeast Asia’s largest economy is headed for its first recession in over two decades as it grapples with the fallout of the coronavirus outbreak. The World Bank projected that the Indonesian economic growth would contract between 2 per cent and 1.6 per cent and the Asian Development Bank said the economic growth in the country would contract by 1 per cent this year. The rupiah barely changed after the decision, while the main stock index rose slightly. What Will Indonesia’s Internet Economy Look Like? Indonesian officials have begun discussions about reopening Southeast Asia’s largest economy in phases starting from June, as job losses accelerate … Bank Indonesia (BI) kept the 7-day reverse repurchase rate at 4.00%, as expected in a Reuters poll. At a press conference on the state budget on September 22, the minister predicted the country's economic growth in the third quarter would contract about 2.8 per cent to 1 per cent. Warjiyo said the interest rate decision was consistent with keeping the rupiah stable. USD/IDR Price News: Indonesian rupiah is off the lows after Retail Sales rebound, Indonesia Soon to Become the Fifth ASEAN Country to Adapt Data Privacy Laws, Singapore offers baby bonuses to encourage births and fight the Pandemic, Hundreds held in Indonesia as tempers flare on second day of protests, Sumatran bridge project in elephant habitat may exacerbate degradation, Indonesia invites Malaysian companies to co-develop halal products industry, Indonesia’s forex reserves drop to $135.2b in September. Indonesia is Southeast Asia's largest economy, rich in all types of natural resources as well as cultural diversity. [JAKARTA] Indonesia posted its biggest trade deficit in seven months, as exports fell more than expected, data from the statistics bureau showed on Monday. Deputy Minister of Finance Suahasil Nazara. Video, 00:02:31 Indonesian locals protest new mine. “Moving forward, consistent and coordinated policy priorities that balance between protecting lives and livelihoods, and ensuring the safe restart of business activities, remain crucial to ensure a swift and inclusive recovery.”. Indonesia Logs New 4,301 COVID-19 Cases Tempo 11:17 16-Oct-20 Indonesia Secures Access to Promising British COVID-19 Vaccine The Diplomat 11:11 16-Oct-20 LGBT in TNI Not New News, Says DPR Defense Commission Tempo 11:07 16-Oct-20 But the report projects a swift recovery, with pent-up domestic demand lifting the manufacturing purchasing managers’ index above the threshold of 50 in August. Sorry, no headlines or news topics were found. Indonesia economy in the spotlight. Gareth Leather, an analyst with Capital Economics, said while further easing is dependent on the rupiah, the currency should stabilise over the coming months due to the shrinking current account deficit and improvement in global risk appetite. 6 ADB Avenue, Mandaluyong City 1550, Metro Manila, Philippines. Indonesian Chamber of Commerce Projects 40% Income Decline due to Covid-19 Tempo 22:48 Thu, 24 Sep. Indonesia expects economy to shrink by 1.7-0.6% this year Fibre2fashion 21:33 Thu, 24 Sep. Indonesia's Recession Predicted to Not Be as Bad as Other Countries Tempo 10:13 Thu, 24 Sep. Demand for the country’s exports shrank apace with lockdowns around the world. While a rise in government spending and a rebound in exports could help support the economy in near-term, the central bank said monetary policy would remain accommodative and would focus on the “quantitative channel” to stimulate growth. cookies to improve your experience and customise advertising. ― Bernama, ‘Politicial truce’ to benefit status quo, but is it what we need to combat Covid-19? 20 May 2014. Pundits weigh in. Hello, your email is unverified. All rights reserved. All quotes delayed a minimum of 15 minutes. It has delivered 100 basis points of rate cuts so far this year. “We see that (quantitative easing measures) are more effective to support the national economy,” Governor Perry Warjiyo said in a streamed news briefing. RESEND The report expects household spending to remain low in the near term, with social restrictions imposed to control the spread of the virus. The projection is in line with those made by the International Monetary Fund, which predicted that the Indonesian economy would grow minus 0.3 per cent in 2020. Please confirm for access to all your SPH accounts. The BI has cut reserve requirements, loosened lending rules and made direct purchases of government bonds to fund President Joko Widodo’s COVID-19 relief programmes as it tries to help the economy withstand the fallout of the pandemic. JAKARTA, Oct 13 (Reuters) - Indonesia’s central bank kept interest rates steady on Tuesday for a third straight meeting, saying the rupiah was “undervalued”, and reiterated it would focus on quantitative easing to further support the economy. See here for a complete list of exchanges and delays. “If we are right about the rupiah then rate cuts could come back onto the agenda soon,” he said. Analysts have said they are monitoring BI’s debt monetisation operations closely particularly as parliamentary debates on amending the central bank act have raised concerns about BI’s independence. Jakarta (ANTARA) - Indonesia's economic recovery began in the 2020 third quarter (Q3) owing to government spending on the National Economic Recovery (PEN) Program, including for health, social assistance, and MSME support, Finance Minister Sri Mulyani Indrawati stated. As household and business spending recovers in 2021, inflation is expected to rise to 2.8%. Economic indicators for Indonesia Indonesia's GDP is expected to contract by 1.0% in 2020 and grow by 5.3% in 2021 – ADO 2020 Update Indonesia 's inflation rates forecasted at 2.0% in 2020 and 2.8% in 2021 – ADO 2020 Update Section BBC News. © 2020 SINGAPORE PRESS HOLDINGS LTD. REGN NO. “Despite strong macroeconomic fundamentals, Indonesia can expect a difficult growth path for the rest of 2020, with much uncertainty surrounding the scope and trend of the pandemic in Indonesia,” said ADB Country Director for Indonesia Winfried Wicklein. ADB encourages websites and blogs to link to its web pages. News US news Elections 2020 World news ... Indonesia's refugees describe life stuck in an interminable limbo ... Raising Australia's refugee intake would boost economy by billions, Oxfam says. The rupiah has fallen 5.4% this year amid concerns over central bank independence, making it Asia’s worst-performing emerging currency. © Copyright 1997 - 2020 NewsNow Publishing Limited. As global and domestic demand stays weak in 2020, trade and investment activity will remain subdued. Please try different keywords. News Release | 15 September 2020 JAKARTA, INDONESIA (15 September 2020) — Indonesia’s economy is forecast to contract by 1.0% this year amid the coronavirus disease (COVID-19) pandemic before rebounding to 5.3% growth in 2021, according to a new report released by the Asian Development Bank (ADB) today. At a press conference on the state budget on September 22, the minister predicted the country's economic growth in the third quarter would contract about 2.8 per cent to 1 per cent. JAKARTA, INDONESIA (15 September 2020) — Indonesia’s economy is forecast to contract by 1.0% this year amid the coronavirus disease (COVID-19) pandemic before rebounding to 5.3% growth in 2021, according to a new report released by the Asian Development Bank (ADB) today. 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