JAKARTA: Indonesia's economy grew at its weakest pace since 2001 in the first quarter, slower than expected, as the coronavirus pandemic halted business activity in Southeast Asia's largest economy.
A Reuters poll had a median forecast of 4.04 per cent, but some analysts had expected an even weaker growth rate. The economy held up better than elsewhere in the first quarter because Indonesia locked down parts of its economy later than others, said Capital Economic's senior Asia economist Gareth Leather, who expects a sharp contraction in the second quarter.
In January-March, household consumption, which accounts for more than half of GDP, registered a growth rate of just 2.84 per cent, compared with around 5 per cent in recent quarters.Before the first quarter's data, officials gave a growth outlook of 2.3 per cent for 2020 - the lowest since 1999, but authorities had also flagged a risk of GDP shrinking by 0.4 per cent this year as a result of a prolonged and widespread outbreak.
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Source: The Straits Times - 🏆 8. / 63 Read more »
Source: The Straits Times - 🏆 8. / 63 Read more »