Indonesia economy sees weakest growth in almost two decades

JAKARTA - Indonesia's economy grew at its weakest pace since 2001 in the first quarter, as the coronavirus pandemic halted business activity in Southeast Asia's largest economy and fuelled expectations of a looming recession.

A Reuters poll had a median forecast of 4.04 percent, but some analysts had expected far weaker growth. "The lockdown will need to remain in place for a while longer yet. Failure to contain the virus would have significant implications for the economic outlook," Leather said. Bank of America's economist Mohamed Faiz Nagutha said Indonesia may enter its first technical recession since the Asian financial crisis by the second quarter.

Finance Minister Sri Mulyani Indrawati has flagged a risk of recession and a full-year GDP contraction of 0.4%, but said authorities were working to prevent this.Standard Chartered and Jakarta-based Bank Danamon predict cuts of 50 basis points in total for the rest of the year.

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