The country’s economy shrank by 5.32 percent in the second quarter this year, the worst since 1999, as all components of economic activity slowed.
“The government’s strategy in handling the pandemic is waiting for a vaccine, but before that happens, they do not have a strategy at all,” he told House of Representatives Commission VI overseeing trade, industry and state-owned enterprises. “An economic recession is not doomsday and not something that we need to be scared of,” said Institute for Development of Economics and Finance senior economist Enny Sri Hartati. The economy is at a “near-certain recession” based on several economic indicators in July such as retail sales and vehicle sales, among others, she added.
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