Indonesia Economy Sees Weakest Growth In Almost Two Decades
Chinese tourists wearing facemasks as a preventative measure following a coronavirus outbreak which began in the Chinese city of Wuhan, walk after arriving from Nusa Penida at the fast boat pier in Serangan island in Denpasar, on Indonesia’s resort island of Bali on January 27, 2020. SONNY TUMBELAKA / AFP.
Southeast Asia’s biggest economy grew 2.97 percent in January-February, the worst rate since 2001 and well short of the 5.07 percent in the same period last year. It also missed forecasts of four percent expansion, while marking a contraction of 2.41 percent from the previous quarter. “Indonesia was later than other countries to lock down its economy, meaning more of the hit will have fallen in the second quarter,” it said, adding that it expects a “large contraction” in April-June.
Indonesia has banned domestic train, air and sea travel until June 1 in an effort to contain the spread of the virus, which has infected more than 11,000 people and killed 864 in the country. However, the toll is widely believed to be much higher as it has one of the lowest testing rates in the world.
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