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Indonesia’s economy predicted to contract 3.9 pct

The Organisation for Economic Cooperation and Development (OECD) has forecast that the Indonesian economy could witness a 3.9 percent contraction this year if it is hit by a second wave of COVID-19, noting that the contraction would be the first since the 1997 financial crisis.
Indonesia’s economy predicted to contract 3.9 pct ảnh 1In Indonesia (Photo: Xinhua)


Jakarta (VNA) - The Organisation for Economic Cooperation and Development(OECD) has forecast that the Indonesian economy could witness a 3.9 percentcontraction this year if it is hit by a second wave of COVID-19, noting thatthe contraction would be the first since the 1997 financial crisis.

TheOECD report highlights the rocky path that lays ahead for Southeast Asia’sbiggest economy as the government seeks to spur an economic recovery byreopening the economy this month after more than two months of partiallockdown.

Thethink-tank projected the economy to shrink 2.8 percent this year if thegovernment manages to avoid a second wave of infections.

In thelatest move, the Indonesian Ministry of Industry also planned to adopt measuresto protect domestic garment industry.

Accordingto data released on June 14, a total of 38,277 confirmed COVID-19 cases wererecorded across the country, including 2,134 fatalities./.

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