ADB Expects Indonesia’s Economic Growth to Slump Further to 2.5% in 2020

Asian Development Bank (ADB) has projected that Indonesia’s economy will grow at 2.5% in 2020, compared to a four-year low 5.02% growth reported in 2019. This subdued forecast is driven by the on-going COVID-19 pandemic, lower commodity prices and volatile financial markets, which have also affected Indonesia’s key trading partners.

ADB country director for Indonesia, Winfried Wicklein, stated that Indonesia’s economy could gradually return to its growth trajectory in 2021 if adequate measures are effectively implemented to reduce the impact of COVID-19, particularly to safeguard the poor and vulnerable. In addition, ADB reported that Indonesia’s economy could stand to gain momentum amidst weak bu...