Citibank: Economic Activity in Indonesia to Return to Normal in 2021

Citibank Indonesia Chief Economist, Helmi Arman, stated that Indonesia’s economy could go back to pre-coronavirus levels by 2021, with Citibank Indonesia (Citibank) forecasting gross domestic product (GDP) to come in at between 5.5% and 6% year-over-year (YoY) next year.

Speaking at a press briefing, Helmi added that the recovery is expected to be driven by recovering household spending as well as higher government spending, following the normalization of economic activity. Helmi noted that the Indonesian economy is anticipated to operate at 70% capacity in the third quarter of 2020, and be at 90% operational capacity for the last quarter of 2020.

Data from the Finance Ministr...