Positive Outlook for Indonesia’s Economic Recovery as Metrics Improve

Data from Indonesia’s Central Statistics Agency (BPS) showed that Indonesia’s gross domestic product contracted 3.49% year-on-year (YoY) in the third quarter of 2020, an improvement from the 5.32% contraction recorded in the second quarter of this year. Despite this leading the country into an economic recession, recent improvements in macro-economic indicators lead the authorities to believe that the worst is over.

Indonesian President, Joko Widodo, noted that an improvement in the import of raw materials and capital goods, as well as greater investor confidence in the money market were favourable indictors. The President reiterated the importance of maintaining the positive momentum of the national econom...