Economics
Indonesia Tips Toward Recession as Consumer Spending Dwindles
- Jakarta’s return to social curbs dimmed consumption outlook
- Government cut 2020 GDP forecast to 0.6%-1.7% contraction
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Jakarta’s return to stricter social-distancing measures has dashed hopes that consumption will recover soon, tipping Indonesia’s economy closer to a recession this quarter.
The capital reimposed tighter curbs at a time when people’s shopping habits still hadn’t bounced to back to pre-pandemic levels, while surveys show wealthier Indonesians are pessimistic as the country reports record numbers of coronavirus cases every few days.