Economics
Indonesia Set for First Recession Since Asian Financial Crisis
- GDP likely shrank 3.2% in third quarter, economists say
- Central bank has room to cut rates by another 50 bps: Barclays
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Indonesia is set to record its first recession since the Asian financial crisis more than two decades ago as the economy buckles under the weight of Southeast Asia’s worst coronavirus outbreak.
Data due Thursday will likely show that gross domestic product fell 3.2% in the third quarter from a year earlier, according to the median forecast of 27 economists surveyed by Bloomberg. A second straight quarter of contraction would signify a technical recession.