Economics
Indonesia Slips to First Recession in 22 Years Amid Outbreak
- Annual decline narrows, quarterly data shows growth revival
- Government sees return to positive growth in fourth quarter
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Indonesia’s economy contracted again in the third quarter, falling into its first recession since the Asian financial crisis more than two decades ago as the country grapples with Southeast Asia’s worst coronavirus outbreak.
Gross domestic product shrank 3.49% from a year ago, the statistics office announced Thursday, worse than the 3.2% contraction expected in a Bloomberg survey of 27 economists. That comes after GDP declined by 5.32% in the second quarter.