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Sri Mulyani revised the country’s expected GDP growth down to between negative 0.4 percent
and positive 1 percent this year because of feeble economic activity and depressed commodity
prices.
“The government is currently focusing on the economic recovery in the third and fourth quarters
from the contraction in the second quarter,” Sri Mulyani told lawmakers. “We will use our policy
instruments, supported by Bank Indonesia, to maintain recovery momentum.”
The government is hoping the economy will grow by 4.5 to 5.5 percent in 2021 on the back of
a global economic recovery as the pandemic subsides.
The World Bank expects the country’s poverty rate to increase by 2.1 to 3.6 percentage points
this year, which would mean between 5.6 million and 9.6 million people could fall into poverty
this year.
“There is a need for adequate protection for vulnerable communities,” World Bank senior
economist for Indonesia Ralph Van Doorn said recently. “We are concerned that the value of
the stimulus package may not be enough to offset the economic impact on households.”
The World Bank now projects zero percent growth for Indonesia this year as the COVID-19 crisis
causes the global economy to experience its deepest downturn since World War II.
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