JAKARTA (Xinhua): Indonesian Finance Minister Sri Mulyani Indrawati has revised down the target of the national economic growth from the previous range between minus 0.4 per cent and 2.3 per cent to the range between minus 0.4 per cent and 1 per cent this year over further economic contraction in the second quarter of 2020.
The minister made the decision referring to forecasts on Indonesia's economic growth this year from several institutions including the World Bank, the Organisation for Economic Cooperation and Development and the Asian Development Bank .
The world economy is likely to contract up to 7.6 percent if a second wave of the pandemic happens, the OECD said. Indonesia's growth this year is highly dependent on an economic recovery in the second and third quarters, she said. In addition, she said the state revenues have fallen sharply, widening the state budget deficit from the early estimate at 1.76 percent of GDP to 6.34 percent of GDP.Indonesian President Joko Widodo has requested that the program be implemented soon to prevent the growth in the second, third and fourth quarters from further decline into a negative level.
"The economy would gradually recover in the third and fourth quarters in line with the government's plan to make economic activities productive but safe," BI Governor Perry Warjiyo said this week. The fiscal stimulus, especially the social relief aid, is expected to be well received by the poor and those who tend to be poor due to the Covid-19 pandemic, Warjiyo said, adding that incentives should also be provided for the business community.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FGV directors agree to take 20pc fee cut from July-Dec 2020 | Malay MailKUALA LUMPUR, June 19 — FGV Holdings Bhd’s board of directors has agreed to take a 20 per cent fee cut effective July 2020 until December 2020. Chairman Datuk Wira Azhar Abdul Hamid said FGV’s employees in senior management will take two days of mandatory no-pay leave and a 20 per cent...
Read more »
Philippines' external debt declines US$2.2bil in Q1 2020MANILA (Xinhua): The Philippines' outstanding external debt stood at US$81.4 billion as of end-March 2020, down by US$2.2bil or 2.6 per cent from the US$83.6 billion level as of end-December 2019, the central bank of the Philippines said on Friday (June 19).
Read more »
Private colleges, varsities set to lose RM11 billion in 2020 | The Malaysian InsightSome 100 private institutions in dire financial straits because of drop in foreign, local enrolment.
Read more »
ADB: Pandemic to nearly wipe out growth in developing Asia in 2020SINGAPORE/KUALA LUMPUR/MANILA (Reuters): Developing Asia will likely clock up its weakest growth in nearly six decades this year, the Asian Development Bank (ADB) has announced this week, as measures to contain the contagious novel coronavirus hammer economic activity.
Read more »
US Open will work with wheelchair players on 2020 eventOrganisers admit they should've communicated with athletes before deciding to cancel the event. FMTNews Tennis
Read more »
Cambodia's rice exports expected to hit 800,000 tons in 2020 due to high demand during Covid-19PHNOM PENH (Xinhua): Cambodia's milled rice exports to the international market are expected to reach 800,000 tonnes in 2020, an estimated rise of 29 per cent from 620,106 tonness last year, a senior agriculture official have announced.
Read more »