JAKARTA (Bloomberg): Indonesia is working on a second stimulus package to shore up Southeast Asia’s biggest economy, adding to the central bank’s aggressive moves to counter the impact of the coronavirus on financial markets.
A new tranche of fiscal measures would be"sizeable” and"bigger” than the first one of 10.3 trillion rupiah announced last week, Coordinating Minister for the Economy Airlangga Hartarto said in an interview Monday.Indonesia confirmed its first two cases of the virus Monday , roiling financial markets and spurring the central bank to action.
The Bank of England and Bank of Japan said Monday they’ll act as necessary to ensure stable financial markets, while the leaders of the International Monetary Fund and World Bank said they stand ready to help member nations. The Federal Reserve on Friday signaled a possible interest rate cut. Euben Paracuelles, an economist at Nomura Holdings Inc. in Singapore, said the stimulus package unveiled last week probably wasn’t"enough to move the needle” as downside risks to growth continue to rise.
Growth has been hovering around the 5% level for several years now, reaching 5.02% in 2019. The central bank has trimmed its forecast for this year to 5%-5.4%, from 5.1%-5.5% earlier. When he was first elected in 2014, President Joko Widodo promised to lift economic growth to 7%.
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