JAKARTA: Indonesia’s first annual economic contraction since the 1998 Asian financial crisis may have a long-term impact on the country, pushing back the government’s efforts to escape from the middle-income trap by 2045, a top government official has warned.
The country’s gross domestic product (GDP) shrank by 2.07% year-on-year (yoy) in 2020 as the Covid-19 pandemic suppressed social and economic activities, Statistics Indonesia (BPS) reported earlier this month.
Already a subscriber? Log in.
Subscribe or renew your subscriptions to win prizes worth up to RM68,000!
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
