Indonesia records better growth than other G20 countries: Report

JAKARTA: Indonesia performed better than other economies grouped in the G20 in the second quarter of 2020, recording a contraction of 5.32 percent, a new report has stated.

“Indonesia is ranked third after China and South Korea (in terms of economic growth),” according to the 2020 annual report on the Jokowi-Ma’ruf administration obtained here.

While the Covid-19 pandemic has also impacted Indonesia, its economic contraction has been shallower than other countries, the report stated.

Indonesia has recorded a better economic growth in the second quarter of the year compared to other Southeast Asian countries, it added.

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G20 comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States, and the European Union.

Finance Minister Sri Mulyani Indrawati had earlier disclosed the economic growth registered by some countries, citing data collected by Bloomberg as of September, 2020.

The minister had said that the economies of Germany, Italy, Mexico, and France had contracted by more than 11 percent, the UK 21 percent, and India 23.9 percent.

Meanwhile, China had recorded a positive growth of 3.2 percent and South Korea contracted 2.9 percent, she said.

The Covid-19 pandemic has hit the global economy, including Indonesia, which saw 3.5 million workers being laid-off, the report said.

The unemployment numbers have increased to 10.4 million, while the number of poor has risen to 26.42 million, especially in urban areas.

The government has allocated a budget of Rp695.2 trillion for Covid-19 response and economic recovery, which has widened its fiscal deficit to 6.34 percent.

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The budget will be directed towards efforts to mitigate the social and economic impact of the pandemic and cover the health sector, social safety, MSMEs, business incentives, corporate funding, and ministries/institutions and local governments.

The government has said it will continue to increase spending on Covid-19 response and economic recovery. Hence, the growth in the third quarter of the year is expected to improve and is projected to range between negative 2.9 to 1 percent.

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