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THE International Monetary Fund (IMF) estimates that Asian economic growth has been depressed this year due to the COVID-19 pandemic. Including Indonesia.
In the April 2020 World Economic Outlook report, the IMF estimates that Indonesia’s economic growth this year is only 0.5%. Slightly better than the very heavy scenario presented by the government, which is -0.4%.
While the Indian economy is estimated to grow 1.9%. Meanwhile, other countries are estimated to experience contractions, such as Thailand which is estimated to be -6.7% this year.
In the report, Emerging Asia is projected to be the only region with a positive growth rate in 2020, which is 1%, 5 percentage points below the average growth in the previous decade.
Chinese economic indicators, such as industrial production, retail sales, and fixed assets investment showed a contraction in the first quarter of this year. In fact, it can contract up to 8% year on year (yoy).
“Even with the sharp rebound the rest of this year and substantial fiscal support, the Chinese economy is projected to grow 1.2% in 2020,” the IMF said in its report, quoted Wednesday (15/4). [kontan.co.id/photo special]
