Indonesia’s GDP could shrink 2% in 4Q20: Airlangga

• Indonesia’s gross domestic product (GDP) is expected to shrink by 2% at worst or grow 0.6% in 4Q20, Coordinating Economic Minister Airlangga Hartarto said.
• The government has projected that the economy will shrink 0.6% to 1.7% annually in 2020. “If the country can maintain recovery momentum, then we are sure that the economy will get better in 4Q20,” Airlangga said.
• The government, Airlangga went on, would continue to balance the economic recovery with pandemic containment efforts, adding that the government’s efforts to procure vaccines would support public confidence in the economy.
• Indonesia has spent IDR637.3bn to procure a partially tested COVID-19 vaccine from China as the government prepares for mass vaccination program. The country received its first vaccine shipment on 6 Dec 20.
• The vaccine’s efficacy has yet to be determined. The government expects to receive another 1.8 million doses in early Jan 21 and to receive shipments of raw materials this month to produce a further 15 million doses.
• As of 2 Dec 20, the government had spent 63.3% of the IDR695.2tr-stimulus budget on the COVID-19 response and economic recovery program. The remaining funds are expected to be spent in Dec 20.

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