Indonesian economy contracts in 2020 for 1st time in over 2 decades

Economy

Indonesia's economy contracted 2.07 percent in 2020 from a year earlier, the first decline in over two decades, as the coronavirus pandemic dampened economic activity, official data showed Friday. The largest economy in Southeast Asia fared better than Singapore and the Philippines, which shrank 5.8 percent and 9.5 percent, respectively. The government had projected gross domestic product would contract between 1.7 and 2.2 percent in 2020, while economic analysts forecast a 2 percent decline. The country's economy last contracted in 1998 in the aftermath of the 1997 Asian currency crisis. Hous...

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