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Alarm of Economic Recession

Statistics Indonesia (BPS) has announced that the economy contracted in the third quarter by 3.49 percent year-on-year (yoy), meaning that Indonesia has entered a recession.

Oleh Agus Sugiarto
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People walk past a sale sign in a department store window in Melbourne's central business district on June 3, 2020. - Australia is heading for its first recession in nearly three decades after the economy shrunk in the January-March quarter, with a "far more severe" reading expected in the next three months as the effects of the virus shutdown bite.

Statistics Indonesia (BPS) has announced that the economy contracted in the third quarter by 3.49 percent year-on-year (yoy), meaning that Indonesia has entered a recession.

This is the first recession in Indonesia since the 1998 monetary crisis. The current recession is part of a global recession that has also hit almost all countries.

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