OECD Economic Outlook, Volume 2020 Issue 2
The COVID-19 pandemic will cast a long shadow over the world’s economies and the economic outlook is very uncertain. This issue of the OECD Economic Outlook analyses the impacts of COVID-19 on the economy and puts forward projections for output, employment, prices, fiscal and current account balances.
This issue includes a general assessment of the macroeconomic situation, a series of notes on the current policy challenges related to the COVID-19 pandemic and a chapter summarising developments and providing projections for each individual country. Coverage is provided for all OECD members as well as for selected partner economies.
Indonesia
The economy contracted sharply in the first half of 2020 and GDP is set to shrink by 2.4% this year, the first recession since 1998. The 2021 rebound, provided containment measures are lifted, will be only partial. With lingering concerns about the health situation and consumer and business confidence remaining low, growth is projected to remain below trend in 2021, with severe consequences on incomes and living standards, before picking up to 5% in 2022. Trade prospects, however, are supportive, as key Northeast Asian markets recover and new agreements including the Regional Comprehensive Economic Partnership (RCEP) come into force.
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