It is less than one week before the celebration of an important Islamic religious holiday: Eid al-Fitr, commonly known as “Lebaran” in Indonesia. It is a day to glorify renewed hope. And, just like other religious days, it is a very essential day, and the most momentous celebration of the year in Indonesia.
Update COVID-19 in Indonesia: 563,680 confirmed infections, 17,479 deaths (4 December 2020)
4 December 2020 (closed)
USD/IDR (14,182) +5.00 +0.04%
EUR/IDR (17,221) +45.06 +0.26%
Jakarta Composite Index (5,810.48) -12.46 -0.21%
The Business Columns section of Indonesia Investments provides in-depth columns that exhibit an analysis regarding subjects that are both important for understanding the Indonesian business climate and have high news value in the current state of Indonesia's economy. As a whole these columns should provide the reader a thorough and detailed picture of multiple Indonesian business sectors and be a source of ideas or inspiration to invest - or not to invest - in specific sectors of the Indonesian economy.
The novel coronavirus (COVID-19) outbreak has caused something extraordinary in Indonesia, and in the world; something we had not seen – in the case of Indonesia –since the Asian Financial Crisis in the late 1990s, namely: a sudden and dramatic drop in household consumption and business activity. Due to government policies, designed to prevent the spread of COVID-19 in the country and thereby safeguarding people’s health, the movement of people is heavily restricted, while companies in a wide range of sectors have had to close their doors (until further notice).
Besides imposing restrictions and offering stimuli to affected people and businesses, the Indonesian government made another important decision with reference to the coronavirus (COVID-19) outbreak. Through Presidential Decree No. 12/2020 on the Determination of COVID-19 as a Non-Natural Disaster, signed by President Widodo on 13 April 2020, the novel coronavirus was declared a ‘national disaster’.
The first of May is celebrated as International Labors’ Day which should be a tribute to workers’ contributions to the flourishment and well-being of a country’s economic growth. However, today, there are more than 2 million workers in Indonesia being laid off and placed on furlough due to economic disruption caused by COVID-19 outbreak.
The views expressed in these business columns are the views of the authors or the interviewed persons only and therefore do not necessarily reflect the views of Indonesia Investments. The authors are free to ventilate their opinions about the Indonesian business climate. Facts presented in these columns are the result of the author's own research or indicated sources, read disclaimer.