The huge slowdown in economic activity and social gatherings in the context of the novel coronavirus (or COVID-19) outbreak has had a major impact. While in normal circumstances household consumption peaks in the Ramadan month (which started in late-April 2020) and Idul Fitri celebrations, the social restrictions that have been imposed by the government mean that these Islamic festivities need to be very sober this year.

Moreover, amid low economic activity (which has caused many businesses to close) nearly 3 million workers have been fired, and thus will think twice before they spend their money.

[...]

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