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Latest Reports COVID-19
In many supermarkets, shops, and places of worship across Indonesia you can now find antibacterial hand wash bottles near the cashier or entrance that can be used for free by the people.
Latest Columns COVID-19
The past year has been hectic. The global COVID-19 pandemic arrived, a worldwide recession followed; US-China turmoil continued, while geopolitical and geo-economic tensions are rising across the world. And all these matters seem interrelated. So, how is Indonesia doing amid these developments? And, how do they exactly impact on Indonesia's economy and society? It is time to sit down with Indonesia Investments' Managing Director Richard van der Schaar to hear his thoughts on these matters.
Across the world, concern over the COVID-19 pandemic grew in September 2020 as the number of new COVID-19 cases continued to rise rapidly. Worldwide, at the end of September 2020, some 34 million people have been infected with the virus, while more than one million people have died after contracting the virus.
On 05 August 2020, Statistics Indonesia (BPS) released Indonesia’s gross domestic product (GDP) data for the second quarter of 2020. These data, which were highly anticipated among analysts and policymakers, are crucial to comprehend how – and to what extend – the self-imposed social and business restrictions (made in response to the COVID-19 pandemic) have impacted on the Indonesian economy.
Across the globe governments and pharmaceutical companies are busy working on a vaccine to make people immune against the novel coronavirus (COVID-19). Having the availability of a reliable vaccine would be a solution because COVID-19 seems to spread quite easily, while the majority of the world's population remains vulnerable to the virus.
For the second consecutive month Indonesia recorded a big trade surplus. According to the latest data from Indonesia’s Statistical Agency (BPS), the country posted a USD $1.27 billion trade surplus in June 2020.
Good news at the start of July 2020. The World Bank upgraded Indonesia’s economic status to an ‘upper-middle income country’ (from ‘lower-middle income country’) per 1 July 2020. The key consideration for the World Bank was that Indonesia’s gross national income (GNI) per capita increased from USD $3,840 in 2018 to USD $4,050 in 2019. This means that an upgrade was needed (see the table below).
It is becoming clearer by the day that economic growth in Indonesia, in 2020, will be derailed enormously. Analysts and authoritative institutions (both international and domestic ones) have, again, cut their forecasts for Indonesia’s economic growth in Q2-2020 (decisions that obviously also have consequences for Indonesia’s full-year 2020 economic growth outlooks).
Indonesia’s digital economy is very promising. Near the end of 2019, Google and Singaporean wealth fund Temasek revised their projection for Indonesia's Internet economy (upwards) to reach USD $133 billion, in total value, by 2025. This would be a big jump from the value of around USD $40 billion in 2019.
The most recent published outlooks for global economic growth and global trade are more pessimistic than their earlier versions, with the main reason being that there is no quick solution to the coronavirus (COVID-19) crisis. On the contrary, there is a high degree of uncertainty about when business can resume as usual. And, the closer we get to 2021, the less rosy outlooks are becoming for next year.
The novel coronavirus (COVID-19) crisis has a wide range of economic and social consequences. For example, the Indonesian economy is likely to contract this year (for the first time since 1998), while millions of Indonesians have lost their jobs over the past three months, and the majority of the country’s enterprises have seen their sales plunge.
