While the Indonesian economy has been recovering ever since the second quarter of 2021, there is some concern that Indonesia will experience a small hiccup in Q1-2022 as the Indonesian government felt the need to tighten its social and business restrictions (to PPKM Level 3) in February 2022 due to the rapid spread of Omicron in society. It is a decision that should somewhat limit economic activity.
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The tourism industry is among the most heavily disrupted industries in the COVID-19 crisis as restrictions made it difficult (sometimes even impossible) to travel while various tourist destinations had to close temporarily. Moreover, we assume that the psychological impact of the crisis on people is bigger than estimated (implying that people become less willing to travel to distant locations, in particular to emerging economies where healthcare is generally not at world-class standards).
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Last month we discussed the Omicron variant that had officially arrived in Indonesia in late-November 2021.
The COVID-19 crisis in Indonesia continues to show an easing trend reflected in the declining number of new positive COVID-19 test results across the Archipelago in September 2021 (a trend that started in mid-July 2021 when the tsunami-shaped wave of new COVID-19 cases peaked).
Another interesting month – August 2021 – has passed. Several new findings were released around the world that further improve our understanding of the COVID-19 virus and vaccines, although many pieces of the puzzle(s) remain missing.
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