Indonesia expects to see economic recovery in Q4
Finance Minister Sri Mulyani Indrawati. (Photo: https://www.nst.com.my/)
Due to the COVID-19's impacts, the country's economy would be under extreme pressure in the second and third quarters of 2020 when it would likely grow by minus 2 percent, the minister said.
The government will focus efforts on raising the resilience of businesses and attracting investors to put their capital in Indonesia, according to the minister.
Indonesia would also join hands with other countries in efforts to deal with the economic meltdown due to the disease that has been spreading worldwide.
To help the government contain the national economic slowdown, the central bank, Bank Indonesia, has taken several measures including trying to maintain its foreign exchange reserves which are expected to be used for intervention in the financial market so as to prevent the rupiah from devaluating during this difficult time.
For the time being, only manufacturing industry receives tax incentives, but the government will give the same treatment to 11 more industries including transportation, hotel business and trade.
The Indonesian currency was up by 1.12 percent to 15,465 per one USD on April 17, compared to 15,640 rupiah against the greenback on the previous day./.