Finance Minister Sri Mulyani Indrawati. (Photo: https://www.nst.com.my/)Jakarta (VNA) – Indonesia's economy is likely to begin recoveringin the last quarter of 2020 before the growth accelerates in2021 with an expected expansion of between 4.5 and 5.5 percent, according to IndonesianFinance Minister Sri Mulyani Indrawati.
Due to the COVID-19's impacts, the country's economy would be under extreme pressure inthe second and third quarters of 2020 when it would likely grow by minus 2percent, the minister said.
Thegovernment will focus efforts on raising the resilience of businesses andattracting investors to put their capital in Indonesia, according to the minister.
Indonesiawould also join hands with other countries in efforts to deal with the economicmeltdown due to the disease that has been spreading worldwide.
To help the government contain the national economic slowdown, thecentral bank, Bank Indonesia, has taken several measures including trying to maintain its foreign exchange reserves which are expected to be used forintervention in the financial market so as to prevent the rupiah from devaluating during this difficult time.
For the time being, only manufacturing industry receives taxincentives, but the government will give the same treatment to 11 moreindustries including transportation, hotel business andtrade.
The Indonesian currency was up by 1.12 percent to15,465 per one USD on April 17, compared to 15,640 rupiah against the greenback on the previous day./.
VNA
