VOI - Voice of Indonesia | RRI - Radio Republik Indonesia

The economic growth of a number of developed and developing countries showed improvement in the third quarter of 2020 compared to the second quarter of 2020 as achieved by Indonesia, and this illustrates that the world economy is starting to recover from the pressure of the COVID-19 pandemic, said Coordinating Minister for the Economy Airlangga Hartarto.

Coordinating Minister Airlangga said in a press conference from the Presidential Palace, Jakarta, Thursday, that the economies of a number of Southeast Asian countries were also showing a positive trend, although the contraction was still looming with a smaller dose.

"Compared to various countries, almost all trends are positive, meaning that the world is starting to recover," said the Coordinating Minister for Airlangga.

Indonesia recorded economic growth of minus 3.49 percent annually (year on year / yoy) in the third quarter of 2020, which continued the contraction from the second quarter of 2020 which was minus 5, 32 percent (you).

Although still experiencing a contraction, Airlangga said the pace of the domestic economy was heading towards a recovery path.

Coordinating Minister Airlangga believes Indonesia has passed the deepest phase of an economic slowdown. The former Minister of Industry hopes that in the fourth quarter of 2020, the economy can reverse to a positive trend, although there is the possibility that it will still be trapped at a negative level.

Coordinating Minister Airlangga's projection for economic growth in the fourth quarter of 2020 is -1.6 percent to 0.6 percent. By quarter to quarter, Indonesia's economic growth in the third quarter of 2020 has reached 5.05 percent (q -to-q).

Several business sectors, he said, also experienced improvements in the third half of this year, compared to the second half of 2020.

However, if you look at the growth of business fields from year to year (yoy), there is still a slowdown in several sectors.

"We see it by sector, agriculture, mining, processing. On a quarter-on-quarter basis, processing increased 5.25 percent. And also recycle-based procurement also rose 8 percent. Warehousing also increased soaring that it boosted consumption to 24.48 percent," said the Coordinating Minister for Airlangga. 

He hopes that the economic recovery will continue in the fourth quarter of 2020. He saw several macro-economic indicators such as the manufacturing index, motor vehicle sales data, consumer confidence index, and retail sales continue to stretch.

"In addition, sales of raw materials and auxiliary materials have also increased, showing that the industry has started to (recover)," said the Coordinating Minister for Airlangga. (Antaranews)