Business

Indonesia revises down 2021 GDP growth to 3.7per cent-4.5per cent - senior minister

Indonesia has revised down its 2021 gross domestic product forecast to 3.7per cent to 4.5per cent due to new coronavirus restrictions imposed to curb days of record infections, Chief Economic Minister Airlangga Hartarto said on Tuesday.

Traffic jam during afternoon rush hour in Jakarta
FILE PHOTO: Vehicles are seen in traffic jam during afternoon rush hour in Jakarta, Indonesia, May 27, 2021. REUTERS/Willy Kurniawan

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JAKARTA: Indonesia has revised down its 2021 gross domestic product forecast to 3.7per cent to 4.5per cent due to new coronavirus restrictions imposed to curb days of record infections, Chief Economic Minister Airlangga Hartarto said on Tuesday.

The country had previously expected GDP to grow between 4.5per cent to 5.3per cent. Indonesia's economy contracted last year for the first time in nearly two decades.

(Reporting by Tabita Diela and Stanley Widianto; Editing by Martin Petty)

Source: Reuters