Indonesia:2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Indonesia

Author: International Monetary Fund. Asia and Pacific Dept

2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Indonesia

Volume/Issue: Volume 2021 Issue 046

Publication date: March 2021

ISBN: 9781513570853

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Topics covered in this book

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Finance , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , ISCR , CR , development spending , accommodative monetary policy stance , credit growth , PPI coverage , liability positions vis-à-vis nonresident , CPI representativeness , capacity building support , policy support measure , short-term debt , GDP estimate , COVID-19 , Credit , Global

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Summary

Indonesia has responded with a bold and comprehensive policy package to cushion the impact of the COVID-19 pandemic. The economy rebounded in the third quarter of 2020, and the economic recovery is projected to strengthen in 2021 and 2022. Strong policy support and an improving global economy will be the main drivers initially, and greater mobility and confidence will follow with the planned vaccination program in 2021. The uncertainty surrounding the growth outlook is larger than usual. Early completion of a widespread vaccination program is an upside risk, while a protracted pandemic remains a downside risk. The macro-financial fallout of the pandemic and economic downturn could be larger than expected, and credit conditions could be slow to improve. Ongoing reforms aimed at promoting investment are expected to help mitigate the scarring effects from the pandemic and put the economy on a sustained growth path that builds on Indonesia’s favorable demographics.