Search ForexCrunch

Indonesian Finance Minister Sri Mulyani Indrawati on Friday, the country’s GDP growth could fall to 0%-2.5% if COVID-19 outbreak gets prolonged and they have to announce a lockdown.

Further comments

Sees 2020 GDP growth at above 4%.

Identified 62.3 trln rupiah spending allocation in the 2020 state budget that can be redirected to covid-19 response.

Raises crisis management protocol level to “standby” from “alert”.

“The global economy is projected to decline, from three percent to 1.5 percent or lower than that. We must respond to this challenge,” President Joko Widodo (Jokowi) told his cabinet members during a teleconference meeting to discuss monetary and fiscal policies in response to the COVID-19 outbreak.

Jokowi also echoed the government’s readiness to face the global economic slowdown resulting from the spread.

Meanwhile, Bank Indonesia’s Governor Warijyo said the central bank has flushed money market and banks with 300 trillion-rupiah worth of liquidity.

In Indonesia, the virus has infected at least 309 people and claimed 25 lives as on Friday.