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Sri Mulyani Says Economy Has Begun to Improve Since June

20 July 2020 20:21 WIB

Finance Minister Sri Mulyani. TEMPO/M Taufan Rengganis

TEMPO.CO, Jakarta -  Finance Minister Sri Mulyani Indrawati said Indonesia's economy in the second quarter of 2020 was relatively worse than the previous period. However, the economy has begun to improve in June.

“The economy in June starts to rebound and is increasing positive sentiment and trends,” said Sri said in a video conference on Monday, July 20, 2020.

Several indicators of the economic recovery included a rebound in consumer confidence index, manufacturing Purchasing Managers Index (PMI), consumption index, business and industry consumption, as well as exports and imports.

Besides, she added, tax revenues, customs revenues, absorption of capital expenditure, and expansive government liquidity also climbed.

On the fiscal side, she explained, the performance of taxation was still weakening due to the large-scale social restrictions (PSBB), yet improving in certain sectors following a more relaxed PSBB and recovering international trade.

In the real sector, public consumption was seen to recover, yet still weak, while domestic production started to grow.

Given the situation, the minister claimed the country’s economic activity had started to recover. However, uncertainties remained high so that vigilance was still necessary. The government spending, she added, would be a vital capital to mitigate the negative impacts of the COVID-19 pandemic.

“Effective implementation of national economic recovery will be the main driver of economic growth,” the ex-managing director of the World Bank said.

Read: Sri Mulyani Set to Bolster Economic Growth in Q3

CAESAR AKBAR



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