Indonesia Already Escaped Recession But Economy Yet Normal: BPS
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5 August 2021 16:18 WIB
TEMPO.CO, Jakarta - Statistics Indonesia or BPS Head Margo Yuwono said Indonesia had technically escaped the recession since the economy grew positively, both quarterly and annually, in the second quarter of 2021.
“Indonesia got out of recession when there were positive growths in the second quarter of 2021—both quarter-on-quarter and year-on-year,” said Margo to Tempo on Thursday, August 5.
A recession constitutes contracted economic growth rates in two consecutive quarters. Meanwhile, Indonesia's economy in Q2/2021 grew 3.31% from the previous quarter, and 7.07% (yoy).
“But this should be noted, as I said earlier, the economic growth has not yet reached the normal level,” Margo underlined.
Before the pandemic, the national economy experienced positive growth of around 4% quarterly. Meanwhile, the growth during the pandemic was still in the range of 3% quarterly.
Margo opined that improving the health sector is the key to economic recovery. “The key is on how to handle the health issues. If it is successful, the public activity will grow and the economy will definitely grow,” he said.
Read: KAMI Says Govt Unable to Contain Pandemic and Economic Recession
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