Indonesia's Q1 economic performance outshines other nations: Jokowi

Indonesia's Q1 economic performance outshines other nations: Jokowi

President Joko Widodo. (Foto: Kris - Biro Pers Sekretariat Presiden)

Jakarta (ANTARA) - Indonesia's economic growth in the first quarter (Q1) at 2.97 percent year-on-year (yoy) is still relatively good as compared to several countries whose economies contracted, thereby recording negative growth, President Joko Widodo (Jokowi) stated.

The economic growth was moving at a positive level, while several developed countries experienced a contraction in the gross domestic product (GDP), for instance, China’s 6.8 percent contraction, Jokowi stated while chairing a plenary cabinet meeting held through a videoconference from the Merdeka Palace here on Wednesday.

"Let us see the contraction and negative growth of several countries. China fell from plus six percent to minus 6.8 percent, thereby translating to a slump of 12.8 percentage points in sequential year-on-year growth; France, 6.25 percent, minus; Hong Kong, 5.9 percent; and Italy, 4.95 percent, recorded negative growth," the president pointed out.

However, the head of state acknowledged that from quarter-to-quarter (q-to-q), Indonesia's economic growth was slower than 4.97 percent in the fourth quarter of 2019.

According to data from the Central Statistics Agency (BPS), Indonesia's economic growth in the first quarter of this year contracted at around 2.41 percent q-to-q as compared to the quarter IV of 2019.

"The decline in percentage points is two percent. This is slower than the 4.97-percent growth in the fourth quarter of 2019," the head of state noted.

To boost the growth rate, the president has urged ministers and state institution chairmen to formulate solutions to improve GDP growth.

The central government will prepare an economic recovery scenario to overcome the effects of the new coronavirus disease (COVID-19) pandemic, Widodo stated.

The president also urged his staff to boost the economic sectors and sub-sectors that had recorded a slowdown in the first half of this year, such as the manufacturing industry.

On Tuesday (May 5), the BPS had reported that the Indonesian economy in the first quarter of 2020 only grew 2.97 percent, or contracted as compared to 5.07 percent during the same period last year.

"This condition is also experienced by other countries suffering a deep slowdown," BPS Head Suhariyanto stated during a virtual press conference here on Tuesday. Related news: Indonesia's economy shrank to 2.97 percent in first quarter: BPS
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