ADB downgrades Indonesia's financial potential customers as downturn continues

The Asian Development Bank (ADB) has reduced its projections for Indonesia’s economy this year and in 2021 due to a continued slowdown in financial activity as a result of the continuing coronavirus break out. The COVID-19 pandemic led to a contraction of around 3.5 percent year-on-year (yoy) in gdp (GDP) in the third quarter, taking the country into its very first economic downturn given that the 1998 Asian monetary crisis, after a 5.32 percent contraction in the second quarter, according to information from Stats Indonesia (BPS). “GDP forecast in 2020 has actually been downgraded for Indonesia, Malaysia and the Philippines as COVID-19 containment measures have obstructed financial healing,” ADB nation economist for Indonesia Emma Allen said in a virtual instruction on Thursday. “So because of these developments with the third quarter result and assuming a steady …