Don’t be afraid of an economic recession

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ILLUSTRATION. Deputy Minister of Finance Suahasil Nazara during a working meeting with the Indonesian Parliament.

Reporter: Yusuf Imam Santoso | Editor: Tendi Mahadi

KONTAN.CO.ID – JAKARTA. Deputy Minister of Finance (Deputy Minister of Finance) Suahasil Nazara said that the Indonesian people would not be afraid of economic recession. Therefore, the government seeks to maintain economic growth through the National Economic Recovery (PEN) program.

“We hope it’s not negative, but if it gets negative. Don’t worry about the recession label, even though what is facing is economic activity that is going down, “said Suahasil in the International Webminar IESP FEB ULM, Tuesday (3/8).

Also Read: The lowest economic growth in the second quarter of 2020 since 1999, this is the cause

Meanwhile, Wednesday (4/9) the Central Statistics Agency (BPS) reported economic growth in the second quarter of 2020 amounting to minus 5.32%. That is, the condition of the economic recession is determined by the realization in the third quarter of 2020. If, during July-September 2020 Indonesias economy returns to minus annually, then Indonesia will be legally recessionary.

Nevertheless, Suahasil said, his party as a fiscal authority would try to prevent economic contraction in the third quarter of 2020. Although the government has poured a budget of Rp. 695.2 trillion for the PEN program, according to him the economic situation in the future will depend on health management.

Suahasil said, if health care could be maintained and the second wave of the spread of Covid-19 did not occur, then Indonesia could grow positively in the third quarter of 2020. However, if the health sector cannot be overcome, the economic impact will not work.

Also Read: Indonesias economy minus 5.32% in the second quarter, BPS: The economy is pressured by the corona pandemic

“But if the economy is opened and health protocols are implemented, then economic activity can emerge. So that the third quarter of 2020 can get better economic growth and avoid the recession label,” he said.

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