President of Indonesia, Joko Widodo, assured that Indonesia's economy will return to normal. (Image via CNN Indonesia)

Jokowi: Economy is recovering

President of Indonesia, Joko Widodo (Jokowi) stated that Indonesia's economy, heavily hit by the novel coronavirus disease (COVID-19) pandemic to its knees, has passed through its critical moment. Speaking on Thursday during Annual Meeting of Bank of Indonesia, Jokowi gave some indicators as prove, especially the contraction in economic growth has decreased in Q3 of 2020.

Reportedly, the economic growth slumped to as low as -5.32% in Q2 of 2020. While still ongoing, the economic contraction in Q3 has alleviated to 3.49%. Jokowi assured that Indonesia's economy will strive in Q4. However, the economic contraction in Indonesia's economy for two consecutive quarters caused Indonesia to fall into recession.

Besides, the trade balance also experienced surplus in October 2020 amounted to US$3.61 billion, far exceeding September at US$2.44 billion and October 2019 at US$161 million. The surplus was due to the export rate, contributed by the processed industry, reached US$14.39 billion or up by 3.09% from US$13.96 billion in September 2020.

From the financial market, the exchange rate of the Indonesian Rupiah (IDR) and Composite Stock Price Index (IHSG) strengthened compared to the beginning of the COVID-19 in March 2020. This afternoon, IDR is seen at Rp14,143 against the U.S Dollar (USD), while IHSG's level is at 5,813.

The President still warned everyone to keep their guards up even with the positive momentum. Jokowi also reminded them to stay committed to maintaining the COVID-19 protocol in order to prevent the second wave of mass outbreak.

Source: https://bit.ly/2Jm5plW