PREMIUMWhat recession means for you and the economy

first_imgLog in with your social account Forgot Password ? recession economy COVID-19 contraction unemployment household-consumption The Indonesian economy is set to enter its first recession since the 1998 Asian financial crisis, bringing two decades of economic expansion to an end as the coronavirus pandemic has caused a sharp economic slowdown, throwing millions into poverty and out of jobs.Economists define a recession as contractions in two consecutive quarters, marking a significant decline in economic activity spread across the economy.   This means there are fewer jobs, people are earning and spending less and businesses have stopped expanding or even shut down.Individuals and businesses in tourism, transportation, accommodation and food and beverage may be feeling the greatest pinch as Statistics Indonesia (BPS) data show that they were the worst-performing sectors in the second quarter this year.The transportation and warehouse sectors contracted 30.8 percent from a year ago as… Facebook LOG INDon’t have an account? Register here Google Topics : Linkedinlast_img

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