RI-Malaysia Economic Horror Forecast Scan Corona Hit

Jakarta –

The Asian Development Bank (ADB) has revised its projections economic growth 2021 Asian countries. This projection fell to 7.2% from lower than the previous target in April of 7.3%.

This projection was cut following the spread of the new variant of the COVID-19 virus in several countries. The new variant has hampered the pace of economic growth in several countries.

ADB, in an official statement, quoted from CNBC Indonesia Wednesday (28/7/2021) assessed that vaccination programs are quite fast in many countries, but developing countries in Asia are still far from the minimum target in order to achieve herd immunity at 70%.

Until July 24, 2021, the percentage of the total population that has been vaccinated in Asia (except Singapore) is still far below developed economies such as the United States, Britain and the European Union.

Meanwhile, Indonesia is still below the average for Asian and World countries. The total percentage of the Indonesian population that has been vaccinated is smaller than India and neighboring Malaysia.

For Indonesia ADB cuts target economic growth from 4.5% to 4.1% this year, as a result of the surge in cases of the second wave of infections. The increase in new positive cases forced the government to implement restrictions on community activities since July 2 and extended to August 2.

ADB believes that these restrictions will hamper the ongoing recovery, which began in Q3-2020 and continued until Q2-2021, when economic activity continued to strengthen, positive fiscal policy support and export demand continued to increase. While the projection economic growth 2022 did not change at 5.0%.

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