Overview

The Coronavirus 2019 (“COVID-19”) pandemic, which remains an ongoing concern all over the world, is undoubtedly one of the most significant events in modern history, causing millions of deaths and also triggering one of the most severe global recessions of all time. The pandemic has led to the global economy shrinking at a rate of 3.5% and is also disrupting Indonesia’s economic development, despite the recession hitting the country a little less severely (- 2.1%) than it has other emerging markets and developing economies (- 4.1% excluding China).[1]