Signs of Recession Get Stronger
The national economy in the second quarter of 2020 contracted 5.32 percent year-on-year (yoy), which in itself is not considered to an indicator of a recession.
People walk past a sale sign in a department store window in Melbourne\'s central business district on June 3, 2020. - Australia is heading for its first recession in nearly three decades after the economy shrunk in the January-March quarter, with a "far more severe" reading expected in the next three months as the effects of the virus shutdown bite.
The national economy in the second quarter of 2020 contracted 5.32 percent year-on-year (yoy), which in itself is not considered to an indicator of a recession.
The government is still waiting for economic data for the third quarter of 2020, which will be released in early October 2020, to determine whether the country is indeed in a recession or not. If the data shows negative growth again, Indonesia has officially entered a period of economic recession.