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Economy

Indonesia economy shrinks in 2020 for first time in two decades

GDP plunged 2.07% last year as COVID-19 crippled business activity

A man walks in a quiet Jakarta business district on June 8, 2020.   © Reuters

JAKARTA -- Indonesia's economy contracted in 2020 for the first time in more than two decades as COVID-19 crippled business activity across the archipelago.

The gross domestic product of Southeast Asia's largest economy plunged 2.07% from a year earlier, according to data released Friday -- a marked downturn from 2019 when Indonesia recorded growth of 5.02%.

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