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Economy

Indonesia's economy contracts for first time in 20 years

5.32% slide in Q2 puts nation at serious risk of a COVID-induced recession

People wearing protective face masks walk at a market in Jakarta on July 23.   © Reuters

JAKARTA -- Indonesia's economy contracted for the first time in 20 years in the second quarter, putting the archipelago at serious risk of a COVID-induced recession.

The country's real gross domestic product plunged 5.32% in the three months ended in June from a year earlier, according to data released on Wednesday by the country's statistics agency. The slowdown follows 2.97% growth in the previous quarter.

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