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Indonesia’s economy to grow 6% next year as activity normalizes, Citibank says

first_imgWith large-scale social restrictions (PSBB) to contain the virus putting a halt to economic activities, household spending — which contributes to more than half of the country’s GDP — contracted 5.51 percent in the second quarter this year, Statistics Indonesia (BPS) data shows. The entire economy shrunk 5.32 percent in the period.Meanwhile, the government is also aiming to accelerate spending on COVID-19 response, having only spent Rp 151.25 trillion (US$10.3 billion) of the stimulus budget as of Aug. 6, five months after the first cases were discovered in March, according to Finance Ministry data.Read also: Govt to spend $37b stimulus by year end through new programs, simpler bureaucracy“There will also be an investment wave from manufacturing companies that are looking to diversify their supply chain from China to Southeast Asia, including Indonesia,” Helmi added. Indonesia’s economy is expected to grow between 5.5 percent and 6 percent next year as economic activity is expected to return to normal after this year’s partial lockdown to contain COVID-19 transmissions, private lender Citibank Indonesia said on Thursday.Citibank Indonesia chief economist Helmi Arman said the economy may return to precoronavirus levels as early as next year, adding that the recovery would be driven by recovering household spending and higher government spending.“The driver of next year’s growth would be economic activity normalizing after being brought to a standstill for several months this year,” Helmi told reporters in a press briefing. President Joko “Jokowi” announced on June 30 that seven foreign companies had confirmed plans to relocate their production facilities to Indonesia, mostly from China. The companies, including South Korean industrial conglomerate LG, are estimated to bring investments worth US$850 million to the country, according to Investment Coordinating Board (BKPM) estimates.However, the ongoing global health crisis has caused a decline in Indonesia’s foreign direct investment (FDI) for the second consecutive quarter this year, falling by 6.9 percent year-on-year (yoy) to Rp 97.6 trillion in the April-June period.“We are assured that a relatively healthy banking sector will further support economic recovery once debt restructuring subsides and economic activity starts to revert to normal,” Helmi went on to say, adding that debt restructuring was taking a toll on banks’ ability to book a profit.On Aug. 4, Financial Services Authority (OJK) chairman Wimboh Santoso announced that Indonesian banks had restructured Rp 784.36 trillion in loans from 6.73 million debtors.The government’s ability to bring down infected cases and vaccine availability would also play a key factor in the country’s economic performance, Helmi said.As of Thursday, the country has recorded more than 132,000 COVID-19 cases, with nearly 6,000 deaths. Economists have urged the government to step up its efforts to control the pandemic so that the country could start its economic recovery.“The economy is expected to be at 70 percent capacity in the third quarter and at 90 percent capacity by the fourth quarter,” Helmi said, adding that the country may book positive growth this year but still feel the impacts of the health crisis.The government expects full-year growth of 1 percent or a full-year contraction of 0.4 percent for 2020.Jokowi is scheduled to deliver his annual state address and proposed 2021 state budget at the House of Representatives on Friday, in which the government expects the economy to grow by 4.5 percent to 5.5 percent next year.The government has also revealed a plan to raise its 2021 state budget deficit assumption to 5.2 percent of GDP from the previous proposal of between 4.17 percent and 4.7 percent.“We will raise the fiscal deficit next year to weather the uncertainty and revive the economy while also handling the COVID-19 pandemic,” Finance Minister Sri Mulyani Indrawati said in a live-streamed briefing on July 28.Read also: Government raises 2021 budget deficit to 5.2 percent of GDPTopics :last_img read more

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Report: Pac-12 eyes Sept. 19 start to college football season

first_imgThe Pac-12 is expected to finalize a plan for its 2020 college football schedule next week, according to a report from the San Jose Mercury News. The Mercury News reports that the conference is expected to announce those plans next week as well. The Pac-12 went to a conference-only schedule in response to the ongoing COVID-19 pandemic in the United States.   — Flexibility with the Pac-12 championship game, which is scheduled for Friday, Dec. 4. The conference could push that back to the weekend of Dec. 11-12 or Dec. 18-19 if needed.  The Pac-12 model, of course, is subject to change because of COVID-19. California, where USC, UCLA, Stanford and Cal are located, has reported nearly 66,000 new cases in the past seven days, according to the Centers for Disease Control and Prevention. Arizona, which is home to Arizona and Arizona State, has reported more than 19,000 new cases during that time, the CDC reports.  The structure of the Pac-12 plan, however, is something that the Big Ten — which also adopted a conference-only schedule in 2020 — could follow a similar structure. MORE: College football’s best-case scenario for 2020According to the report, the final scheduling model will include:  — A 10-game conference schedule, with each Pac-12 school playing its five division opponents and five crossover opponents. The Pac-12 typically uses a nine-game conference schedule.  — A Sept. 19 start date, which would have been Week 3 on the original college football calendar this season. There are two bye weeks built into the schedule in case that date must be pushed back again.  last_img read more

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first_imgKICK-OFF in the much-anticipated clash between Finn Harps and Derry City this Sunday in Letterkenny has been confirmed for 4.30pm.The game is at Coláiste Ailigh in the town – and is part of a double-header of top sporting events to celebrate the official opening of the new pitch at the school.Rory Gallagher will bring his Donegal team to the same venue on the weekend of December 5 or 6 to play another Ulster county (possibly Derry). The €10 tickets on sale now cover entry to BOTH games.So it’s great value – and all proceeds go to the Irish language secondary school.All those who buy tickets also go into a draw to win top prizes including TVs and a top of the range bicycle.There are a limited number of tickets still available and they can be purchased by calling the school on 07491 25943.  FINN HARPS TAKE ON DERRY CITY AT COLÁISTE AILIGH LETTERKENNY THIS SUNDAY was last modified: September 30th, 2015 by John2Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:Colaiste AilighDerryderry cityDonegal GAAfinn harpsfundraiserletterkennylast_img read more

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