Jakarta's Economy Contracted by 2.36% in 2020 Due to the COVID-19 Pandemic
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Jakarta is among the 10 provinces most affected by the Covid-19 pandemic. Its economy contracted by 2.36% in 2020, a significant decrease compared to the previous year which recorded positive growth of 5.82%. The Covid-19 pandemic, which began in mid-March, caused a contraction in domestic aggregate demand.
Increased government spending to mitigate the impact of Covid-19 has not been able to boost household consumption. During this period, Jakarta's household consumption still contracted by 2.08%.
Meanwhile, in terms of business sectors, the pandemic's impact was felt across various sectors, especially tourism. The hardest-hit sector was accommodation and food services, which experienced the deepest contraction at -16.21%.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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