USD/IDR Price News: Indonesian rupiah off weekly highs on worsening 2020 GDP outlook

Speaking at an online seminar on Friday, Febrio Kacaribu, Chief of the Indonesian government’s fiscal policy office, said that they have made a downward revision to the 2020 GDP forecasts, in the face of the looming coronavirus risks.

Key details

“Finance ministry revised its outlook for 2020 gross domestic product (GDP), now expecting flat economic growth or a contraction of slightly below 0%.”

“The previous outlook was a change in 2020 GDP of between -0.4% to 1% compared with the size of the economy in 2019.”

 “Authorities are working to avoid two straight quarters of GDP contraction in the second and third quarters and are hoping for fourth-quarter GDP expansion of 2%-3%.”

USD/IDR off weekly lows

The Indonesian rupiah lost its recent recovery momentum following the downward revision to the growth forecasts, as it eased off one-week highs of 14,512.50 reached against the US dollar in early Asia.

USD/IDR was last seen trading at 14,589.50, up 0.30% on a daily basis.