Indonesia keeps steady growth in Q1

Indonesia seems to have reaped the benefits of an easing of its Covid restrictions and soaring commodities prices in Q1 of this year as the country maintained steady growth during the period. According to the country’s Central Statistics Agency (BPS), Indonesia’s on-year expansion reached 5.01% in January-March on the back of the recovery of public activities. The country’s GDP shrunk by 2.07% in 2020, marking its first recession since the 1997 Asian financial crisis. Moody's Analytics said Indonesia's first-quarter showing exceeded their forecast. The result, according to the agency, indicates that Southeast Asia’s largest economy is on track to achieve the government’s full-year growth target of 4.5% to 5.3%.