Indonesia virus-hit economy posts first yearly contraction since 1998

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JAKARTA, Indonesia (AFP) — Indonesia on Friday logged its first annual contraction since the 1998 Asian financial crisis, as the coronavirus pandemic slammed Southeast Asia’s biggest economy. The country’s gross domestic product fell 2.07 percent in 2020 from a year earlier, the statistics agency said, with transportation and tourism among the hardest-hit sectors. Friday’s data marked the first time Indonesia’s economy contracted on a full-year basis since it was in the depths of the regional […]