While the government maintained the baseline economic growth projection of 2.3 percent for this year amid the pandemic, and 0.4 percent contraction under the worst-case scenario, Sri Mulyani stated that the country’s gross domestic product (GDP) will likely grow between zero percent to 1 percent at best.“We are looking at economic developments and will try to mitigate the downside risks so that it will not get worse,” she said, adding that the government hoped for the recovery process to start in the third quarter.The coronavirus outbreak has disrupted economic activity throughout the archipelago, as the enforced physical distancing measures to contain the spread of the coronavirus has forced offices, factories, shops and schools to shut down. The economy grew 2.97 percent in the first quarter, the slowest pace in 19 years. The economy is projected to shrink 3.1 percent in the second quarter, the worst quarterly growth since the 1998 Asian financial crisis, due to the impact of social restrictions to contain the coronavirus, according to the finance minister.Finance Minister Sri Mulyani Indrawati stated on Tuesday that the large-scale social restrictions (PSBB), implemented in the country’s regions, including the busy Jakarta and West Java cities, acted as headwinds. “Economic contraction will occur in the second quarter as the PSBB will have a severe impact on economic growth. We expect the economy to drop to negative territory,” Sri Mulyani said in a livestreamed news conference. To cushion the economic blow, the government has unveiled a Rp 677.2 trillion (US$48.3 billion) economic stimulus package, which will widen the budget deficit to 6.34 percent.Previously, the Organization for Economic Cooperation and Development (OECD) expected the economy to contract 3.9 percent this year, a more dramatic decline than initially expected, in a worst case scenario where it is hit by a second wave of COVID-19 infections.Under a baseline scenario, the Paris-based think tank projects the economy will shrink 2.8 percent this year if the government manages to avoid a second wave of infections, while the country has recorded more than 39,000 cases.On the other hand, the World Bank projects the economy to stagnate this year.“While not a contraction, Indonesia’s growth rate will nevertheless be 5.1 percentage points lower than January forecasts,” the Washington, DC-based development bank stated in its latest Global Economic Prospect report.Topics :
Banc at Toowong is an example of one of Brisbane’s prestige apartment developments.WHEN it comes to buying a prestige property, it is important to know the difference between top shelf fittings and faux finishes.As Brisbane’s prestige apartment market bounces back, director of award-winning SJB Interiors Jonathan Richards, said imitation materials and brands could still be spotted in many luxury apartments.Richards said buyers should train their eye to look for the ‘tell tale’ signs of a true prestige property to ensure they were getting value for money.The SJB Interiors team has recently completed a display for Banc apartments on the riverfront at Toowong, which Richards said showcased five key features that million-dollar plus apartments should have in order to uphold their value.“The first marker of a high end property is plenty of space, which means buyers should look for high ceilings, generous bathrooms and few corridors, allowing for flexible use of living areas and ample room for furniture and storage,” Richards said.“Equally important is privacy — especially when purchasing an inner city apartment. Thick glass on all windows and sliding doors will provide a shield from any road noise.“Ambience is all about how the apartment looks and feels and is a crucial measure of its design merit.”SJB Interiors’ Jonathan Richards.More from newsMould, age, not enough to stop 17 bidders fighting for this home5 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor5 hours agoHe said buyers should choose an apartment that has a clean, neutral colour scheme allowing for individual styling.“A lot of people also mistakenly believe that creating ambience means adding things like feature walls or statement splashbacks, but the key to luxury is actually restraint and simplicity,” he said.“Craftsmanship is what makes the apartment unique, and is all about attention to finer detail, like soft edges on benchtops and soft close drawers.“All buyers should ask for a full schedule of finishes and do their research on the inclusions — especially if buying off the plan.”Richards said with the number of new apartment projects yet to commence, or in the early stages throughout Brisbane, buyers are advised to ask for examples of what the apartment will look like.“Buyers should always ask for an example of the quality of fittings and finishes if the apartment is not yet built,” he said.Banc is at 527 Coronation Drive, Toowong, and accessible via 7 Land St.