Macro Update Ground check on malls re-opening: Alive but sort of dead Finally, malls in Jakarta start to re-open This week marks a new era for Indonesia in its fight against COVID-19. Since June 15, 82 malls in Jakarta have started to re-open, after previously witnessing their operations curbed from April to mid-June due to the enactment of large-scale social distancing. Meanwhile, malls in Greater Jakarta areas, such as Bekasi and Macro update Tangerang, began to re-open on June 8. June 19, 2020 Was it a correct call? In our view, the decision by Governor Anies to push back the re-opening of PT.Mirae Asset Sekuritas Indonesia Jakarta’s economy was a correct call as, looking at May’s data, we found no conclusive evidence to justify the re-opening of Jakarta’s economy in early June. From the perspective of daily new cases, at a glance, Jakarta, indeed, seems to Anthony Kevin have flattened the curve at that point. However, we found that the lower number Economist
[email protected] of daily new cases was side by side with the lower number of people being tested. +62-21-5088-7000 Not a guarantee for a significant jump in GDP figure Learning from the experiences of other countries which have flattened the curve and re-opened their economy, it becomes clear that COVID-19 changes the way people live their life not only during the outbreak but also post-outbreak. Take a look at China, which, despite its rather fruitful effort to flatten the curve, has been struggling for quite some time to regain its footing.