INDONESIA’S GROWTH

INDONESIA: AMONG LEADERS IN GLOBAL RECOVERY

Anoop Singh

The Jakarta Post, October 23, 2010

While the global recovery has slowed, Asia continues to lead the economic rebound. Almost all economies in Asia grew well above trend in the first half of 2010, fueled by exports and investment.

Indonesia was one of the world’s best performing economies during the 2008−2009 global financial crisis, and the only G20 economy to lower its public debt-to-GDP ratio in 2009.

The IMF recently concluded its annual consultation on Indonesia’s economic policies and outlook (reports are available at www.imf.org/external/country/IDN/index.htm). That review admired and applauded the way that Indonesia steered the economy through the global financial crisis with the support of strong macroeconomic fundamentals and robust domestic demand.

In our recently-released Asia-Pacific Regional Economic Outlook, we envisage that, in Asia as a whole, GDP will grow by 8 percent in 2010 and 7 percent in 2011. In contrast, we expect growth in advanced economies in 2010−2011 to be relatively sluggish. This performance will provide less export demand to Asian countries than occurred in late 2009 and early 2010.

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