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Indonesian president urges caution in addressing impact of gloomy global economy

(Xinhua)

13:41, August 16, 2011

JAKARTA, Aug. 16 (Xinhua) -- Indonesian President Susilo Bambang Yudhoyono on Tuesday urged caution in coping with the risks of economy in the United States and Europe that may plunge into crisis.

President Yudhoyono told lawmakers in his annual speech that the government was confident to address the impact as the country had experience on the global financial crises in 2008-2009 and 1998-1999, and the country's economy now was better prepared. "We must be ready and cautious. I have told all the government officials to increase their cautiousness so that the impact of the worsening global economy can be well anticipated," Yudhoyono said.

Indonesia's economy survived the global financial routs in 2008-2009 by registering economic growth of 4.5 percent, the third highest after China and India, while other countries were suffering strong contraction.

Indonesia's exports account of 32 percent of its GDP, the country's economic growth is also contributed by huge domestic consumption and growing investment.

The government targets 6.9 to 7.0 percent economic growth this year.

Indonesia has strong macro-economic fundamentals and relatively stable political condition amid emerging middle classes and growing wealth, which had the country enjoy the rapid capitals inflow for the last two and a half years.

The inflows are expected to occur again in the near future, analysts have said.

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