RI Economy Less Prone to Crisis than China: Gita

25 Oktober, 2011 | Source: The Jakarta Post

Trade Minister Gita Wirjawan said that the structure of Indonesia’s economy is different from China’s and is less vulnerable to fallout from the current economic crisis in Europe and the US.

“Our economic structure is quite different from China’s. China’s economy is export-based, contributing to around 60-70 percent of its gross domestic product. On the other hand, our economy is based on domestic consumption,” he said Monday following a lecture by American economist Prof Nouriel Roubini in Jakarta, as quoted by kompas.com.

Roubini explained during his lecture that Indonesia’s orientation toward domestic consumption would fare well against the impacts of the present global economic crisis.

Gita said that the government would strive to strengthen the domestic market while also attempting to promote exports.

 

President Joko Widodo (Jokowi) said Indonesia already enters years of low inflation, with inflation around 3 percent in the past two years.
President of the World Bank group, Jim Yong Kim, here on Tuesday expressed his support to the Indonesian governments plan on the tax reform program, which aimed to increase the state budgets income.
President Joko Widodo (Jokowi) plans to visit Turkey to develop partnership in strategic industry and economy with the country, Foreign minister Retno Marsudi said here on Monday at the state palace after a meeting prior to the presidents visit to Turkey and Germany.
Indonesian Foreign Minister Retno Marsudi and her Maldivian counterpart Mohamed Asim will hold a bilateral meeting in Jakarta on Wednesday (June 21) to discuss the cooperation in tourism sector.
The United Nations Food and Agriculture Organization (FAO) has praised Indonesia for its role in fighting illegal, unreported, unregulated (IUU) fishing, the Indonesian Embassy in Rome said.
Indonesias real GDP growth is projected to increase from 5.2 percent this year to 5.3 percent in 2018, according to the World Banks June 2017 Indonesia Economic Quarterly.
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