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All values, unless otherwise stated, are in US dollars. Indonesia has the largest economy in Southeast Asia and is one of the emerging market economies of the world. In 2012 Indonesia replaced India as the second-fastest-growing G-20 economy, behind China. During the guided democracy era in the 1960s, the economy deteriorated drastically as a result of political instability. The government was inexperienced in implementing macro-economic policies, which resulted in severe poverty and hunger. Suharto, the 2nd president of Indonesia. Under his New Order administration, the country enjoyed sustained economic development from the 1970s to 1996.
Following President Sukarno’s downfall the New Order administration brought a degree of discipline to economic policy that quickly brought inflation down, stabilised the currency, rescheduled foreign debt, and attracted foreign aid and investment. High levels of regulation and a dependence on declining oil prices, growth slowed to an average of 4. High levels of economic growth from 1987 to 1997 masked a number of structural weaknesses in Indonesia’s economy. Growth came at a high cost in terms of weak and corrupt governmental institutions, severe public indebtedness through mismanagement of the financial sector, the rapid depletion of Indonesia’s natural resources, and a culture of favors and corruption in the business elite. Corruption particularly gained momentum in the 1990s, reaching to the highest levels of the political hierarchy as Suharto became the most corrupt leader according to Transparency International’s corrupt leaders list. The Asian financial crisis that began to affect Indonesia in mid-1997 became an economic and political crisis.
Indonesia’s initial response was to float the rupiah, raise key domestic interest rates, and tighten fiscal policy. The effects of the financial and economic crisis were severe. 60 billion, imposing severe strains on the government’s budget. In 1998, real GDP contracted by 13. The economy reached its low point in mid-1999 and real GDP growth for the year was 0.
USD1 by January 1998, with spot rates around 15,000 for brief periods during the first half of 1998. USD1 range ever since, with fluctuations that are relatively predictable and gradual. In late 2004 Indonesia faced an ‘economic mini-crisis’ due to international oil prices rises and imports. For 2006, Indonesia’s economic outlook was more positive. Growth was driven primarily by domestic consumption, which accounts for roughly three-fourths of Indonesia’s gross domestic product. Despite a slowing global economy, Indonesia’s economic growth accelerated to a ten-year high of 6.
This growth rate was sufficient to reduce poverty from 17. Government’s poverty line and reversed the recent trend towards jobless growth, with unemployment falling to 8. After Yudhoyono was succeeded by Jokowi, the government took measures to ease regulations for foreign direct investments to stimulate the economy. Since the late 1980s, Indonesia has made significant changes to its regulatory framework to encourage economic growth. This growth was financed largely from private investment, both foreign and domestic. US investors dominated the oil and gas sector and undertook some of Indonesia’s largest mining projects. In addition, the presence of US banks, manufacturers, and service providers expanded, especially after the industrial and financial sector reforms of the 1980s.
The economic crisis made continued private financing imperative but problematic. New foreign investment approvals fell by almost two-thirds between 1997 and 1999. The crisis further highlighted areas where additional reform was needed. Frequently cited areas for improving the investment climate were establishment of a functioning legal and judicial system, adherence to competitive processes, and adoption of internationally acceptable accounting and disclosure standards.