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Economic Profile of Indonesia


                         Indonesia                                                Jakarta at Night                             Jakarta at Day Time with Mount Gede                          Main Street Thamrin


Global Effects on Indonesian Economy


While there are similarities between 1998 South East Asian Financial Crisis and the current 2008 global financial crisis, the actual impacts on Indonesia are very different. Ten years ago Indonesian exporters did well on strong demand coming from Japan 22%, Singapore 11%, EU 15% and United States 14%. Today all these 62% of main buyers themselves are officially in recession.

Both crises in 1998 and 2008 resulted in Rupiah depreciation. In the past 15 weeks Rupiah depreciated 36% against USD, CHF and EURO but this does not make Indonesian exports more competitive globally as global demand plunges. Main reason of Rupiah drop is due to drastic pull out of Foreign Currency from Indonesian Banks by foreign investors.

Data from Bank Indonesia in September shows that deposits of third party funds at three state-owned banks increased more than Rp. 40 trillion (US$ 3.2 billion) in September 2008. This shows that public is more confident to keep their money at the government banks than private banks.

Garment exporters are facing 30% to 40% decline in their export values in US dollar terms, excluding volume drops which are likely to escalate going forward. Food and beverage manufacturers across the country are cutting production capacities by an average 30%.

Indonesian main plastic chips manufacturers, Chandra Asri, Tripolita and Polytama Propindo announced to halt their production temporary as their storage are full with unsold products. Consumers buying power is getting less on all plastic related products and many industries will face very slow demand.

According to Indonesian Finance Minister Sri Mulyani Indrwati today in the Jakarta Post, the worst has yet to come in the first half of 2009 to all Indonesian Industries. There will be massive layoff of workers mainly from Textile and Garment Industries in early 2009. There will also be products dumping from China which may severely affect Indonesian Industries.

Present government and its economic team is far more qualified and well prepared than previous governments. Private banks are properly controlled by Bank Indonesia. Foreign Currency reserves are much stronger than before and hope Indonesian recession will not be a worse one. UBS predicted Indonesia still will have a positive growth of 2.5% in 2009 despite global recession.
(Exerted from the Jakarta Post Dec 2, 2008)


The British Luxury fashion retailer Harvey Nichols chose Jakarta over Singapore and Kuala Lumpur due to high number of wealthy households. Official statistics in 2006 indicated that there were at least 3,500 wealthy households in Indonesia, each one worth at least US$ 100 million. 70% of these 3,500 households live in Jakarta. (This is US$ 350 Billion worth of household wealth) 
(The Jakarta Post, Dated Nov. 2, 2008, Page 10) 

Rich Indonesian

Indonesian Government data released in October 2008 revealed there are 63,000 bank account across Indonesia containing more than US$ 200,000 (This is US$ 12.6 Billion worth of Cash) and further 90,000 with more than US$ 100,000. (This is US$ 9 Billion Worth of Cash). Total of wealthy Indonesian savings at the Indonesian Banks is US$ 21.6 Billion.

(The Jakarta Post, Dated Nov. 2, 2008, Page 10)

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