Indonesia on the Rebound

By Nadia Ghattas
Nadia Ghattas
Nadia Ghattas
July 24, 2008 Updated: October 1, 2015
At the Indonesian Consulate, (L-R) Mr. Lucky Fathul A.H. Chief of Bank Indonesia, Warran Hochbaum, Wiwit Wirsatyo - Consul / Head of Chancery, NY and Wayne Forester, President Indonesian US Chamber of Commerce. (Courtesy of the Indonesian Consulate) ()
At the Indonesian Consulate, (L-R) Mr. Lucky Fathul A.H. Chief of Bank Indonesia, Warran Hochbaum, Wiwit Wirsatyo - Consul / Head of Chancery, NY and Wayne Forester, President Indonesian US Chamber of Commerce. (Courtesy of the Indonesian Consulate) ()

NEW YORK—Although Indonesia’s economy was devastated by the Financial crisis in 1997, it is now considered to have the some of the most open and vibrant policies in South East Asia. At a luncheon held at the Indonesian Consulate, Professor David Denoon of New York University said that Indonesia’s economy is growing rapidly and in a very stable manner.

"Indonesia is an up and coming nation. It will rise to the standard and the future holds good possibilities,” said Mr. Warren Hochbaum of the New York State Banking Department.

For the first time in Indonesian economy since the financial crisis in the late 90s, growth grew to 6 percent. Although the economic growth in the first quarter of 2008 was strong in Indonesia, it is expected to slow down in 2008 but bounce back the following year, reaching around 6.3 percent, according to Muliaman Hadad of the Bank of Indonesia.

Indonesia is the fourth most populous nation, behind China, India, and the United States. Indonesia has very rich natural resources, especially coal, oil, and gas.

Compared to the uncertainties in Malaysia and the internal problems in Thailand, Indonesia is a democratic anchor with great potential investment possibilities and has made an extraordinary transition in this decade, said Denoon.

 

Nadia Ghattas
Nadia Ghattas