The Indonesian government is planning to introduce a fiscal stimulus to spur growth in the Southeast Asia?s largest economy next year as uncertainties in the Global economy may drag down the Country?s economy, local media reported Friday.
?We learned in Y 2008 that we need to boost Indonesia?s economic growth with stimulus. In order to mitigate negative conditions that could affect Indonesia, we have to react to protect,? Finance Minister Agus Martowardojo told members of the House of Representatives? Commission XI overseeing financial affairs Thursday.
The United States? led sub-prime mortgage crisis, which hit the World?s financial sector in late Y 2008, also had a severe impact on Global economic growth, including in Indonesia the following year.
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The Country?s economic growth slowed to 4.5% in Y 2009 from 6.1% in Y 2008.
To mitigate the impact of the World?s economic slowdown, President Susilo Bambang Yudhoyono?s administration launched a 73-T (about US$8.322-B) stimulus package and added government spending as well as fiscal incentives in the form of government-borne import duties and value added and income taxes, to help revive business activities and to avoid employment cuts, the Jakarta Post reported.
Recent mounting worries over debt troubles in European countries and stalling economic recovery in the United States have prompted policy makers across the world to guard against a potential economic slowdown worldwide. Bank Indonesia (BI) has predicted a slowdown in the country?s economic growth to 6.5% from the 6.6% projected this year, due to slowing global demand, which could hurt the Country? s exports.
Agus declined to give details of the planned stimulus package, which is scheduled to be launched in 1-H of next year, but acting chief of the finance ministry?s fiscal policy office Bambang Brodjonegoro said it would combine ?fresh money and policies?.
?The most important thing is to create sources for domestic growth, so all stimulus has to have a direct impact on domestic growth, both in terms of consumption and investment,? Bambang told reporters after the House session. ?We have not yet discussed if it will be the same as in Y 2009. We will look at the latest situation and the condition of our budget.?
National Planning Minister Armida Alisjahbana said the fresh money for the economic stimulus might be used to finance infrastructure projects.
BI officials said earlier the government?s 6.7% target for Y 2012 could be achieved if the economy?s focus is shifted to the domestic economy in order to lower dependency on external factors, and if the government speeds up budget disbursement, creating a multiplier effect on the Country?s economy.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, JnrPaul A. Ebeling, Jnr. writes and publishes The Red Roadmaster?s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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