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JAKARTA - Indonesia's economy grew at the fastest rate for over two years in the second quarter as exports rose and lower interest rates helped fuel spending and investment. The largest economy of Southeast Asia expanded 6.3 percent in the three months ending at 30 June after gaining 6.0 percent in the first quarter of the year, according to the Central Statistics Bureau BPS. Economists had expected a growth of 6.1 percent.
The five interest rate cuts from Bank Indonesia in this year alone have enticed consumers to borrow for buying homes and motorcycles. Companies are also expanding and exporting more. This should encourage the government to aim for an economic growth rate similar to that of China and India, told Joseph Stiglitz. "Growth is very strong, though not as strong as the 10 percent of China and India,'' told Stiglitz, a Nobel laureate and Columbia University economics professor.. "If one can get broad-based sustained growth of 5 to 6 percent there is no reason why you can't go up to the next tier.''
The economy of China expanded 11.9 percent in the second quarter of the year compared to a year earlier, the fastest rate in more than 10 years. Growth in India was 9.4 percent in the year that ended at 31 March 2007. The two Asian countries are the fastest-growing big economies in the world. The government of President Susilo Bambang Yudhoyono, the first directly elected leader, expects an economic growth of 6.3 percent for the year, the quickest pace since the Asian financial crisis of 1997-1998.
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