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JAKARTA - Indonesia must face the current global economic turmoil by taking concrete and substantial steps, as the turmoil cannot be solved with conventional ways, an economic analyst Sutrisno Iwantono said. He added that Indonesia needs to take immediate steps such as diversification of export destinations, strengthening the domestic markets, as well as reinforcing the agricultural bases in rural areas, to salvage the national economy.
"Indonesia's exports particularly agricultural products which depends largely on the United States and Japanese markets, will affect Indonesia's economic growth," Sutrisno was quoted by Antara news agency, as saying. He said: "The US$700 billion bailout fund for the collapsed financial institutions will not automatically overcome the global economic turbulence. "To take an example, one can see a sharp fall in the United States stock market even though US President George W Bush has signed the bailout bill," the economic analyst said.
Meanwhile State Minister for National Development Planning / Chairman of National Development Planning Board (Bappenas) predicted that the U.S. financial crisis would affect economic growth in Asia, including Indonesia. "It will weaken economic growth, particularly in Asia. We have to keep an eye on it because we will be forced to re-direct our exports to other destinations, possibly the Middle East," Paskah said.
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