- VIVAnews/Tri Saputro
VIVAnews - Indonesia successfully survived the recent global financial crisis, even it performed better than other economies in Asia Pacific region. Indonesia’s growth of Gross Domestic Product (GDP) is 6.5 percent, an increase compared to 2010.
However, according to Managing Director of Economic and Currency Research of Singapore’s DBS Bank, David Carbon, in fact Indonesia could grow between 6 and 7 percent.
"I can say Indonesia’s growth is good. But, it can not be called golden, because Indonesia should be able to grow between 8 and 9 percent as China," Carbon said in Jakarta today.
The Government, Carbon went on, should play a bigger role in increasing the growth rate. "For example, by encouraging consumption, improving labor quality, investment climate, regulation and infrastructure," he said.
If Indonesia wants economic its growth to last long, Carbon recommended that the government invests not only in the sector of capital, but more of Human Capital Investment.
Indonesia's growth is now very good. According to Carbon, the rate is at least seven percent when compared to other Asian countries. For example, in March 2011, Asia's GDP - accumulated from several countries – went down, but at the same time, Indonesia’s and India’s rose.
"For example up to the first quarter of 2011, Singapore’s GDP growth was 12.3 percent, China 11, 3 percent, India 9.9 percent, Taiwan 9.5 percent, Hong Kong 8.4 percent and Indonesia 7.2 percent," Carbon said.
According to him, Indonesia’s economic expanded because of a strong boost from the output of industrial production and high exports. These activities are prominent in the middle of the growing cooperation with China and other affluent countries in the region.
"As of 2009, when Lehman Brothers went bankrupt, Indonesia's exports continued increasing, even better than last year," he said.
Although in fact, Indonesia is also still entangled in inflation as occurred in the last few years. However, the rate of inflation is not a major problem for a country with substantial economic growth in Southeast Asia.
The decline of inflation by one percent in May 2011 to six percent from the 7 percent in January 2010. "Inflation in general is predicted not to be a significant problem," said Carbon.
Based on the numbers, said Carbon, the low inflation rate does not reflect the real condition.
In addition, inflation was still increasing in some Asian countries like China, Hong Kong, Malaysia, Thailand, the Philippines and Taiwan. "Some inflation are up, some down," said Carbon.
Meanwhile, the rate of inflation in some Asian countries are as follows: South Korea with 4.1 percent (May 2011) from the previous 4.7 percent (March 2011), Singapore 4, 5 percent (April 2011) from 5.5 percent (January 2011), and Malaysia 6 percent (May 2011) from the previous 7 percent. Inflation in China reached 5.5 percent (May 2011) from previously 4.9 percent.
Another factor that made the situation difficult is the time deposit interest rate which was actually too low.
However, on a global scale, Indonesia, together with other Asian countries will continue leading the way far ahead of the United States and Europe. This is good news for people in Asian countries like Indonesia, as the gap of income between the rich and poor will continue to diminish.
Translated by Indah Lestari
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