- VIVAnews/Tri Saputro
VIVAnews - Indonesian Employers Association (Apindo) Chairman, Sofyan Wanandi expects further depreciation of the Rupiah exchange rate against US dollar due to global economic downturn.
If the 2008 crisis was caused by the collapse of giant companies, today's crisis hit the countries in which those companies set up headquarters.
"It might be worse than 2008, for it involves such prominent countries as the United States and European states," Sofyan told VIVAnews.com.
He said the plummeted Rupiah exchange rate may cause export demands for early next year to dive. Most of exporters's contracts will due in December 2011. Meanwhile, importing countries are predicted to mull over the contracts.
"Next year's export demand is likely to decline by 10 to 20 percent," he said.
Although exports are going down, Sofjan expected that the decline in Rupiah will offer fresh air for the exporters. "In any case, exporters will have more Rupiah than usual."
As reported previously, the Chamber of Commerce and Industry (Kadin) of Indonesia said exporters should take advantage of the depreciating Rupiah to make Indonesian products more competitive.
"For exporters, the weakening of the Rupiah is favorable because it makes our products more attractive," said Chairman of Kadin Indonesia, Suryo Bambang Sulisto in Jakarta, last Friday.
Suryo claimed Rupiah depreciation against US dollar should be perceived from two different sides.
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