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Economy Indonesia

Written By Rio Gonzales on Tuesday, January 10, 2012 | Tuesday, January 10, 2012

Economy
Indonesia has a large economy that many analysts predict will grow further in the future. Specifically, they believe the country's democratic political system and natural domestic market will encourage stable economic expansion.
Recent economic indicators support this view. As shown below, the GDP especially has grown at an increasing rate in recent years.
3.8 percent growth in 2001
4.4 percent growth in 2002
4.9 percent growth in 2003
5.1 percent growth in 2004
5.6 percent growth in 2005
5.6 percent growth in 2006
5.8 percent growth in 2007(est.)

The Asian Financial Crisis
Indonesia's economy, however, has not always looked so stable. In fact, during the Asian Financial Crisis, it came under severe strain, leading to widespread unemployment. This fact makes recent gains all the more important.

Beginning in 1997 and moving into 1998, an economic crisis gripped Asia, spurred by currency trouble in Thailand . The countries of Southeast Asia were particularly hard hit, none more so than Indonesia . In 1998, for instance, the economy shrunk by 14 percent.

Trade with United States
Today, Indonesia's economy has recovered. One aspect of that economy-trade with the United States - is growing quickly. Total bilateral trade increased from $12 billion in 2003 to $16.5 billion in 2006. More information about bilateral business opportunities can be found through the Embassy's Trade Division and the U.S. Commercial Service.

Several private groups also have information. Organizations like the U.S. - ASEAN Business Council, the American Indonesian Chamber of Commerce, and the American Chamber of Commerce in Indonesia are all actively involved in Indonesian - U.S. trade.

Government Policy
Under President Susilo Bambang Yudhoyono, the Government of Indonesia has adopted a "Pro-growth, pro-poor, pro-employment" economy policy. The plan involves a number of specific initiatives, including a vigorous "100-Day Agenda," reforming the country's regulatory framework, attracting continued foreign investment, tackling corruption, and removing artificial economic distortions like the recently rescinded oil subsidy.

Leading Industries
In no particular order, Indonesia's leading industries are foods and beverages, textiles, cement, construction, fertilizer production, light manufacturing, wood processing, mineral and petroleum production and processing, aircraft manufacturing, and tourism.

Natural Resources
Indonesia is rich in natural resources, including oil, tin, natural gas, coal, nickel, copper, bauxite, timber, gold, and silver.

Agriculture Products
Indonesia exports agricultural products worldwide. It's most successful items include palm oil, cocoa, rubber, rice, tea, sugar, tobacco, and spices.

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