This indikator forex 2014 calendar may be unbalanced towards certain viewpoints. All values, unless otherwise stated, are in US dollars. Indonesia has the largest economy in Southeast Asia and is one of the emerging market economies of the world.
In 2012 Indonesia replaced India as the second-fastest-growing G-20 economy, behind China. During the guided democracy era in the 1960s, the economy deteriorated drastically as a result of political instability. The government was inexperienced in implementing macro-economic policies, which resulted in severe poverty and hunger. Suharto, the 2nd president of Indonesia. Under his New Order administration, the country enjoyed sustained economic development from the 1970s to 1996. Following President Sukarno’s downfall the New Order administration brought a degree of discipline to economic policy that quickly brought inflation down, stabilised the currency, rescheduled foreign debt, and attracted foreign aid and investment.
High levels of regulation and a dependence on declining oil prices, growth slowed to an average of 4. High levels of economic growth from 1987 to 1997 masked a number of structural weaknesses in Indonesia’s economy. Growth came at a high cost in terms of weak and corrupt governmental institutions, severe public indebtedness through mismanagement of the financial sector, the rapid depletion of Indonesia’s natural resources, and a culture of favors and corruption in the business elite. Corruption particularly gained momentum in the 1990s, reaching to the highest levels of the political hierarchy as Suharto became the most corrupt leader according to Transparency International’s corrupt leaders list. The Asian financial crisis that began to affect Indonesia in mid-1997 became an economic and political crisis.