ID :
22949
Mon, 10/06/2008 - 21:27
Auther :
Shortlink :
http://m.oananews.org//node/22949
The shortlink copeid
VP CONFIDENT RI ABLE TO WITHSTAND IMPACT OF US FINANCAL CRISIS
Makassar, Indonesia, Oct 6 (ANTARA) - Vice President Jusuf Kalla said he was very confident Indonesia will be able to withstand the impact of the financial crisis in the United States.
"We will also see an economic slowdown at home but I am sure it will not be as bad as in other countries," Kalla said at a grand reunion of Hasanuddin University alumni here Monday.
He admitted the financial crisis in the US would depress Indonesia's exports but he was sure, through its domestic economic strength and market, the country would be able to overcome the setback.
"I am optimistic, with 240 million domestic consumers, we can save our economy," he said.
According to Kalla, the US economic crisis began with the Iraq war which led the US government to incur huge expenditures. As a result, the US suffered a budget deficit and to cover the deficit, the interest rate was raised.
The increased interest rate, however, caused many home owning mortgages to turn bad causing a crisis in this sector.
In the 1998 crisis, Kalla said, it was Indonesia that suffered a deficit in its budget and failed to pay its debts but now the situation was different.
"With our stronger economy now, we can handle the situation," he said.
"We will also see an economic slowdown at home but I am sure it will not be as bad as in other countries," Kalla said at a grand reunion of Hasanuddin University alumni here Monday.
He admitted the financial crisis in the US would depress Indonesia's exports but he was sure, through its domestic economic strength and market, the country would be able to overcome the setback.
"I am optimistic, with 240 million domestic consumers, we can save our economy," he said.
According to Kalla, the US economic crisis began with the Iraq war which led the US government to incur huge expenditures. As a result, the US suffered a budget deficit and to cover the deficit, the interest rate was raised.
The increased interest rate, however, caused many home owning mortgages to turn bad causing a crisis in this sector.
In the 1998 crisis, Kalla said, it was Indonesia that suffered a deficit in its budget and failed to pay its debts but now the situation was different.
"With our stronger economy now, we can handle the situation," he said.
