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Indonesian consumer demand to support economy against global slowdown - IMF
uusjio | April 23, 2008 at 05:47 pmby
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The economy has also become more resilient towards external financial instability, given its higher foreign exchange reserves and a declining external debt ratio to gross domestic product, he said.
"I think Indonesia's economy will resist the global economic slowdown due to strong domestic demand," Charles Collyns, deputy director at the research department of the IMF was quoted by Thomson Financial as telling a media briefing.
As of end-March, the central bank's foreign exchange reserves stood at $58.98 billion, compared to $47.22 billion at end-March 2007. Indonesia's foreign debt ratio currently stands at about 30 percent of GDP, down from 47 percent at end-2005.
IMF Indonesia country representative Stephen Schwartz said strong domestic demand is evident in brisk vehicle sales and rising consumer financing in the first quarter.
Nationwide vehicle sales rose 61 percent to 135,607 in the first quarter.
Collyns said ...