Indonesia - Accelerating Recovery in Uncertain Times : Brief for the Consultative Group in Indonesia
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Washington, DC
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The study reviews Indonesia's
recovery so far, which in spite of only modest growth, is
taking hold, and its base has expanded beyond consumption.
With inflation under control, real wages are rising again,
and poverty declined from a peak of over twenty three
percent. The rapid export growth, and high oil prices were
factors to offset capital outflows, thus, Indonesia's
cushion of international reserves increased, lowering the
deficit, and limiting financing needs, which resulted in
bank, and corporate emergence. But financial markets were
doubtful of the real economic developments, aggravated by
political turmoil, and the developments in East Timor, which
created market uncertainty. However, the study reflects
optimism on the country's agenda, encouraged by the
Government's program to accelerate recovery, with broad
domestic and international support. The study examines
policy options for fiscal sustainability, and the role of
donors, and, assesses poverty within a constructive strategy
for the future, exploring as well governance improvement
through legal and judiciary reforms, suggesting the rule of
law is still far from being assured. The study recommends
changes within the political process, and to its legal
system and civil service, as well as changes from the role
of the military, to the way Government handles its finances.
Palabras clave
ACCOUNTABILITY, AGRICULTURE, ASSET MANAGEMENT, ASSET SALES, AUTONOMY, BALANCE OF PAYMENTS, BANK ACCOUNTS, BANK INDONESIA, BANK LENDING, BANK RECAPITALIZATION, BANK RESTRUCTURING, BANKING SYSTEM, BANKRUPTCY, BONDS, BOOK VALUE, BORROWING, BUDGET DEFICIT, CAPITAL ADEQUACY, CAPITAL GOODS, CIVIL SERVICE, COLLUSION, CONSENSUS, CONSUMER PRICE INDEX, CONSUMERS, CORPORATE RESTRUCTURING, CORRUPTION, CPI, DEBT, DEBT RESTRUCTURING, DECENTRALIZATION, DECREE, DEFICITS, DEVELOPMENT STRATEGY, DEVOLUTION, EMPLOYMENT, ENTERPRISE REFORM, ENTERPRISE RESTRUCTURING, EXPORT GROWTH, EXPORTS, FARMS, FINANCIAL INSTITUTIONS, FINANCIAL MANAGEMENT, FINANCIAL MARKETS, FINANCIAL SECTOR, FINANCIAL SUPPORT, FISCAL, FISCAL DEFICIT, FISCAL MANAGEMENT, FISCAL SUSTAINABILITY, FISCAL YEAR, FORECASTS, FOREIGN DEBT, FOREIGN DIRECT INVESTMENT, FOREIGN INVESTMENT, FOREIGN INVESTORS, FORESTRY, FREE TRADE, GDP, GDP PER CAPITA, GOVERNMENT FINANCE, GOVERNMENT OFFICIALS, GOVERNMENT REVENUES, GOVERNMENT SPENDING, GOVERNMENT'S POLICY, GOVERNMENTAL ORGANIZATION, GROSS DOMESTIC PRODUCT, IMPORTS, INCOME, INFLATION, INFORMAL SECTOR, INSURANCE, INTEREST RATES, INTERNATIONAL RESERVES, INVENTORIES, INVENTORY, JUDICIARY, LABOR FORCE, LABOR MARKET, LABOR PRODUCTIVITY, LEGAL SYSTEM, LOCAL GOVERNMENTS, M2, MACROECONOMIC POLICY, MINIMUM WAGES, MINISTRY OF FINANCE, MONETARY POLICY, MONOPOLIES, NATIONAL ACCOUNTS, NEW ENTRANTS, OIL, OIL PRICES, OPEN MARKETS, POLICY MAKERS, POLITICAL MANAGEMENT, POLITICAL UNCERTAINTY, POVERTY ALLEVIATION, PRICE INCREASES, PRIVATIZATION, PRIVATIZATION OF STATE, PRODUCERS, PROFITABILITY, PUBLIC EXPENDITURE, PUBLIC INSTITUTIONS, PUBLIC INVESTMENT, PUBLIC RESOURCES, PUBLIC SECTOR, PUBLIC SERVICES, REAL WAGES, RECAPITALIZATION, REPRESENTATIVES, SAVINGS, SOCIAL PROGRAMS, SOCIAL SAFETY, SOCIAL SAFETY NET, STATE BANKS, SUBSIDIARY, SUSTAINABLE GROWTH, TAX ADMINISTRATION, TAX COLLECTIONS, TAX EXEMPTION, TAX REVENUES, TELECOMMUNICATIONS, TRADE TAXES, TRANSPARENCY, UNEMPLOYMENT, VALUE ADDED, WAGES, WORLD TRADE ORGANIZATION, WTO ECONOMIC RECOVERY, ECONOMIC GROWTH, POLITICAL ASPECTS OF ECONOMIC DEVELOPMENT, INFLATION RATES, WAGE LEVELS, POVERTY REDUCTION, EXPORT PERFORMANCE, OIL PRICES, CAPITAL OUTFLOWS, DEFICIT FINANCING, FINANCIAL DEVELOPMENT, BANKING, CORPORATE GROWTH, MARKET FORCES, POLICY OBJECTIVES, FISCAL SUSTAINABILITY, DONOR PARTICIPATION, POVERTY ASSESSMENTS, LEGAL REFORM, JUDICIAL REFORM, CIVIL SERVICE REFORMS, FINANCIAL MECHANISMS, MILITARY POLICY