"Indonesia is now the world`s 17th largest economy. But our aim is to be in the top 10. And why wouldn`t we have such optimism, when even the IMF is predicting that Indonesia`s economy will be larger than Australia`s within less than a decade," the head of state said in his opening speech at the ASEAN-European Union (EU) Summit here Thursday.
Indonesia`s economy grew by 4.5 percent in 2008, and then 6.1 percent in 2010, while the rest of the world continues to grapple with the repercussions of the global financial crisis, he said.
"This year, we expect to grow by around 6.3 percent. And there are even predictions that growth could reach more than 7 percent by 2014," he added.
The country`s export is expected to reach close to US$200 billion by this year, or double from $100 billion in 2006, and its reserves stand at over US$ 100 billion, the highest in the nation`s history, according to Yudhoyono, who was speaking before around 400 European and Southeast Asian businessmen.
Indonesia`s inflation rate came down in 2011. The inflation for
the first four months dropped to 0.39 percent or 6.16 percent year on year, and the nation was keeping a prudent fiscal policy, with deficit below 2 percent, he explained.
He elaborated further that the country`s debt to GDP ratio
has shrunk dramatically, from 77 percent in 2001 to 26 percent in 2010.
"These statistical achievements have manifested in our credit rating evermore improving. Agencies such as Moody`s and Fitch`s have improved Indonesia`s Sovereign Rating to only 1-2 level below
Investment Grade, and Indonesia`s outlook to stable and positive," he said.
In 2010, Indonesia`s investment rebounded to an all-time high of Rp208,5 trillion - or about US$ 22.95 billion. (*)
Editor: Kunto Wibisono
Copyright © ANTARA 2011
