Fri, 19 Sep 2008
Jakarta (ANTARA News) - Vice President Jusuf Kalla said Friday the current global liquidity crisis has only led to a 0.1 percent drop in Indonesia`s gross domestic product (GDP).

"Indonesia is one of the Asian countries recording the lowest declines in GDP," he told the press after Friday prayers at his office here.

The decline in Indonesia`s GDP to 6.3 percent from 6.4 percent previously was not sharp compared to the economic setbacks in the United States, European countries, Japan, China, India and Thailand which were all directly affected by the liquidity crisis, he said.

"As the largest exporting country, China saw a 2 percent drop in its GDP," he said.

The global liquidity crisis was having a small impact on Indonesia`s GDP because, unlike many developed nations, Indonesia had not placed capital in US financial institutions such as Lehman Brothers and AIG, he said.

He added, however, the liquidity crisis would reduce US investment in Indonesia and depress the prices of Indonesia`s exports to the US.

Commenting on the fall in global crude prices, the vice president said he could as yet not say whether it would have an impact on the fuel subsidy provided for in the 2008 state budget.

"The global crude prices are still fluctuating above US$100 per barrel. Last night they fell to US$97 a barrel. Meanwhile, the assumed oil price in the state budget is based on the average crude price. In addition, the amount of oil subsidy set in the state budget is Rp150 trillion," he said.
(*)



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