{
    "success": true,
    "data": {
        "id": 1411061,
        "msgid": "bi-expects-1999-gdp-maximum-at-zero-percent-1447893297",
        "date": "1999-11-03 00:00:00",
        "title": "BI expects 1999 GDP maximum at zero percent",
        "author": null,
        "source": "JP",
        "tags": null,
        "topic": null,
        "summary": "BI expects 1999 GDP maximum at zero percent JAKARTA (JP): Bank Indonesia reiterated on Monday its earlier forecast that Indonesia's economic growth this year would be between minus one and zero percent. \"The board of governors are of the opinion that the overall 1999 real gross domestic product (growth) is still slow at between one and zero percent,\" the central bank said in a press statement following its monthly board of governors meeting.",
        "content": "<p>BI expects 1999 GDP maximum at zero percent<\/p>\n<p>JAKARTA (JP): Bank Indonesia reiterated on Monday its earlier<br>\nforecast that Indonesia's economic growth this year would be<br>\nbetween minus one and zero percent.<\/p>\n<p>\"The board of governors are of the opinion that the overall<br>\n1999 real gross domestic product (growth) is still slow at<br>\nbetween one and zero percent,\" the central bank said in a press<br>\nstatement following its monthly board of governors meeting.<\/p>\n<p>BI said on the demand side growth would be stimulated,<br>\nparticularly by an increase in private sector consumption driven<br>\nby lower interest rates and improving consumer expectations.<\/p>\n<p>\"This is also supported by a higher profit margin in certain<br>\nbusiness sectors,\" BI added.<\/p>\n<p>The central bank believed the economy could grow faster if the<br>\nbank and real sector restructuring process runs well.<\/p>\n<p>Indonesia's economy suffered a contraction of more than 13<br>\npercent last year when the economic crisis deepened.<\/p>\n<p>BI also forecast the 1999 inflation rate would be in the range<br>\nof two to three percent.<\/p>\n<p>The central bank explained the inflation level would still be<br>\nrelatively low, despite Christmas and the Moslem fasting month<br>\nholidays in December, and New Year and Idul Fitri celebrations in<br>\nJanuary, because of the low inflation during the past 10 months<br>\nand the existence of unused production capacity in the economy.<\/p>\n<p>Inflation in October was 0.06 percent, the first inflation<br>\nsince March, sending the year-on-year inflation to 1.58 percent.<br>\nThe economy suffered hyperinflation of more than 77 percent in<br>\n1998.<\/p>\n<p>BI said that along with the low inflation level, the central<br>\nbank benchmark interest rate was expected to be between 10 and 12<br>\npercent by the year end.<\/p>\n<p>The interest rate on Bank Indonesia one-month SBI promissory<br>\nnote is currently at 13.06 percent.<\/p>\n<p>The central bank also reported in a press statement that its<br>\nnet foreign exchange reserves as of October 29 were at US$16.20<br>\nbillion, an increase of $62.70 million on the previous week's<br>\nlevel, due to an increase in oil revenue.<\/p>\n<p>The Bank also said that gross forex reserves increased by<br>\n$63.90 million to $27.14 billion during the week. (rei)<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/bi-expects-1999-gdp-maximum-at-zero-percent-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}