A blessing in disguise

A blessing in disguise

The monetary crisis has indeed sent out shivers of gloom and
doom especially for this year. And to say that it is a blessing
in disguise could seem completely out of place.

But, if you think about it, how else could major momentous
change happen in a given situation unless not just one person is
hurt, but everybody all the way from the very top down to the man
in the street is affected.

After all is said and done, Indonesia will never be the same
again in many ways. As for the commercial sector, it will never
be run again the way it was in the past.

Many traditional concepts such as "Land prices never fall in
Indonesia" and "Property is a good hedge against inflation" are
among many the ideas that have been debunked by the turmoil.

To start with, developers -- who are by far the hardest hit --
will be that much stronger if they can weather this crisis, and
it will undoubtedly change the way they do business thereafter.
The excesses of the market place will be reversed.

The working classes, who used to resign at a whim, will
discover to their chagrin that they will have to learn how to
hold a job down.

It is a small, but necessary step toward cultivating work
discipline.

Wages will be readjusted in line with productivity, the former
had outstripped the latter in the rising market when the labor
market was tight.

The banking fraternity through weeding out, consolidation,
mergers and acquisitions will find that they are none the wiser
at being the "Jack of all trades and master of none".

There will be a reemphasis on the local currency as the only
means of exchange and it will therefore follow that fiscal and
monetary policies will be instituted in tandem to support the
rupiah.

Last but not least, real estate, among other things, will
become more competitive and quality property will be
realistically priced.

All these things will certainly work out for the good of
Indonesia as a whole.

S.K. TAN

Jakarta