Sent through by our roving Asian correspondent Suzuki Samurai is this piece on Indonesia that appeared in The Diplomat:
Indonesia has made a remarkable comeback from being Southeast Asia’s economic basket case in 1998 to an emerging market whose economy has been growing annually at more than 5 percent for several years.
Yay!
Yet, Indonesia’s economic growth is neither sustainable nor inclusive.
Damn.
An inconvenient fact is that Indonesia’s economic growth is mainly driven by a commodity boom fuelled by China’s appetite for raw materials and global demand for biofuels [which bubble is soon to burst] …
The other main driver of Indonesia’s economic growth is domestic consumption. This is mostly driven by easy access to credit cards.
Sounds a little too much like a rather large island just the other side of the Tasman, doesn’t it.
1 comment:
aren't we getting a little ahead of ourselves?
last I heard it was Japan and China going to pop their bubbles,now we have moved onto Indonesia and Australia?
(oops, I forgot about Spain and the Euro :)
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