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Indonesia抯 economic development has improved, President saysMonday, August 18, 2014 > 09:13:19
President Susilo Bambang Yudhoyono said that the country's economy had developed well, with an average economic growth rate of 5.9 percent from 2009 to 2013.
He said that the rate of 5.9 percent was higher than developed countries’ economic growth rates, such as the United States, certain European countries and Japan.
However, he said that Indonesia’s economic growth rate decreased to 5.2 percent in the first half of this year due to the global economic crisis. He added that other countries also suffered similar drops.
“We should be proud because our economic growth rate is still the highest, second only to China, among G20 member states amid the world economic crisis,” he said.
He was speaking before a joint session of the House of Representatives (DPR) and the Regional Representatives Council (DPD), ahead of celebrations for Independence Day that will fall on Sunday. The address was Yudhoyono's last State of the Union speech as he is set to complete his second-term presidency in October.
Yudhoyono said that another indication of Indonesia’s strong economic stability was the declining trend of the country’s debt ratio. He said that Indonesia’s public debt to gross domestic product (GDP) ratio had significantly decreased to 23 percent of GDP this year, from 85 percent in 1998.
He said that the 23 percent was far lower than the public debt to GDP ratio from developed countries, such as Japan with 227 percent, the United States with 101.5 percent and Germany with 78.4 percent.
The President also said that Indonesia managed to repay its debts to the International Monetary Fund (IMF) in 2006, four years ahead of schedule.
He said that Indonesia had managed to reclaim its economic sovereignty and did not have to plan its development according to the IMF. In fact, he said, it was now Indonesia's turn to give advice to the IMF on how to improve the institution.
Yudhoyono added that in the last 10 years, the total value of Indonesia’s trade volume had reached US$400 billion, the highest in the country’s history.