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Global Financial Crisis

impact of the Global Financial Crisis on Indonesia

The figure above shows the economic growth rate in selected ASEAN countries, and in this
case Indonesia, Malaysia, Philippines, Thailand and Singapore’s datas are the ones being
used to see the comparison of economic growth during the global financial crisis in 2008. As
we can see in the first quarter of 2009, there were significant decreases in the rate of
economic growth among these ASEAN countries, except Indonesia whose economic growth
rate remained around 6%. Among these five ASEAN countries, only Indonesia and
Philippines could maintain positive economic growth rate although at declining rates after the
crisis in 2008. It can be seen that Singapore suffered the most because they experienced
the most significant decrease in economic growth in terms or real GDP. The number
declined to -8.9% but this was not a surprise, seeing that Singapore is a country that is fully
integrated wiith the global market for goods, services as well as finance. Singapore’s
economy is then fully sensitive to any external economic shocks. This is one of the main
reasons why Singapore suffered so much from the global financial crisis.

While the economy of other countries in the group experienced a downturn in 2009
(especially in the first quarters), Indonesia has managed to maintain a positive economic
growth rate, it even increased during the third quarter of 2009. However according to the
data acquired from National Agency of Statistics (BPS), the growth of Indonesian economy
during 2009 was around 4.5% which is much lower than the growth of the previous year.

they are highly sensitive to changes in external economic shocks. The first one is that the variation in the impact of global financial crisis on domestic economy is strongly related to the degree of integration of the particular country with the world economy. Take Singapore in the previous figure for example. Pakistan. besides Indonesia. but Indonesia was able to weather the crisis better than most ASEAN as well as the rest of other countries in the world. The table shows the economic growth comparison in the developing world by region during 2007-2010. and Bangladesh who could manage to maintain their economic growth rate and mitigate the impact of the crisis on their domestic economy. Another explanation is rapidness and effectiveness of crisis-coping policy measures in a particular country also played an important role. Many explanations can be thought as of why countries in Asia and the Pacific region weathered the crisis much better than the rest of the world. . As we can see from the table. because they are fully integrated with the global market. India. Also countries in Asia and the Pacific region performed much better than those in other parts of the world during the global financial crisis. there are few other countries like China.This indicates that Indonesian economy was also affected by the global financial crisis.

.9% to 9. Though open unemployment rate increased only slightly. As seen from the figure above.The third indicator of global financial economic’s impact on Indonesia that we are going to discuss is the open unemployment rate. This shows that global financial crisis affected the amount of unempoyed people in the labor force in Indonesia back in the beginning of 2009. specifically in February 2009 the open unemployment rate increases by 0. during the first quarter of 2009.3%.