DO NOT feel we have entered in 2011. Government is optimistic the economy will be better next year. Of course, the measure used is the economic growth that is predicted to reach 6.4%, continuing the achievement of 2010. Moreover, according to President Yudhoyono in his speech in East Java, Indonesia’s economic growth ranked third in the G-20 after China and India.
When using indicators of economic growth, the claim is not false.
Economic growth until the third quarter of 2010, which reached 5.9% is higher than this year’s target of 5.8%. Moreover, the financial indicators in 2010 has set new records for Indonesia Stock Exchange recorded an increase of composite stock price index (CSPI), the highest in the world of 2575 in the early years, through 3600 in December this year.
Other financial indicators, such as foreign exchange reserves and the strengthening of the rupiah also show a tremendous increase of only about U.S. $ 51 billion to over U.S. $ 90 billion at the end of 2010. Wave of hot money has inflated reserves and encourage the strengthening of the rupiah by 19%, the highest among Asian countries.
Achievement without meaning
However, how much financial benefit from the achievements of the shine for the national economy? In any country the size of the economic success rather than the achievement of the financial sector. The proof, since the beginning of the year, almost all countries are busy playing in the financial sector policy whose main objective for the real sector. Like for example, developed countries and developing a continued attempt to lower their interest rates to near zero and weaken its currency to boost the real sector and reduce unemployment.
China for example, continued to maneuver to avoid the pressure of U.S. and European countries who wish to accelerate the appreciation of the Central Bank of China for the yuan exchange rate policies flexibly run since mid-2010 the maximum rated yet.
Very surprising that during the 2010 Indonesia would take a different policy direction to the trend of financial policies in the countries of the world. Rupiah strengthened precisely assessed as a strength. JCI is considered performance rebound, but there is the threat of financial bubbles. Trends in the financial sector policies are not integrated with strategy and policy on trade and industry sectors. That way, no consideration is unclear why the exchange should be strengthened or weakened.