Growth and Resilience in an Uncertain Global Economy
Edited by Hal Hill and Maria Socorro Gochoco-Bautista
Chapter 9: Indonesia
Before the Asian financial crisis (AFC), Indonesia and other East Asian economies had been the model of successful economic development. Investment is believed to have been one of the key elements of this success. But high investment growth and the availability of savings are not sufficient explanations for the rapid and sustained growth of these economies and the subsequent reduction of poverty. While investment and savings contribute to high growth, it is achieved largely by getting the basics right (Basri and Hill 2011). Another key to success is often thought to be economic liberalization that brings both competition and external trade, which also are essential to rapid economic growth and stability (Kuncoro and Resosudarmo 2006). The AFC, however, raises many questions about the success of East Asian economies. And while there is some disagreement about the role of competitiveness and trade in fostering growth, the high growth rates prior to the AFC often mask many country- specific characteristics that spur growth.
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