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12 June 2010

Indonesia monitors global economy

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President Susilo Bambang Yudhoyono said the Indonesian government was continuously monitoring the economic problems in Europe to anticipate their possible impact on the national economy, Antara News reported.

"I think we must continue monitoring world economic developments, especially those in Europe. Although the global economy has started to recover, the impact of the global recession is still being felt in many countries," he said when opening a cabinet meeting here on Thursday.

He said some countries in Europe such as Greece, Spain and Hungary are currently facing economic difficulties.

"Like in 2008, the financial crisis in the US spread quickly across the world with almost all countries being impacted. Therefore, we must be aware of it and take anticipatory and pro-active measures as we did in 2008 and 2009," he said.

As one of the members of the G-20 Group, he said, Indonesia is aware about the criticism towards the grouping which until now could not as yet overcome the economic problems in several countries in Europe.

He said however that the G-20 grouping still played an important role with regard to meeting global economic challenges because it represents global economic powers.

"Despite the criticism on the G-20`s policy coordination which is not yet able to overcome the European problem many parties are still expecting its role," he said.

In view of that he called on the economic minister to explain about the potential impact of the economic problem in Europe on the country`s economy so that all ministers have a picture of the situation and could prepare anticipatory measures like in 2008 and 2009.


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