TEMPO.CO, Jakarta - Bank Mandiri President Director Budi G Sadikin estimated that the ongoing financial crisis would last longer than the one happening in 2008-2009, citing external factors as the indicator.
"Current external factors are not as favorable as those in 2009-2010 when the prices of Chinese commodities were booming," said Budi during an iftar at Plaza Mandiri, Jakarta (19/6).
He also said that during the 2008-2009 financial crisis, Indonesia’s economy strengthened; thus the crisis ended in 2010.
"The current financial crisis may last longer than the crisis in 2008-2009,” he added.
Budi went on to say that China’s economy is now growing only under 10 percent and the similar situation also happens in other European countries.
As a result he said, the condition affects the declining prices of commodities.
To overcome the repercussions of the global financial crisis, Budi said that the Indonesian government’s spending has to be increased.
"With much spending, our growth can lift by up to 5 percent,” he concluded.