TEMPO.CO, Jakarta- Economist Purbaya Yudhi Sadewa said that Indonesia is not the country sustaining the most severe impacts caused the recent economic crisis when compared to other countries, such as Malaysia, Singapore and Thailand.
“Our economic growth at 4.7 percent is better than other countries,” Purbaya told Tempo on Wednesday, August 26.
Purbaya, who also serves as deputy for management of strategic issues at the Presidential Staff Office, viewed that the domestic economy remained strong despite Yuan devaluation. Purba added that the basic necessities sectors, such as food and agriculture, were relatively safe despite temporary slowdown.
Compared to Malaysia, Singapore and Thailand, Indonesia was able to address issues with the high-tech industry sector.
“Malaysia, Singapore and Thailand were affected [by the economic crises] because they depend on China’s high technology,” Purbaya explained.
Therefore, Purbaya called on public not to panic with rupiah’s depreciation that hit Rp 14,000 per US dollar since the current economic crises was different from those in 1998 and 2009.
“The major concerns are China’s economic slowdown and low commodity,” he said.
However, Purbaya believes that Indonesia’s economy would improve in the fourth quarter provided with consistency in executing government’s program.