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Shaddow Puppets (Wayang Kulit)


Economy—overview: While Indonesia was long touted for its sound macroeconomic management and spectacular growth the Asian financial crisis in 1997/98 revealed the weak underpinnings of the economy: an unhealthy banking sector untenable levels of private foreign debt and uncompetitive practices that favored the financial interests of former President SOEHARTO's family and friends. Indonesia sought IMF assistance early in the crisis and eventually brokered a $42 billion bailout package; but Jakarta jeopardized the program by resisting strict IMF reforms partly in response to the rupiah's collapse which lost as much as 80% of its value at one point. Economic prospects look bleak for 1998: the economy probably will shrink between 4% to 10% unemployment top historic highs—in excess of 15%—and inflation move toward hyper levels.

GDP: purchasing power parity—$960 billion (1997 est.)

GDP—real growth rate: 4% (1997 est.)

GDP—per capita: purchasing power parity—$4 600 (1997 est.)

GDP—composition by sector:
agriculture: 16%
industry: 43%
services: 41% (1996)

Inflation rate—consumer price index: 50% (1998 est.)

Labor force:
total: 67 million
by occupation: agriculture 44% manufacturing 13% construction 5% transport and communications 4% other 34% (1995 est.)

Unemployment rate: 15%; underemployment 50% (1998 est.)

revenues: $42.8 billion
expenditures: $42.8 billion including capital expenditures of $14.4 billion (FY97/98 est.)

Industries: petroleum and natural gas textiles mining cement chemical fertilizers plywood food rubber; tourism

Industrial production growth rate: 10.5% (1996 est.)

Electricity—capacity: 16.265 million kW (1995)

Electricity—production: 60.4 billion kWh (1995)

Electricity—consumption per capita: 297 kWh (1995)

Agriculture—products: rice cassava (tapioca) peanuts rubber cocoa coffee palm oil copra other tropical products; poultry beef pork eggs

total value: $53.4 billion (f.o.b. 1997)
commodities: textiles/garments 20.6% wood products 15.7% electronics 9.9% footwear 6.1%
partners: Japan 27.1% US 13.9% Singapore 8.3% South Korea 6.4% Taiwan 3.9% China 3.8% Hong Kong 3.6% (1995)

total value: $41.6 billion (f.o.b. 1997)
commodities: manufactures 75.3% raw materials 9.0% foodstuffs 7.8% fuels 7.7%
partners: Japan 22.7% US 11.7% Germany 6.9% South Korea 6.0% Singapore 5.8% Australia 5.0% Taiwan 4.5% (1995)

Debt—external: $136 billion (yearend 1997 est.)

Economic aid:
recipient: IMF program $42 billion (1998 est.)

Currency: Indonesian rupiah (Rp)

Exchange rates: Indonesian rupiahs (Rp) per US$1—8 000 (April 1998) 2 909.4 (1997) 2 342.3 (1996) 2 248.6 (1995) 2 160.8 (1994) 2 087.1 (1993)

Fiscal year: 1 April—31 March


Potentially one of the richest countries in the world, Indonesia has almost every resource in abundance, from palm oil to rubber, timber, oil, gas, tea, coffee and spices. Its rich soil and abundant work force produces enough to successfully feed the countries 209 million population.
These days, with its vast pool of cheap labour, the country also churns out textiles, computer chips and car componants.
The arrival of foreign investors rapidly turned Indonesia's ecconamy into one of the worlds fastest moving ecconomies, growing 2 or 3 times faster than countries in Europe.


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