Indonesia is … not well.
Sent through by our roving Asian correspondent Suzuki Samurai is this piece on Indonesia that appeared in The Diplomat:
Indonesia has made a remarkable comeback from being Southeast Asia’s economic basket case in 1998 to an emerging market whose economy has been growing annually at more than 5 percent for several years.
Yet, Indonesia’s economic growth is neither sustainable nor inclusive.
An inconvenient fact is that Indonesia’s economic growth is mainly driven by a commodity boom fuelled by China’s appetite for raw materials and global demand for biofuels [which bubble is soon to burst] …
The other main driver of Indonesia’s economic growth is domestic consumption. This is mostly driven by easy access to credit cards.
Sounds a little too much like a rather large island just the other side of the Tasman, doesn’t it.
Labels: Suzuki Samurai