World Economy

Indonesia Can Weather Storm

Indonesia Can  Weather StormIndonesia Can  Weather Storm

Indonesia is in a stronger position than other emerging economies to weather the current economic storm, said International Monetary Fund’s managing director, Christine Lagarde, on Tuesday. The IMF chief said the Indonesia of today is different compared to 20 years ago. It has much stronger buffers, much more reserves, a macro economic framework that is embedded in the law, public finances that are in a better position, and the ability to take the right measures and at the right time, Channel NewsAsia reported. Lagarde was speaking at the University of Indonesia campus as part of her two-day visit to Indonesia. She added that Indonesia has the experience of handling economic turbulence, starting from 1998 Asian financial crisis right through 2013. Lagarde said Indonesia must take steps to be on the right side of the economic shifts that the world is currently witnessing, in particular China. She said Indonesia should take advantage of its young population to boost its growth and clear obstacles, such as the rigid labor law that hinders greater job creation.