Facing global recession

Fortunately most Indonesians will not see a dramatic change as they are already living a basic existence, except for a small percentage of the elite who will lose most of their wealth. The wealthy may have to eat at home. The times are changing and it's back to the basics -- buy a bicycle, grow vegetables.
ROBERT
Denpasar

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There is no way Indonesia can avoid the global credit crisis. Now consumers will save more and borrow less. Demand will fall and businesses will shed jobs which will cause further falls in demand. The government should tighten entry for imports, ensuring maximum compliance with custom duties. Half of the textiles entering Indonesia avoid duties. Strong customs compliance will help local businesses in the domestic market and protect local jobs.
PETER
Jakarta

| Thu, 10/09/2008 10:55 AM | Opinion

In an effort to overcome the impacts of the U.S/European economic meltdown in Indonesia, the government, Bank Indonesia, banking sector and exporters need to take strategic steps as follows:

First, exporters need to take aggressive actions and diversify their export products and export markets and help to reduce dependency on the U.S./European markets.

Second, reduce imports of nonessential goods to balance the country's payments.

Third, strengthen the banking sector by maintaining a sustainable lending growth that can support acceptable economic growth and control inflation rates.
ABDUL RAHIM
Tangerang

When global recession occurs, even experts of economic super-powers are at a loss to find effective remedies. So how can we -- small investors with our savings -- who can only watch the value of our investments dwindle down or be wiped out. But we should remain optimistic and pray for God's blessing.
SOEBAGJO SOETADJI
Jakarta

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