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Jakarta Post

Barclays Capital upbeat on Indonesian economy

  • Vincent Lingga

    The Jakarta Post

Jakarta   /   Fri, April 30 2010   /  10:54 am

Barclays Capital is upbeat on Indonesia’s economy, predicting growth of 6.5 percent this year driven mainly by robust household spending on the back of healthy consumer confidence and an improving employment outlook.The prognosis by  the investment banking arm of Barclays Bank PLC, the second largest bank in Britain, is even more bullish than the government’s estimate of 5.8 percent, the International Monetary Fund’s 6 percent, the Asian Development Bank’s 5.5 percent and the World Bank’s 5.6 percent.“Domestic consumption will continue to be the main driver of growth, while the purchasing power will get a boost from the 10 percent pay rise for civil servants, bullish sentiment in the stock market, credit growth and rising commodity prices,” Barclays Capital regional economist Prakriti Sofat said.She told The Jakarta Post on Thursday that she didn’t see any big risk o...