Economy of Indonesia
Economy of Indonesia Indonesia regained its investment grade rating from Fitch Rating in late 2011, and from Moody's Rating in early 2012, after losing its investment grade rating in December 1997 at the onset of the Asian financial crisis which Indonesia spent more than Rp450 trillion to bail out lenders from banks. Fitch raised Indonesia's long-term and local currency debt rating to BBB- from BB+ with both ratings is stable. Fitch also predicted that economy will grow at least 6.0% on average per year through 2013, despite a less conducive global economic climate. Moody’s raised Indonesia's foreign and local currency bond ratings to Baa3 from Ba1 with a stable outlook. In the year 2012, Indonesia edged out India to emerge as 2nd fastest G-20 major economy just behind China. In the 1960s, the economy deteriorated drastically as a result of political instability, a young and inexperienced government, and economic nationalism, which resulted in severe poverty and hunger. ...