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Despite a slowing global economy, Indonesia's economic growth accelerated to a ten-year high of 6.3% in 2007. This growth rate was sufficient to reduce poverty from 17.8% to 16.6% based on the government's poverty line and reversed the recent trend towards jobless growth, with unemployment falling to 8.46% in February 2008.
In 2012, Indonesia was the second fastest-growing G-20 economy, behind China, and the annual growth rate fluctuated around 5% in the following years. [ 39 ] [ 40 ] Indonesia faced a recession in 2020 when the economic growth collapsed to −2.07% due to the COVID-19 pandemic , its worst economic performance since the 1997 crisis.
The rate plunged to over 11,000 rupiah to 1 U.S. dollar on 9 January 1998, with spot rates over 14,000 during 23–26 January and trading again over 14,000 for about six weeks during June–July 1998. On 31 December 1998, the rate was almost exactly 8,000 to 1 U.S. dollar. [49] Indonesia lost 13.5% of its GDP that year.
Indonesia has one of the world's fastest deforestation rates. [ 115 ] [ 116 ] In 2020, forests covered approximately 49.1% of the country's land area, [ 117 ] down from 87% in 1950. [ 118 ] Since the 1970s, log production, various plantations and agriculture have been responsible for much of the deforestation in Indonesia . [ 118 ]
Indonesia, which had massive foreign reserves and was seen as having a strong economy, responded on 11 July 1997, by widening its exchange rate band from 8 to 12%. Indonesia had taken similar actions in the years leading up to the crisis, in December 1995 from 2 to 3%, in response to the Mexican financial crisis, and in June and September 1996 ...
A foreign exchange spot transaction, also known as FX spot, is an agreement between two parties to buy one currency against selling another currency at an agreed price for settlement on the spot date. The exchange rate at which the transaction is done is called the spot exchange rate. As of 2010, the average daily turnover of global FX spot ...
Indonesian Crude Price, or ICP, is a price index for crude oil from Indonesia.. The ICP is determined by Dirjen Migas, based on moving average spot price of a basket of eight internationally traded Indonesia crudes:
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