SUMMARY
Global Economy
Standard & Poor’s Ratings Services cut the rating of the United States from AAA to AA+ with negative outlook. Meanwhile, the Federal Reserve maintained its policy rate at 0%–0.25%, saying that economic conditions would warrant exceptionally low rate at least through mid-2013.
The European Central Bank left its key policy rate unchanged at 1.5% last week. It also undertook extra measures to protect euro area’s economy, such as resuming bond purchases.
Indonesia Economy
Indonesian government has prepared Rp 103.1 trillion in this year’s revised budget to weather global economic crisis. The authority also has a crisis management protocol, let alone Rp 3.07 trillion of fund to buyback government bonds.
Bank Indonesia expectedly left the BI rate unaltered at 6.75% this week. The central bank reckons that the impact of recent disturbance in global market on domestic financial market will be limited. The economy is expected to grow by 6.6% in the third quarter and in the whole year.
Balance of payments surplus amounted US$ 11.88 billion in the second quarter of 2011, rising from US$ 7.67 billion in preceding quarter. The surplus in capital and financial account rose strongly, countering notable decline in current account surplus.
Gross domestic product upped 6.5% annually or 2.9% quarterly in three months ended June 2011. Manufacturing, trade, and transportation sectors emerged as the most important drivers of expansion. As for the demand side, the data again pointed to private consumption and investment as engines of growth.
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