SUMMARY
Global Economy
Fitch Ratings confirmed sovereign rating of the United States at AAA with stable outlook. The action considers intact key pillars of the country’s credit profile, including its critical role in global financial system; flexible, diversified, and wealthy economy; as well as monetary and exchange rate flexibility.
Euro area’s economy grew 0.2% in the second quarter of 2011 from prior quarter, the slowest in two years. Annual inflation eased to 2.5% last month from 2.7% in June.
Japan’s economy shrank by an annualized 1.3% in the second quarter of 2011 from a quarter earlier, much lower than economists’ forecast of 2.5% contraction. Gross domestic product eased 1% on a year-on-year basis.
Indonesia Economy
The government proposed Rp 125.62 trillion of budget deficit for 2012, equivalent to around 1.5% of gross domestic product. Subsidy will be reduced by, among others, imposing 10% hike in power rates in gradual manner starting April. However, the authority plans to allocate more budget in personnel and capital spending.
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