SUMMARY
Global Economy
The International Monetary Fund expects global economy to grow by 4% in both 2011 and 2012, 0.3 ppts and 0.5 ppts lower than its previous prediction. The revision owed to higher uncertainty originated from fiscal malaises in the United States and Europe.
The Federal Reserve decided to extend the average maturity of its Treasury securities holdings, aiming at lowering longer-term interest rates. The policy makers see significant downside risks to economic outlook.
Standard & Poor’s Ratings Services cut Italy’s long-term sovereign rating from A+ to A with negative outlook. The action takes into account the country’s weakening growth prospects and fragile government.
Indonesia Economy
Indonesian authorities were forced to act in financial markets this week to halt rupiah and bond prices from slumping. Bank Indonesia intervened in the foreign-exchange market and purchased government bonds. The government also bought back bonds.
A revision of next year’s global growth estimate from 4.5% to 4% means that Indonesia’s economy may expand 6% compared to its goal at 6.7%, BI’s top official said.
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