President calls on people not to panic

President calls on people not to panic

Presiden Susilo Bambang Yudhoyono. (ANTARA/Prasetyo Utomo)

Jakarta (ANTARA News) - President Susilo Bambang Yudhoyono called on the people not to panic over current world economic developments.

He said here on Friday the government had made a commitment to taking swift and correct measures to deal with the impact of the world economic problems just as it did three years ago.

"With correct policies, coordination and synchronization there is no need for panic. Our conditions are now better, and conditions in 2010 were also better than in 2008," he said before holding a limited cabinet meeting to discuss anticipatory measures against the impact of the world economic fluctuations and developments this week.

On Friday, Asian markets dropped over fears of another recession in the US prompting a selloff after the Wall Street indices on Thursday night plummeted to the lowest level since the 2008 crisis.

President Yudhoyono said there was no need to worry because Indonesia had proven able to overcome a similar crisis in 2008.

He referred to the country`s success as one of a few countries in the world that was not dragged into the crisis and had been able to maintain growth during the world economic crisis in 2008.

"With this capital, we can take correct measures in case a similar crisis happens," he said.

President Yudhoyono said like three years ago correct measures needed to be taken by the government, businesses, economists and regional governments.

"Our hope is it (the crisis) will not spread and like in 2008 and 2009 we will survive and be able to maintain our economic growth," he said.

The fall of indices has caused the price of crude oil to drop to US$86 per barrel in Asia as the slowdown in the global economy would certainly weaken crude oil demand.