Indonesia hopes for early end to European crisis

Indonesia hopes for early end to European crisis

President Susilo Bambang Yudhoyono. (ANTARA)

"We are very concerned about the scale of the crisis in Europe."
Los Cabos, Mexico (ANTARA News) - Visiting Indonesian President Susilo Bambang Yudhoyhono has expressed hope that the European Union countries can handle the ongoing crisis as soon as possible.

In his speech before business delegates at the B-20 forum in Los Cabos, Mexico, on Sunday, President Yudhoyono said the absence of a solution to the crisis would have a negative impact on the global community.

"We are very concerned about the scale of the crisis in Europe. I cannot pretend to say that I have a solution to such a complicated economic, political, and social crisis in the European region, but I do hope that the European countries will be able solve it as soon as possible," he stated.

According to the Indonesian head of state, the prolonged economic crisis in Europe and the current political dynamics in Greece have influenced the European financial centres and also Indonesia.

"The volume of exports is gradually exposed to the impact of slow global economic recovery," President Yudhoyono noted.

Therefore, the Indonesian president underscored the importance of cooperation among business groups and G-20 economic countries to find the best possible solution to the global economic crisis.

He said when Indonesia faced a financial crisis in 2008, it gained much from improved cooperation between the government and the business world.

Citing data from several global financial institutions, President Yudhoyomo stated the world`s economy in 2012 would be more complicated.

He said the IMF predicted the world's economic growth would fall from 4 percent in 2011 to 3.5 percent in 2012. According to the Organisation for Economic Co-operation and Development's prediction, President Yudhoyomo added, the European region would experience a contraction of up to 2 percent in 2012.

"The World Bank said the economic growth in Asia-Pacific countries would slow down from 8.3 percent in 2011 to 7.6 percent this year," he said, adding that Indonesia`s economic growth in 2012 was targeted to be at 6.5 percent.