Economy in need of a crisis
When Indonesia fell victim to the currency turmoil in south-east Asia last month, it rapidly became clear that sound macroeconomic fundamentals and competent technocratic management might not be enough to restore foreign confidence. More effort would be needed to convince investors that Indonesia was not about to fall victim to the Thai disease of falling exports, an overbuilt property sector and a financial system riddled with bad debt.
The revelation provided the kind of opportunity that some Indonesian technocrats have been seeking for years: the chance to move forward with deregulation in the non-financial sector.
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