Depnaker-Prospek_2025 Faisal Basri.ppt

PROSPEK EKONOMI
INDONESIA 2025
Faisal Basri
28 November 2008

Kaidah dasar
 Tak ada jalan pintas untuk memperoleh hasil
yang berwujud perbaikan berkelanjutan 
Fondasi yang kokoh adalah prasyarat mutlak.
 Yang kita benahi sekarang baru akan
menghasilkan bertahun-tahun kemudian, tapi
lebih pasti. Semakin berkualitas benih yang kita
tanam, semakin besar kemungkinan kita akan
menuai hasil yang lebih banyak dan berkualitas.

Patterns of development

Great Leap/
leap frogging

Dicontinuum

pattern

Smooth or normal
pattern

Discontinuum pattern
Welfare

lack of institutions
Normal
pattern

lack of institutions

Back to
normal
track

disturbance
actual


1945

1955

1965

1975

1985

disturbance

1995

2005

Time

Kesejahteraan


Fungsi perencanaan
Visi?

a
y
a
p
U
A

al
im
s
ak
m

Bertolak dari
kemampuan
sekarang

Pasrah

Waktu

Visi Nasional versus Visi YIF
NASIONAL
 Tujuan: Pembukaan UUD
1945
 Visi 2025: Indonesia yang
mandiri, maju, adil dan
makmur:
• Pengangguran terbuka < 5%
• Jumlah orang miskin < 5%
• Pendapatan perkapita setara
dengan “upper middle income”
yang tahun 2005 rata-rata
$5,625

YIF
 Tujuan: tak tercantum

eksplisit
 Visi 2030: Negara maju yang
unggul dalam pengelolaan
kekayaan alam:
• 5 besar kekuatan ekonomi
dunia
• Pendapatan perkapita $18,000
• 10 besar tujuan pariwisata
dunia
• 30 besar indeks HDI
• 30 perusahaan Indonesia
masuk Fortune 500

Tujuan (common goals/ends)
 Melindungi segenap bangsa Indonesia dan seluruh
tumpah darah Indonesia
 Memajukan kesejahteraan umum
 Mencerdaskan kehidupan bangsa
 Ikut melaksanakan ketertiban dunia yang
berdasarkan kemerdekaan, perdamaian abadi dan

keadilan sosial.
—Pembukaan UUD 1945, alinea ke-4

Kesejahteraan sosial
 Tidak boleh ada kemiskinan di bumi Indonesia
Merdeka.
 Tidak didominasi oleh Kaum Kapitalis
 Kesejateraan yang merata ke seluruh rakyatnya
(kesejahteraan bersama = kesejahteraan sosial)
—Bung Karno

Mewujudkan kebahagiaan: 4 pilar
Modal Manusia

Modal Spiritual

Kebahagiaan
Kebahagiaan
(Happiness)
(Happiness)


Modal Fisik

Modal Sosial

Kebahagiaan
 “Happiness is the meaning and the purpose of life, the
whole aim and end of human existence.”
—Aristotle
 “All laws and all actions should aim at producing the
greatest happiness.”
—Jeremy Bentham
 “We should monitor the development of happiness in our
countries as closely as we monitor the development of
income.”
—Richard Layard
 “Growth is no longer making us happy.”
—Bill McKibben

Gross national income per capita, US$, 2005

GNI Per
Capita

PPP GNI
Per Capita

Norway

59,590

40,420

Switzerland

54,930

37,080

Denmark


47,390

33,570

United States

43,740

41,950

Sweden

41,060

31,420

Country

Country
Singapore


GNI per capita

PPP GNI per capita

5 highest
per capita
income

PPP : Non-PPP

27,490

29,780

1.1

Malaysia

4,960


10,320

2.1

Thailand

2,750

8,840

3.2

China

1,740

6,600

3.8

Philippines

1,300

5,300

4.1

Indonesia

1,280

3,720

2.9

620

3,010

4.8

18,620

25,280

1.4

Vietnam
Israel

The size of the economy
Country
United States

GNI, 2005
US$ billions

Population, 2005
Millions

12,970

296

Japan

4,988

128

Germany

2,852

82

China

2,264

1,305

United Kingdom

2,264

60

India

793

1,095

Mexico

753

103

Brazil

644

186

Russian Fed.

639

143

Indonesia

282

221

5 biggest
economies

> 100 mil.
population
Mau jadi
negara terbesar
ke-5 pd 2030?

Tantangan perekonomian Indonesia
 Pertumbuhan yang berkualitas
 Daya saing perekomian
 Kualitas SDM: pendidikan dan kesehatan
 Budaya riset sebagai kunci menjadi negara
industrial yang tangguh
 Ketimpangan: antarkelompok pendapatan,
antarsektor, fungsional, desa-kota

Low quality growth, 2000-2008 (%)
10

8

6

4

2
2000

2001

2002

2003

Tradable
* Jan-Sep (until 3rd quarter).
Source: BPS.

2004

2005

Non-tradable

2006

GDP

2007

2008*

Demographic windows of opportunity

e: World Bank (2006), based on UN Population Division (2005).

Terima Kasih
Email: faisal.basri@gmail.com
Blog: www.faisalbasri.blogs.friendster.com

INDONESIA DI TENGAH
KRISIS FINANSIAL GLOBAL:
TINJAUAN EKONOMI POLITIK
Faisal Basri
27 November 2008

Bagian I
Pusat Gempa dan
Kemakmuran Semu

Size of US economy and financial system
 Total value of all goods and services produced:
$13.8tr (Indonesia = $0.4 tr)
 Total amount of money in circulation: $0.57 tr





Total debts Gov & Private = $32.4 tr (235% GDP)
Treasury debts: $9.2 tr (67% GDP)
Household debts: $14.0 tr (101% GDP)
Home mortgage: $10.6 tr (77% GDP)

 Sub-prime & its derivatives: + $3.0 tr
 US Bail out package: $0.7 tr
 Bail out plus injection = $1 tr (7% GDP)
 US Gov deficit (2008) without bailout: 2.2% GDP

Falling off the property ladder

Lemak menyelimuti jantung

Source: Business Week, http://www.businessweek.com/magazine/content/08_42/b4104054852633.htm

The end of the affair …

Source: The Economist (http://www.economist.com/world/unitedstates/displaystory.cfm?
story_id=12637090)

Scary

 Personal savings
as a percentage
of dipsosable
income:
 1997 = 8.7%
 2007 = 0.6%

Source: The Economist, October 11-17, 2008, A Special Report, p.10; and Newsweek,
November 10, 2008, p. 42-3.

Over-the-counter derivatives: BIS-data
(billions US dollars)
DERIVATIVESTOTAL
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
98

99

00

01

02

03

04

05

06

07

OTC credit default swaps (BIS data)
(billions US dollars)
CDS
60,000
50,000

Enormous
increase

40,000
30,000
20,000

No data
available

10,000
0
98

99

00

01

02

03

04

05

06

07

Widening gap: Forex trading & merchandise trade

Alternative attractions

Lebih ideologis

U.S. Stock market history

Source: Wall Street Journal, http://online.wsj.com/article/SB122368241652024977.html (October
13, 2008, 9:48 p.m.)

THREE BEARS: the past century’s worst
market slumps

Source: Wall Sreet Journal, http://online.wsj.com/article/SB122359593027021243.html.

Comparison of economic crisis
 US Great Depression (1929–1934)




Un-employment: 25%
Mortgage NPL: 40% (in 1934)
Industrial production dropped 54% (1929–1932)

 US this year (August 2007 – October 2008)




Unemployment: slightly over 6.5%
Mortgage NPL: 4%
Industrial production has dropped 2% since Jan 2008

 Cost of Bailout






US Saving & Loans crisis 1988: 3.7% GDP
Mexico (1994): 19.3% GDP
Japan (1997): 24% GDP
South Korea (1997): 31.2% GDP
US (2008): 6%-7% GDP

… Recession is coming








A Record Decline in October’s Retail Sales in
the last 16 years.
Consumer Prices Sink Amid Slump :The U.S.
consumer price index fell 1.0% in October from
the previous month, the biggest drop in 61 years..
(wsj.com, Nov. 19, 2008).
Downturn Drags More Consumers Into
Bankruptcy—The economy’s deep troubles are
pushing a growing number of already struggling
consumers into bankruptcy .., often with far more
debt than those who filed in previous downturns.
Jobless claim hit 7-year high
Tech Companies, Long Insulated, Now Feel
Slump—In the span of just a few weeks, orders
for both business and consumer tech products
have collapsed, and technology companies have
begun laying off workers (nytimes.com,
November 15, 2008).

U.S. Stock market lost

Source: Wall Street Journal, http://online.wsj.com/article/SB122346026975114825.html (October 10, 2008, 1:00 p.m.

Bailout plan

Bailout Fails to Stem Global Stock Slump

Source: Ihttp://www.nytimes.com/2008/09/18/business/18markets.html?_r=1&8au&emc=au&oref=slogin

Stimulus jangan sampai garami laut
How much help government think
the economy needs, then add 50
percent. It's much better, in a
depressed economy, to err on the
side of too much stimulus than on
the side of too little.
--Paul Krugman, November 2008

Anatomy of crisis
 The fundamental cause was not greed and
corruption on Wall Street.
 The crisis has roots in key policy decisions
stretching back over more than three decades.
 At the domestic level, the key decisions in the
United States were to deregulate commissions
for stock trading in the 1970s and then to
eliminate the Glass-Steagall restrictions on
mixing commercial and investment banking in
the 1990s.
 The other key element in the crisis was the set
of policies giving rise to global imbalances. The
Bush Administration cut taxes, causing
government dissaving. The Fed cut interest
rates in response to the 2001 recession.

All out plan by other countries
 China pledges $586 billion to offset
slowing growth (economic stimulus
plan)
 EU got together to support their
banking systems with a
coordinated €1.5 trillion bailout

The global economy is in a tough spot
 Global economic growth to slow
significantly in second half of
2008.
 Main factors: Rising energy,
commodity prices have boosted
inflationary pressure.

The financial crisis is spreading rapidly ..
.. to the previously resilient developing world:
 Global trade is forecast to shrink in 2009 for the first time
since 1982.
 Foreign investment and short-term credit are drying up.
 Developing country exports are falling; large amounts of
capital have been withdrawn.
 Many developing countries face sharply tighter credit and
higher interest rates.
 GDP growth in developing countries is expected to fall to
4.5% from a projected 6.4%.
 Private capital flows are expected to drop from $1 trillion in
2007 to $530 billion in 2009.
(World Bank, November 2008)

Oil prices fall approached $50 a barrel
Crude Oil Lt Sweet Pit (Nymex) January, 2009
5:14 p.m. EDT

US$50.65 =

Source: http://online.wsj.com/mdc/public/page/mdc_commodities.html

Adjusted by producer-price index = US$118
Adjusted by annual income within G-7 countries = US$134
Adjusted by disposable income of US = US$145
Spending on oil as a share of global output = US$150


Source: Economist, April 17, 2008.

Oil prices and stock market

Source: http://online.wsj.com/mdc/public/page/mdc_commodities.html

Commodity prices appear to have peaked

Source: IMF, September 9, 2009.

Shares of Global GDP, 2007
At PPP
exchange rates*

At market
exchange rates

United States

21.36

25.51

China

10.83

5.99

Japan

6.61

8.08

India

4.58

2.02

Germany

4.34

6.12

United Kingdom

3.30

5.11

Russia

3.18

2.38

France

3.17

4.72

Brazil

2.81

2.42

Italy

2.76

3.88

Country

*PPP = purchasing power parity.
Source: IMF, World Economic Outlook, April 2008, p.
45.

The contribution of emerging market
economies has doubled since 1990

Source: “Economic Forecasts: Hard to Rely On?“ Finance and Development, Vol.45, No. 3, September 2008.

Advanced economies are most affected
by financial turbulence

Source: IMF, September 9, 2009.

Global outlook
(Real GDP, percent change from a year earlier)

Source: IMF, World Economic Outlook, October 2008: 25.

Bagian II
Perekonomian Indonesia

Apakah landasan ekonomi kita sangat kokoh?
Indonesia Korban Tidak Bersalah
(Kompas, Kamis, 20 November 2008)

Indonesia berada di urutan teratas dalam daftar korban krisis yang
tidak bersalah dalam gejolak ekonomi dunia saat ini. Oleh karena
itu, Indonesia meminta perhatian dunia untuk mendapat prioritas
pertama sebagai negara yang perlu diselamatkan dari kemungkinan
terburuk akibat krisis.
”Dalam krisis ini, negara yang bagus, mengelola keuangannya
dengan baik, dan memiliki institusi ekonomi yang sehat serta
kredibel tetap bisa terkena dampak negatif. Itu tidak fair (adil). Ini
yang disebut innocent victim (korban yang tidak bersalah),” ujar
Menteri Keuangan sekaligus Pelaksana Jabatan Menko Perekonomian
Sri Mulyani Indrawati seusai Rapat Koordinasi Terbatas dengan
Gubernur Bank Indonesia Boediono, Rabu (19/11) di Jakarta.

Sumber daya tahan
 Perekonomian Indonesia dan sektor keuangannya tak
terkait erat dengan sektor finansial AS.
 Harga minyak turun ke level di bawah $50 per barrel.
 Current account masih surplus walau surplusnya
menyusut.
 Porsi ekspor Indonesia ke AS, Eropa, dan Jepang sudah
menunjukkan penurunan; bergeser ke EM dan Asean.
 Sektor perbankan sudah cukup terkonsolidasi. Indikator
kesehatan perbankan (ROA, ROE, NIM, CAR) di atas
rata-rata negara tetangga, bahkan bisa dikatakan yang
terbaik, kecuali LDR. (warning: bank BUMN!!!)
 Ketahanan pangan terjaga.

Transmission of global economic and
financial crisis to Indonesia
Balance of Payments
Problems



Global Economic
&
Financial Crisis

Global economic slow down (shrinking
global trade)
 Declining trend of commodity prices
 Financial distress and global credit crunch
 Classical problem of Emerging Markets:
Slower global growth declining commodity
prices export slow down  deteriorating
CA balance  Depreciating currency

Indonesia
Economy

Financial Markets
Channels

Collapse of
financial
institutions in
the US

Credit crunch,
Bail out and
liquidity
drying up

Risk aversion
capital outflows
from Emerging
Markets

Financing
and Liquidity
Problems in
Emerging Mkt

Financial
Sector
Instability in
Emerging Mkt

Balance of payments
 

I.

CURRENT ACCOUNT
A. Goods, net (Trade
Balance)
1. Exports, f.o.b.
2. Imports, f.o.b.
B. Services, net
C. Income, net
D. Current Transfers,
net
II. CAPITAL & FINANCIAL
ACCOUNT
A. Capital Account
B. Financial Account
1. Direct investment
2. Portfolio investment
3. Other investment
III. ERRORS & OMISSIONS
IV. RESERVES &RELATED
ITEMS
Source: Bank Indonesia.

Q108

Q208

H108

7,526
34,400
-26,874
-2,973
-3,536

5,354
37,255
-31,901
-3,274
-4,889

12,880
71,655
-58,775
-6,247
-8,425

4,968

1,312

1,332

2,644

2,944 3,322
350
546
2,594 2,776
2,211
2,139
4,174
5,523
-3,791 -4,885
729 -1,008

-337
41
-378
1,106
1,923
-3,407
-960

3,725 3,388
57
98
3,668 3,290
958
2,064
4,314
6,237
-1,604 -5,011
-923 -1,883

2006 2007

10,836 10,401
29,660 32,754
103,528 118,014
-73,868 -85,260
-9,888 -11,797
-13,800 -15,524
4,863

2,328 -1,477

851

-14,510 -12,715 -1,032 -1,324 -2,356

Foreign merchandise trade: price effects
Price increases dominated of the growth in non-oil exports.
Billion US$
Growth (yoy)
Description
2005

Total export

2006

2007 2008*

85.7 100.8 114.0

2006 2007 2008*

107.6

17.7

13.1

29.7

Non-oil and gas

66.4

79.6

91.9

83.3

19.8

15.5

23.4

Oil and gas

19.2

21.2

22.1

24.3

10.3

4.1

57.3

Total import

57.7

61.1

74.4

101.1

5.8

21.9

53.4

Non-oil and gas

40.2

42.1

52.5

75.2

4.6

24.8

47.4

Oil and gas

17.5

19.0

21.9

25.9

8.6

15.5

68.4

* January-September.
Source: BPS.

Trade balance of oil and oil products
2002

2003

2004

2005

2006

2007

2008*

Exports

5,228

5,621

6,241

8,146

8,169

9,226

10,891

Imports

3,217

3,928

5,831

6,797

7,853

9,057

8,407

(X - M)

2,011

1,694

410

1,349

316

169

2,484

Exports

1,308

1,548

1,654

1,932

2,844

2,871

2,778

Imports

3,309

3,583

5,892

10,646

11,080

12,734

17,337

(X - M)

-2,001

-2,035

-4,238

-8,714

-8,236

-9,863

-14,559

Exports

6,535

7,169

7,896

10,078

11,013

12,097

13,669

Imports

6,526

7,510

11,724

17,443

18,933

21,791

25,744

(X - M)

10

-342

-3,828

-7,365

-7,920

-9,694

-12,075

 
Crude Oil

Oil Products

Total

*January-September Source: BPS.

Trade balance of oil and gas
US$ million

15000

10000

5000

0

-5000

-10000

2002

2003

2004

2005

Oil & oil products
•January-September
•Source: Badan Pusat Statistik.

2006

Gas

2007

Oil & gas

2008*

Jasa di neraca pembayaran
(US$ millions)

1997 2005 2006 2007
A. Trade balance
B. Services, net

10,07
4 17,534 29,660 32,718
9,667 -9,122 -9,888 11,797

C. Income, net
-6,332 -12,927 -13,800 -15,524
D. Current transfer,
net
725 4,793 4,863 4,968
Current account 5,199
278 10,836 10,365
Source: Bank Indonesia

Another financial crisis?
Structure of balance of payments
(US$ millions)
15,000

15,000

10,000

10,000

5,000

5,000

0

0

-5,000

-5,000

-10,000
2006

2007

2008*

Capital & Financial Account, net
Errors & Omissions
Current Account

irst semester
urce: Bank Indonesia, July 2008.

-10,000
2006

2007

2008*

Direct Investment, net
Portfolio Investment, net
Other Investment, net

Indonesia: direct investment
Year
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008*

Abroad In Indonesia
       -3,408
-3,065
-2,703
-4,790
-3,640

* First semester
Source: Bank Indonesia.

4,677
-241
-1,865
-4,551
-2,977
145
-597
1,896
8,336
4,914
6,928
5,704

Net
4,677
-241
-1,865
-4,551
-2,977
145
-597
-1,512
5,271
2,211
2,139
2,064

The role of foreign direct investment (1)
FDI flows as a percentage of gross fixed capital formation
40
35
30
25
20
15
10
5
0
-5

Source: UNCTAD, World Investment Report 2007.

The role of foreign direct investment (2)
FDI stocks as a percentage of gross domestic product
60

50

40

30

20

10

0

Source: UNCTAD, World Investment Report 2007.

The role of FDI in Asia & South America, 2006
FDI flows to GFCF
Country
Venezuela
Bangladesh
Sri Lanka
Indonesia
China
India
Argentina
Taiwan
Brazil
Vietnam
Philippines
Thailand
Peru
Bolivia
Malaysia
Pakistan
Ecuador
Chile
Cambodia
Singapore
Asia
South America

Percent
-2.1
3.9
6.2
6.4
8.0
8.7
9.6
10.3
10.5
12.5
14.1
16.5
18.9
19.5
20.1
24.1
24.8
28.3
38.9
79.5
12.9
13.1

Country

FDI stocks to GDP

Indonesia
India
Bangladesh
Sri Lanka
China
Pakistan
Taiwan
Philippines
Peru
Brazil
Venezuela
Argentina
Thailand
Malaysia
Ecuador
Cambodia
Bolivia
Vietnam
Chile
Singapore
Asia
South America

Percent
5.2
5.7
6.3
10.9
11.1
11.4
14.2
14.6
20.7
20.8
25.0
27.4
33.0
36.0
39.9
41.6
44.6
54.8
55.4
159.0
24.9
26.0

Notes: FDI = Foreign Direct Investment (inward); GFCF = Gross Fixed Capital Formation; GDP = Gross Domestic Product. Source: UNCTAD, World Investment Report 2007.

FDI performance and potential
Performance
Potential
High FDI
Potential
Low FDI
Potential
Source: UNCTAD, 2006

High FDI
Performance

Low FDI
Performance

Front-runners:
Brunei, China, Hong
Kong, Malaysia,
Singapore

Below potential:
Iran, Israel, Kuwait,
Philippines, Taiwan,
Thailand

Above potential:
Azerbaijan,
Tajikistan, Viet Nam

Under-performers:
Bangladesh, India,
Indonesia,
Pakistan, Sri Lanka

Japanese FDI: downward evaluation of Indonesia
Promising countries for overseas business operation
over the medium term (next 3 years or so)

Rank

1997

2000

2001

2002

2003

2004

2005

2006

2007

1st

China

China

China

China

China

China

China

China

China

2nd

USA

USA

USA

Thiland

Thailand

Thailand

India

India

India

3rd

Indonesia

Thailand

Thailand

USA

USA

India

Thailand

Vietnam

Vietnam

4th

Thailand

Indonesia

Indonesia

Indonesia

Vietnam

Vietnam

Viet nam

Thailand

Thailand

5th

India

Malaysia

India

Vietnam

India

USA

USA

USA

Russia

6th

Vetnam

Taiwan

Vietnam

India

Indonesia

Russia

Russia

Russia

USA

7th

Philippines

India

Taiwan

Korea

Korea

Indonesia

Korea

Brazil

Brazil

8th

Malaysia

Vietnam

Korea

Taiwan

Taiwan

Korea

Indonesia

Korea

Indonesia

9th

Brazil

Korea

Malaysia

Malaysia

Malaysia

Taiwan

Brazil

Indonesia

Korea

10th

Taiwan

Philippines

Singapore

Brazil

Russia

Malaysia

Taiwan

Taiwan

Taiwan

ce: JBIC.

Better foundation

64

Structure of foreign debts
Government

Private

Total

4%

14%

73%

96%

86%

As of 1st quarter 2008:
 Total gross external debts:


Government (+ Monetary Authority)

= US$ 87.5 billions



Private Sectors

= US$ 62.2 billions



Total

= US$149.7 billions

 Short-term external debts (in percent of foreign exchange
reserves) = 34.5%
Source: Bank Indonesia, August 2008.

External vulnerability: regional comparison
– economic perception
Too big, too high

Bloomberg commodity price
index

Should
be here

Source: CITI’s Asia Macro Views, “Measuring Asia’s External Vulnerability,”
8 October 2008

Siapkan kondisi terburuk
 Krisis finansial global menyadarkan kita tentang
rapuhnya tatanan yang ada  muncul tuntutan untuk
penataan ulang sistem finansial global dan interaksi
hubungan ekonomi antarbangsa.
 Perekonomian kita justru cenderung mengarah ke pola
AS yang rapuh itu. Tentu konsekuensinya bisa lebih
parah karena kita tak punya kemewahan untuk
menjawab masalah sebagaimana yg dialami AS.
 Perubahan pola pikir yang mendasar agar landasan
perekonomian nasional lebih kokoh:
 Mencapai tujuan secara efektif
 Lebih stabil atau volatilitas berkurang
 Memenuhi rasa keadilan.

Economic temperature higher ..
Inflation returns 2 digit, y-o-y, %
18.38

18

14.55

14
10.60

11.77

10

8.81

8

7.20

2002
Source: BPS.

2003

2005

2006

2007

2008

Oct

Jul

Apr

Jan

Oct

Jul

Apr

Jan

Jul

Apr

Jan

Oct

Jul

Oct

Jul

2004

Oct

5.27

4.60
Jan

Oct

Jul

Apr

Jan

Oct

Jul

4

5.79

Apr

6

Apr-

12

Jan

percent

16

7.0

Source: Bank Indonesia.

7 -O c t

3 -J u l

3 -A p r

Jan

8 -O c t

5 -J u l

5 -A p r

4 -J a n

5 -O c t

6 -J u l

5 -A p r

9 -J a n

4 -O c t

5 -J u l

BI Rate bisa turun?
13.0

12.5

12.0

11.5

11.0

10.5

10.0

9.5

9.0

8.5

8.0

7.5

Persoalan likuiditas
 LIBOR tenor 1 bln turun dr 4.5% pd awal Okt ke 2.3% pd
awal Nov. Bahkan overnite $ sdh di bawah 0.5%. Jadi, ,
likuiditas dan trust di pasar uang antarbank membaik.
 Sejauh ini di Indonesia masih belum normal. Likuiditas
sudah membaik, tapi terkonsentrasi di beberapa bank,
sehingga pinjaman antarbank di Indonesia masih seret.
 Penyebab likuiditas ketat di Indonesia:
 Pemerintah tarik dana banyak, tapi spending lamban.
 Intervensi BI untuk jaga Rupiah Jan-Sep US$16 miliar.
 Pertumbuhan kredit pada Agustus 08 naik tinggi ke 35% y-o-y
(atau 20% ytd); sedangkan pertumbuhan dana masyarakat
turun ke 9,6% y-o-y (atau 1,0% ytd).

Government account at BI
200000

Rpbn

180000
160000
140000
120000
100000
80000
60000
40000
20000
0

Aug-04

Aug-05

Aug-06

Aug-07

Aug-08

8,500
10-Nov

27-Aug

18-Jun

9-Apr

28-Jan

8-Nov

24-Aug

18-Jun

5-Apr

26-Jan

15-Nov

1-Sep

22-Jun

12-Apr

1-Feb

23-Nov

9-Sep

1-Jul

21-Apr

8-Feb

1-Dec

16-Sep

7-Jul

8-Apr

Heart beat has been increasing …
(Rupiah per US$)

9,000

9,500

10,000

10,500

11,000

11,500

12,000

12,500
Source: Bank Indonesia

Depresiasi mata uang mewabah
Data s.d. 11/11/08
South Korean Won

-29.99

Australian Dollar

-23.89

New Zealand Dollar

-24.61

British Pound

-22.57

Canadian Dollar

Oct-Nov '08

-17.59

ytd

Thai Baht

-15.32

Philippine Peso

-15.14

Euro

-13.4

Indonesian Rupiah

-16.88

Malaysian Ringgit

-7.73

Swiss Franc

-4.35
Depresiasi

Singapore Dollar

Apresiasi

-4.12

Taiwanese Dollar

-1.4

Hong Kong Dollar

0.61

Chinese Renmimbi

7.08

Japanese Yen

14.5
-35

-30

-25

-20

-15

-10

-5

0

5

10

15

20

Multiinterpretatif dan self-interest
Imbauan Diperlukan, tetapi Tak Akan Efektif
(Kompas, Kamis, 20 November 2008)

Imbauan Bank Indonesia agar masyarakat mengonversi dollar
AS yang dimilikinya ke mata uang rupiah memang diperlukan
sebagai ajakan moral dari otoritas. Namun, langkah itu dinilai
tidak akan efektif menguatkan rupiah.
Menteri Perindustrian Fahmi Idris mengatakan, seruan
Gubernur BI kepada masyarakat untuk melepas kepemilikan
dollar AS di dalam negeri tidak ditujukan kepada para
pejabat dan masyarakat umum.
”Untuk rumah tangga, jika tidak perlu memegang dollar AS, ya
tidak usah memegang dollar AS, kecuali punya anak yang
sekolah di luar negeri,” ujarnya.

Fenomena US$ dan dampaknya pada Rp
 Hampir semua mata uang melemah terhadap US$.
 Perekonomian AS sedang sakit parah.
 AS sangat haus utang, karena tekor di segala lini:





belanja > pendapatan;
konsumsi > produksi;
impor > ekspor (current account deficit);
pengeluaran pemerintah > penerimaan pemerintah (budget
deficit)

 Jadi, terjadi anomali? It’s not that people want to own
dollars, its just that they want to own the alternatives
even less.
 Karena itu, harga-harga emas dan komoditas juga turun.

JSX index dropped significantly

Business Week, 14-21 Maret 2007, hal.18.
2,900
2,800

(Jakarta composite index)

2,700
2,600
2,500
2,400
2,300
2,200
2,100
2,000
1,900
1,800
1,700
1,600
1,500
1,400
1,300
1,200
1,100
1,000

6-Oct

4-Aug

6-J un

9-Apr

6-F eb

30-N ov

2-Oc t

6-Aug

11-J un

11-Apr

12-F eb

13-D ec

11-Oc t

11-Aug

16-Jun

19-Apr

16-F eb

19-D ec

17-Oct

19-Aug

23-Jun

26-Apr

24-F eb

22-Oc t

800

24-D ec

900

Kunci penyelesaian
 Bursa masih tersandera oleh saham-saham
Bakrie Group.
 Jangan sampai saham-saham perusahaan batu
bara jatuh ke tangan asing  bertentangan
dengan semangat divestasi kontrak karya.
 Buka opsi bailout.
 Bersih-bersih tuntas di bursa  meningkatkan
kredibilitas bursa.

Sekarang Bakrie, lalu Bukaka dan Bosowa…
Wapres: Kelangsungan Hidup Bakrie Perlu
Dijaga
Kompas.com, Jumat, 14 November 2008 | 13:35 WIB

"Pemerintah berkewajiban menjaga
kelangsungan hidup pengusaha nasional. Bukan
hanya Bakrie, tetapi siapa saja supaya
usahanya tetap berjalan," ujar Wapres dalam
jumpa pers usai shalat Jumat di Istana Wapres,
Jakarta, (14/11).
Dengan pemikiran seperti itu, pembelaan pemerintah kepada
Bakrie masih dalam kategori wajar. Pemerintah sebelumnya
juga membela pengusaha lain seperti Astra, Danamon, BCA,
sejumlah bank lain, dan sejumlah konglomerat. "Masakan
membantu Bakrie tidak boleh," ujarnya.
http://www.kompas.com/read/xml/2008/11/14/13352853/Wapres.Kelangsungan.Hidup.Bakrie.Perlu.Dijaga

5

6.4
6.1

4.7

7

6.5

Quarterly GDP growth, y-o-y, %

6.6

Indonesia’s post-crisis journey

3
1
-1
-3
-5
-7

Gus Dur:
“Erratic/shaky”

-9
-11

Megawati:
Consolidation and
acceleration

-13
-15

SBY: Throws away
Momentum, and then made
correction

-17
-19
-21

Crisis
peak

Source: BPS.

Low quality — Sectoral growth rate
(2000 base year, year-on-year growth rate, %)

2006 2007 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08

 

Tradable

3.7

3.8

5.2

2.3

3.4

3.2

3.2

Agriculture

3.0

3.5

8.9

3.1

6.0

4.6

2.4

Mining & Quarrying

2.2

2.0

1.8

-2.1

-2.3

-0.9

1.6

Manufacturing

4.6

4.7

4.5

3.8

4.3

4.1

4.3

7.4

9.0

7.9

10.6

9.5

10.1

9.5

Electricity, Gas & Water

5.9

10.4

11.7

11.8

12.1

11.2

10.6

Construction

9.0

8.6

7.5

9.9

8.3

8.0

7.5

Trade, Hotel & Rest.

6.1

8.5

6.9

9.1

7.2

7.9

7.6

Transport & Comm.

13.6

14.4

12.5

17.4

19.7

19.6

17.1

Finance

5.7

8.0

8.0

8.6

8.3

8.7

8.5

Services

6.2

6.6

5.7

7.2

5.7

6.5

6.7

5.5

6.3

6.5

6.3

6.3

6.4

6.1

Non-Tradable

GDP
Source: BPS.

Real GDP growth: tradables (%)
1. Agriculture
a. Farm Food Crops
b. Non Food Crops
c. Others
2. Mining and Quarrying
a. Oil & Gas
b. Non Oil & Gas
c. Quarrying
3. Manufacturing Industries
a. Oil & Gas
b. Non Oil & Gas
* Food, Bev. & Tobacco
* Textile, Leath & Footw
* Wood & Forest Prod.
* Paper & Printing
* Fertilizer, Chem.& Rubber
* Cement/Non-Metal Quarry
* Iron & Steel
* Transport/Machine Equip.
Source: Badan Pusat Statistik.

2004
2.8%
2.9%
0.4%
3.9%
-4.5%
-4.3%
-8.0%
7.5%
6.4%
-2.0%
7.5%
1.4%
4.1%
-2.1%
7.6%
9.0%
9.5%
-2.6%
17.7%

2005
2.7%
2.6%
2.5%
3.0%
3.2%
-1.8%
12.2%
7.7%
4.6%
-5.7%
5.9%
2.7%
1.3%
-0.9%
2.4%
8.8%
3.8%
-3.7%
12.4%

2006
3.4%
3.0%
3.8%
3.7%
1.7%
-1.1%
4.8%
8.3%
4.6%
-1.7%
5.3%
7.2%
1.2%
-0.7%
2.1%
4.5%
0.5%
4.7%
7.6%

2007
3.5%
3.5%
3.5%
3.5%
2.0%
-1.2%
5.5%
8.6%
4.7%
-0.1%
5.2%
5.1%
-3.7%
-1.7%
5.8%
5.7%
3.4%
1.7%
9.7%

H1-2008
5.3%
6.5%
6.6%
-1.4%
0.0%
-6.5%
8.1%
4.1%
0.7%
4.5%
-2.4%
-3.4%
0.3%
0.4%
3.5%
-0.5%
3.0%
15.8%

Share
14.0%
7.5%
1.9%
4.6%
8.3%
4.6%
2.7%
0.9%
26.9%
2.3%
24.5%
6.4%
2.6%
1.0%
1.3%
3.3%
0.8%
0.4%
8.6%

Pertumbuhan manufaktur besar & sedang
KL
BI
15
16
17
18
20
24
26
27
29
31
32
34
35
36
 

Uraian
Makanan & minuman
Pengolahan tembakau
Tekstil
Pakaian jadi
Kayu dan brg dr kayu
Kimia & brg dr kimia
Brg galian bkn logam
Logam dasar
Mesin & perlengkapannya
Mesin listrik lainnya dan
perlengkapannya
Radio, TV & peralatan komunikasi
Kendaraan bermotor
Alat angkutan, selain kendaraan
bermotor roda-4
Furnitur & pengolahan lainnya
Total industri manufaktur

*Triwulan ketiga. Sumber: BPS, 3 November 2008.
.

2006
11.9
-0.9
6.0
67.3
-41.0
25.8
11.8
22.1
-2.9

2007 2008*
5.2
-4.9
15.9
6.8
11.2
4.7
-23.0 -30.6
-16.4
0.6
35.8 -13.0
0.3 -15.1
12.1
-2.6
43.0 -17.3

-1.3
87.1
-46.5

-22.1
50.5
29.6

12.2
12.7
16.6

-36.6
-1.9
-1.6

-8.9
-14.1
5.6

48.0
43.4
1.6

Sumbangan manufaktur terhadap PDB, %
39

Swaziland

35

Thailand

32

Belarus
Ireland

31

Malaysia

31

Romania

31

Korea

29

Singapore

29
28

Indonesia
Source: BPS.

Slovenia
Source: World Bank.

27

Jumlah penyerapan tenaga kerja
Sektor
Pertambangan & Penggalian
Industri Pengolahan
Listrik, Gas, Air Bersih
Konstruksi
Perdagangan Besar dan Eceran
Akomodasi, Makan, Minum
Transportasi, Gudang, Komunikasi
Perantara Keuangan
Real Estat, Usaha Persewaan
Jasa Pendidikan
Jasa Kesehatan dan Kegiatan Sosial
Jasa Kemasyarakatan, Sosbud, Hiburan
Jasa Perseorangan layani rumahtangga
Jumlah
Sumber : BPS, Sensus Ekonomi 2006.

Tenaga
Kerja
633.711
11.785.057
161.775
724.521
17.207.494
5.137.200
3.561.066
905.088
1.833.224
4.027.744
732.557
2.756.960
203.77
49.670.167

Persenta
se
1,3
23,8
0,3
1,5
34,5
10,3
7,2
1,8
3,7
8,1
1,5
5,6
0,4
100,0

Real GDP growth: non-tradables (%)
4. Utilities
5. Constructions
6. Trade, Hotel & Rest.
a. Wholesale & Retail
b. Hotel
c. Restaurant
7. Transport & Comm.
a. Transport
* Railways
* Road
* Air Transport
b. Communication
8. Finance
a. Banks
b. Non Bank Financial
9. Services
 
Non Oil & Gas GDP
Real GDP
Source: Badan Pusat Statistik.

2004
5.3%
7.5%
5.7%
5.5%
7.9%
6.1%
13.4%
8.8%
-0.9%
5.0%
30.1%
22.9%
7.7%
6.0%
9.2%
5.4%

2005
6.3%
7.5%
8.3%
8.8%
6.2%
5.9%
12.8%
6.3%
-3.0%
4.8%
10.4%
24.6%
6.7%
4.5%
8.3%
5.2%

2006
5.8%
8.3%
6.4%
6.6%
5.2%
5.8%
14.4%
6.6%
6.4%
5.0%
10.7%
26.4%
5.5%
1.6%
7.1%
6.2%

2007
10.4%
8.6%
8.5%
8.9%
5.3%
6.8%
14.4%
2.8%
1.3%
3.6%
8.3%
29.5%
8.0%
8.0%
8.1%
6.6%

Share
0.7%
6.2%
17.3%
14.3%
0.7%
2.3%
7.3%
3.7%
0.0%
1.6%
0.6%
3.6%
9.4%
4.0%
0.8%
9.3%

6.0%
5.0%

6.6%
5.7%

6.1%
5.5%

6.9%
6.3%

92.7%
100.0%

Which industries are most at risk?
External Impact to Indonesia
Medium and Large Manufacturing Industries
100

1
3

Value Added Contribution to Medium and Large Mfg Industries
2

90

High import contents &
export oriented

80

14
70
Export/Omzet (%)

15
60

High local contents
& export oriented
(14.42%)

High import contents
& export oriented
(16.17%)

High local contents
& domestic oriented
(36.88%)

High import contents
& domestic oriented
(32.45%)

High local
contents &
export oriented

50

5
40

16
7

30

4

6

20

12

11

8 High import contents &
domestic market

9

10

10

13
0
0

10

20

High local contents &
domestic market

30

40

50

60

70

Import/Total Raw Materials (%)

Note:
1 = electric motor industry
2 = root & tuber processing industry
3 = fruit & vegetables canning industry
4 = radio, tv & electronic appliance industry
5 = sport shoes industry
6 = glass industry
7 = garment industry
8 = four or more wheeler's component industry

80

90

100

Source: Processed from BPS, Industry Statistics,

9 = four or2005
more wheel motor vehicles industry
10 = two or three wheel motor vehicles industry
11 = cement industry
12 = cooking (palm) oil industry
13 = clove cigarette industry
14 = wood furnishing industry
15 = crumb rubber industry
16 = pulp industry

Terima Kasih
Email: faisal.basri@gmail.com
Blog: www.faisalbasri.blogs.friendster.com