Indonesia's 2004 economic growth could reach 5.1 percent, above the target figure of 4.8 percent in the state budget, Economics Minister Aburizal Bakrie said Wednesday. Bakrie said although the figure was encouraging, it was still below the levels of growth enjoyed before the 1997-1998 regional financial crisis, the state Antara news agency said.
He said growth remained heavily reliant on domestic consumption but that foreign investment, particularly in the construction sector, had shown a positive trend for the first time since 2000.
Indonesia's unemployment rate was also expected to fall from 9.5 percent in 2004 to 6.7 percent by 2009, while the poverty rate of 16.6 percent would be brought down to 8.2 percent over the same period, he said. Earlier Wednesday, ratings agency Standard and Poor's said it was raising its long-term foreign currency credit rating for Indonesia to reflect the country's recent successful elections and positive economic outlook.
New President Susilo Bambang Yudhoyono won a landslide victory in the September polls, after promising to revitalise the economy by eradicating the widespread corruption that has scared away foreign investors.
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