Indonesia may cut its 2009 economic growth forecast to 3.5 percent from 4.5 percent, Finance Minister Sri Mulyani Indrawati said in London yesterday, where she is attending the G-20 gathering. That would be the slowest expansion in eight years.
“The expectation is becoming very, very high for the leaders meeting to provide a very concrete action now,” Sri Mulyani said in an interview yesterday. “It’s very important for us to come together and use very valuable time to formulate the policy responses to minimize this severe downturn.”
Leaders of advanced and emerging economies are closing ranks behind plans for tougher rules on financial markets to prevent another collapse like the one that pushed the world into the current economic slump. When G-20 leaders last met in November, the U.S. resisted European suggestions for a single global regulator and government oversight of hedge funds. G-20 countries are also spurring accounting-standard setters to speed up the work of narrowing differences so investors can compare financial statements around the world.
The leaders may agree on the size of fiscal stimulus plans, Sri Mulyani said, without giving details. “It’s time for us not to do the political rhetoric of blaming each other,” she said. Leaders of G-20 nations including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the U.S., the U.K. and the European Union, will meet in London on April 2.
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--Editors: Stephanie Phang, Margo Towie
To contact the reporter on this story:
Arijit Ghosh in Jakarta at +62-21-3435-3025 or aghosh@bloomberg.net; Elliott Gotkine in London at +44-20-7673-2386 or egotkine@bloomberg.net
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