International Business News
Indonesian president vows 7pc growth
Indonesian President Susilo Bambang Yudhoyono pledged Wednesday to return the country to strong growth of seven percent by 2014 if he is re-elected in July.
The president known simply as SBY said domestic demand would fuel a recovery next year, as he addressed business leaders ahead of the July 8 polls.
"We have the objective within the next five years that, with the right growth sources and the best policies, economic growth can reach seven percent," Yudhoyono said.
"I prefer inclusive growth, sustainable growth and protection for the citizens rather than economic growth levels that won't be sustainable," he added.
The government has embarked on a 7.1-billion-dollar stimulus spending plan but Yudhoyono said fiscal policy had to be balanced with a "social safety net" to ensure stable rather than simply high economic growth.
His government would improve resource management in a country which is home to some of the world's largest reserves of minerals, coal, oil and gas.
"We have abundant resources, but they have not been managed efficiently," he said.
Indonesia became a net oil importer several years ago due to a lack of investment in new fields, while regulatory problems have stymied investment in the mining sector.
Boediono, an economist with no experience in politics, separately promised to fight corruption and strengthen the domestic market if elected as vice president.