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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Indonesian president aims for economy to be 'uncaged' AFP - Tuesday, August 17 Send IM Story Print Indonesian president aims for economy to be 'uncaged' Slideshow: Full Photo Coverage: Business & Economy JAKARTA (AFP) - – Indonesia's president said on Monday that he wants Southeast Asia's biggest economy to stop being a "caged tiger" and unleash annual growth of nearly eight percent by 2014. "It's time that Indonesia not only walks, but walks faster and begins to run. It's time that we don't remain as a caged tiger but be a nation that is competitive on the international scene," President Susilo Bambang Yudhoyono said. Yudhoyono said Indonesia should aim to hit growth of 7.7 percent in four years, which he said would create 10.7 million new jobs and slash poverty by 8-10 percent. "With careful planning and proper implementation, we are optimistic in reaching the target," he said in a speech to parliament on the eve of Indonesia's independence day. "Accelerating economic growth is expected to increase job opportunities and reduce the unemployment level," the president added. Later Monday, Yudhoyono presented his draft budget for 2011 in which he forecast a deficit of 1.7 percent of gross domestic product next year, wider than the 1.5 percent gap expected this year. He also proposed to increase capital spending next year by 28 percent to 121.7 trillion rupiah (13.5 billion dollars), mainly to finance infrastructure projects such as irrigation, transport, housing, and water resources. He added that total infrastructure investment between 2010 and 2014 is expected to be 161 billion dollars. Indonesia's infrastructure has suffered from years of neglect, which is hindering economic growth, and analysts blamed a lack of legal clarity and difficulties in land clearing as the main obstacles for investment in the country. Yudhoyono said the government aimed to earn 1,086 trillion rupiah in revenue next year, and spend 1,202 trillion. The government will finance the deficit by issuing bonds and borrowing from multilateral lenders, he said without giving details. Indonesia's economy will likely expand 6.3 percent next year, faster than the six percent expected in 2010, with foreign investment soaring 46 percent in the first six months, as confidence grows after the global financial crisis. The dollar is expected to average 9,300 rupiah next year, higher than the 9,200 predicted for this year. Parliament and the government will discuss the budget draft before the new fiscal year begins on January 1. Indonesia emerged safely from the global downturn and its stock market is one of the best-performing in Asia because of strong domestic demand and strong exports of resources such as coal, palm oil and natural gas. -- Dow Jones Newswires contributed to the story -- Recommend Send IM Story Print Related Articles US-BUSINESS Summary Reuters - 22 minutes ago Dow, S&P end flat; volume is lowest of the year Reuters - 23 minutes ago US STOCKS-Dow, S&P end flat; volume is lowest of the year Reuters - 25 minutes ago FOREX-Dollar slides vs major currencies; yen, franc rally Reuters - 34 minutes ago Credit card losses fall more than expected Reuters - 39 minutes ago News Search Top Stories Darfur expels five aid workers Israel rejects 'preconditions' for direct peace talks Tearful German pop star confesses in HIV trial Russia says beating fires as weather switches Eurozone inflation rises to 1.7% in July More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Zsa Zsa Gabor calls in priest for final rites Eight killed, 12 injured in California desert race Tearful German pop star confesses in HIV trial Hurricane formation linked to sea color: study Belgian man dies of South Asian superbug More Most Viewed » Obama endorses mosque plan near Ground Zero 40 US billionaires pledge half wealth to charity Visitors attack Taiwan 'haunted house' actors Calcium supplements linked to heart attacks: study Massive ice island breaks off Greenland glacier More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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