Impact of Economics Crisis

A detailed Summary of Impact of Economics Crisis


The Impacts of Economics Crisis in Indonesia

The economic crisis, which hit Indonesia, began in Thailand in June 1997. It rapidly spread, causing stocks to tumble and many Asian currencies to fall, the worst of all the Indonesian Rupiah. Indonesia's worsening economic situation is mainly due to the sharp depreciation of Rupiah against the US dollar. Being out of our government's control, the Rupiah keeps on sliding further and at its lowest point touched a level of Rp. 17,000 against the US dollar. Realizing that the economy will not recover overnight, it takes time and serious effort to bring back the economy on the right track. In order to cover the budget deficit, the Indonesian government asked the assistance from the International Monetary Fund. As for the revival of the economic crisis, Indonesia needs massive aid.

The crisis has caused the banking sector to collapse dramatically. The large number of banks in my country might be one of the main problems as there are more than 265 units. The recent economic crisis has put more burdens on the banking sector so the government decided to close down 16


This mid-May riot has left a traumatic effect on me. I am deeply grieved that these things should happen to my own country and people. Motivated by this tragedy, I promise that I will contribute with my knowledge to help my country in difficult time like now. My strong commitment is to try to minimize the impact of the economic crisis.

This serious problem has incited crime, chaos, and social unrest. Poor people can no longer afford to buy staple food and basic essential commodities. Even subsidies could no longer assist with the people becoming more easily tempted and incited to commit crime. Stealing, robbing, looting, destroying, and burning could no longer be avoided. The tragedy was on May 14, 1998, when the mass riots started in Jakarta. The angry mobs started to loot, destroy and burn down shops, supermarkets, cars, housing complexes and even the Chinese minority became the target by being physically assaulted and abused. The reason is because most Chinese dominate the business factor. Direct losses are approximately US$ 909 million. This resulted in a stagnation of the business, transportation and distribution

Some common words found in the essay are:
Central Bank, Monetary Fund, Rupiah Indonesia's, Thailand June, Crisis Indonesia, economic crisis, private banks, crisis indonesia, banking sector, depreciation rupiah, central bank, crisis caused, factories closing,

Approximate Word count = 759
Approximate Pages = 3 (250 words per page double spaced)

Category: Politics

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