Indonesian President calls on nation to brace for worse economic crisis

WireUpdate:  JAKARTA, INDONESIA (BNO NEWS) -- Indonesian President Susilo Bambang Yudhoyono on Friday called for readiness among citizens, warning that the current global crisis could strike the country's economy harshly.

Compared to Indonesia's 2008-2009 crisis, Yudhoyono said during a cabinet meeting that the current one is different as the one three years ago was triggered by the U.S.' private sector. However, the current economic crisis is heavily influenced not only by the U.S., but by the European Union and other states as well, the Antara news agency reported.

Yudhoyono called on the nation to brace itself and be prepared in case the current global crisis hits Indonesia's economy worse than three years ago. The Indonesian President also expressed confidence in the country's capacity to overcome the crisis and adequately adjust to the circumstances.

Referring to the country's success in overcoming the impact of the global economic crisis three years ago, Yudhoyono said he still has "strong optimism" that it could manage the crisis well.

According to Association of Indonesian Employers Sofjan Wanandi, Indonesia's declining export market is already having an impact on the business community. Meanwhile, a strong depreciation of the rupiah against the U.S. dollar made the crisis a closer reality as it plunged to Rp 9,000.

Sofjan also noted that the Greece's economic crisis is a strong reminder that the current situation could well be more serious than the one three years ago.