The Indonesian President says his country will turn to its large domestic market to maintain economic growth in the face of an expected slowdown.
Susilo Bambang Yudhoyono has told the APEC summit in Peru, Jakarta will boost growth with infrastructure projects like power plants, and fight poverty with greater spending on education and health care.
He says with global markets weakening and prices soft for Indonesia’s exported commodities “sources of growth will come more from our large domestic market,”.
The Australian Prime Minister, Kevin Rudd, says his idea for an Asia Pacific Community would be an important move to ensure economic growth in the region.
“We need to think now about the next 20 years and beyond,” Mr Rudd said.
“The rapid changes taking place in our region are certain to throw up a myriad of economic, political and security and environmental challenges that require common action and we need to position the region to respond effectivey to all of these challenges through a single forum that brings together regional countries such as the Untied States, China, India, Indonesia and Japan and others.”
Mr Rudd wants the Community to be set up by 2020.
