Indonesian president tells World Economic Forum economy "stronger"

Jun 12, 2011, 10:02 GMT

Jakarta - Indonesian President Susilo Bambang Yudhoyono said his country's economy was going strongly but acknowledged that it was facing many problems such as corruption, poverty and poor infrastructure.

'I am particularly pleased that the Indonesian economy is going stronger,' Yudhoyono said in a speech at the World Economic Forum on East Asia in Jakarta.

'Our trade volume and foreign reserves are at record high,' he said. 'Foreign investment is rising sharply.'

Indonesia's gross domestic product (GDP) is approaching 1 trillion dollars and prudent fiscal policy has resulted in a balanced budget, Yudhoyono said.

The country's debt to GDP ration is 26 per cent, the lowest in history, he said, adding that Indonesia aimed to be the world's top 10 largest economies in the coming decades.

Indonesia's economy grew 6.1 per cent last year. The central bank predicts it could grow as much as 6.5 percent this year.

Last month Yudhoyono outlined what he called a 'master plan' to boost economic growth to between 8 and 9 per cent, with a focus on private investment and infrastructure development.