Economic Nationalism Catches Up with In…

The negative future that economists had predicted for Indonesia given the country’s bout with growing economic nationalism is starting to arrive, with economic data across a wide spectrum beginning to slide. As Asia Sentinel reported in June 2012, President Susilo Bambang Yudoyono and his economic advisers, governed by a certain amount of hubris built on the country’s steady 6 percent-plus growth and its stellar, consumer-driven economic performance during the global credit crunch that began in 2007, began late last year to tighten the screws on foreign investment and to move toward protecting local industries across banking, mining and other sectors.

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