Impact of Economics Crisis

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

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Some common words found in the essay are:
Central Bank, Monetary Fund, Rupiah Indonesias, 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)