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"Indonesia is in deep crisis." So begins the survey of Indonesia's economic misfortune, published in the midst of one of the worst economic crises the country has ever experienced.

Detail Description
The report provides an update on the Asian financial crisis's impact on Indonesia's economy: the Rupiah has fallen in value by 80%; inflation has soared by 50%; unemployment has risen dramatically and the stock market has lost much of its value; foreign creditors have withdrawn and investors have retreated; and capital and entrepreneurs have fled. The report notes, however, that the country's future prospects "are not tarnished irretrievably." It goes on to suggest points of action for dealing with the crisis in the near term: protect the poor; obtain substantial additional foreign financial assistance; deal with the debt overhang; resuscitate the banking system; and improve governance. 
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Cover and page 1 of <em>Indonesia in Crisis: A Macroeconomic Update</em> (report no. 18672).
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Cover and page 1 of Indonesia in Crisis: A Macroeconomic Update (report no. 18672).

Resource
Title
Correspondence from Joseph Stiglitz to President Wolfensohn
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Correspondence from Joseph Stiglitz to President Wolfensohn
Description
July 2, 1998
World Bank Group Chief Economist Joseph Stiglitz describes his impressions following a recent visit to Indonesia (1865059).
Title
Correspondence from Katherine Marshall to Robin Cleveland
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Correspondence from Katherine Marshall to Robin Cleveland
Description
July 7, 1998
The letter to Ms. Cleveland of U.S. Senator Mitch McConnell's office includes a World Bank Group Country Brief on Indonesia and a chronology of key events relating to the Indonesian financial crisis (1865060).
Title
Interview with Dennis N. de Tray
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Interview with Dennis N. de Tray
Description
Interview dates: Feb. 15 and 21 and March 21, 2006
The Indonesian financial crisis is discussed on pages 34-45 of the transcript.
Title
The Social Impact of the Crisis in Indonesia
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The Social Impact of the Crisis in Indonesia
Description
Document date: July 1999
The paper contains the findings of a qualitative survey of three expert respondents in every kecamatan (sub-district) in Indonesia and is designed to obtain an indication of overall impacts of the Indonesian crisis.
Title
Indonesia in Crisis: A Macroeconomic Update
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Indonesia in Crisis: A Macroeconomic Update
Description
Document date: July 16, 1998
The report examines Indonesia's economic crisis and offers an agenda for action.
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