A Democratic Indonesian Tiger?
Ten years ago this summer, Asia's financial crisis hit Indonesia. Within a year, Southeast Asia's largest "tiger" economy had collapsed: Gross domestic product fell 14 percent, the currency dropped from 2,250 to 17,500 to the dollar, and the Jakarta Stock Exchange plunged 91 percent in dollar terms. Millions lost jobs as most large banks and many domestic firms went bankrupt. Protests brought down President Suharto's 30-year-old authoritarian regime. The country seemed close to chaos.
Today, Indonesia is back: a working, if imperfect, democracy and a recovering economic tiger. The emergence of a solid democratic regime has quelled regional separatism and Islamic militancy.… Seguir leyendo »