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Article: Financial sector outlook 2009.(FINANCIAL OUTLOOK)
- Article from:
- Indonesian Commercial Newsletter
- Article date:
- December 1, 2008
CopyrightCOPYRIGHT 2008 P.T. Data Consult, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The condition of the country's financial sector was fairly stable until the second quarter of 2008. In the third quarter of that year, however, signs of trouble began to show as a result of financial crisis in the United States. The impact of the U.S. crisis was felt globally. The financial storms swept many other countries especially after investment giant the Lehman Brothers collapsed in mid September, 2008
Commodity prices nosedived and the oil price plunged to US$ 69 per barrel from a peak of US$ 147 in July signaling world recession.
In Indonesia the hardest hit was the stock market forcing the government to suspend trade on the Indonesian Stock ...