Indonesia has made a strong economic recovery from the 1997 financial crisis and its transition to democratic governance and decentralization continues with President Susilo Bambang Yudhoyono making important reforms on several fronts. Indonesia has graduated from the IMF program, terminated the CGI. In 2008 as a whole the Indonesian economy expanded by 6.1 percent, only slightly below the 6.3 percent pace registered in 2007. Indonesia’s external position remains sound, though weaker than 2007. Developments in global commodity and financial markets buffeted Indonesia’s balance of payments throughout 2008.

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