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The Marriott and the Ritz-Carlton are located in Jakarta's central business district. To some, the hotels are symbols of western companies doing business in Indonesia. And the fear is that the latest attacks could scare off international travelers and investors. Already, football team Manchester United cancel their game against Indonesia All Stars. The march was set for Jakarta on July 20th. Man U had planned to stay at the Ritz Carlton.
Indonesia is no stranger to bomb blasts. In the past, explosions have unnerved investors, but the reaction has normally been short-lived. This time the Jakarta Composite Index opened sharply lower. It gained ground briefly then closed down half percent. As for the rupiah, it also fell against US dollar. Despite the attacks, analysts say the economy is in good shape. They say the President Susilo Bambang Yudhoyono has been able to attract foreign business. He has pledged 7% annual economy growth and that is a major point in his election campaign.
"The Indonesian market’s up more than 50% this year. So that’s outperformed emerging market equities by 20%. There've been a number of drivers. First, we’ve got a good political backdrop. And SBY, as President’s known, is seemed to be doing a good job with the economy. Inflation’s come off. We’ve seen the benefits to that economy of having relatively high agricultural prices, commodity prices.”
Indonesia has been able to dodge recession. But the question is whether these attacks will divert the government’s attention away from the economy or undermine Indonesia’s stability. Eunice Yoon, cnn, Hong Kong.
Vocabulary:
1. unnerve: to upset or frighten someone so that they lose their confidence or their ability to think clearly
2. gain ground: to make progress
3. dodge: to narrowly avoid an unwelcome, harmful, or disastrous outcome or occurrence
4. undermine: to gradually make someone or something less strong or effective