Indonesian gov't lowers economic growth rate to 4.7%

Special Report:Global Financial Crisis

JAKARTA, Feb. 5 (Chinese media) -- The Indonesian government has revised its economic growth target in 2009 downward to 4.7 percent from 5 percent due to slacking global demand for Indonesian products.

Acting Coordinating Minister for the Economy Sri Mulyani said Thursday the initial growth target was no longer realistic as the decrease in export and import volumes has been taking its toll since October, which was earlier than expected.

The worst-case scenario for Indonesia's export growth would be zero percent expansion, Mulyani said.

"The total value of exports could grow by zero to 5 percent, much lower than the 9 to 10 percent in 2008," Antara news agency quoted the minister as saying.

Indonesian central bank's senior deputy governor Miranda S. Goeltom also confirmed the country's economy might be expanding more slowly than expected.

Miranda said the fiscal stimulus plan prepared by the government could significantly boost public consumption and help to sustain the desired level of economic expansion.

Indonesia's economic growth last year was 6.2 percent.