A growing trend of dissatisfaction with conventional economics has raised interests in finding an alternative paradigm leading to the revival of Islamic economics over the last few decades. On 8 August 2012, Dr Izzuddin Edi Siswanto explained how Islamic economics may provide solutions to existing problems in the financial markets as well as its contribution and potentials to address development challenges.
Category Archives: Financial market
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The last topic brought into discussions at the summit was whether ASEAN is the harbour of investment. Desi Anwar of Metro TV moderated the session. Statistics suggesting that only 4.2% of total GDP is from intra-ASEAN region trade and the investment level in the region is still below the pre-crisis level requires a careful analysis of how far ASEAN is from being an integrated region and what can be done.
Sitting as the panellists included Chris Kanter (Chairman and Founder of GEPI), Vice Chairman of APINDO, Mahendra Siregar (Vice-Minister of Finance of Republic of Indonesia), Tan Sri Anthony Francis Fernandes (Group Executive Officer of AirAsia Berhad), G V Sanjay Reddy (Vice Chairman of GVK), and Dato’ Sri Nazir Razak (Group Managing Director/CEO of CIMB Group).
Arianto A. Patunru, LPEM-FEUI
In my paper for the PECC conference earlier this year on Growing APEC Economies: New Challenges & Approaches (all the papers are available here and my chapter is at page 45), I observe that Indonesian growth has been reasonably good in recent years.
Indonesia is still growing quite well, although its growth performance is below that of the 1980s. During the Asian financial crisis, Indonesia was the most severely hit country in the region, with a contraction of 13%. However, in the recent global financial crisis, its growth was surprisingly quite impressive with a resilience of 4.5%. (p. 47)
There are however some concerns.
The GoLive Indonesia Project collaborating with Persatuan Pelajar Indonesia Australia (PPIA or Australia-Indonesia Student Association) at the University of Adelaide organised their third academic workshop on 13 July 2011. Associate Professor Colin Rogers of the School of Economics at the University of Adelaide explained about the economic consequences of the Euro.
Following the global financial crisis, concerns about rising government deficits and debt levels have alarmed financial markets across the globe which include some Eurozone members namely Greece, Ireland and Portugal. Greece’ GDP growth recorded at 5% in 2006 dropped to -5% in 2010 (see graphics of the Euro crisis here) .
Is there a solution?