Turning Point

THE year 2008 began with overwhelming optimism. The government targeted economic growth at 6.4 percent, a bit higher than the preceding year. The Indonesia Stock Exchange Authority even estimated the growth of the Indonesian capital market at 30 percent. Industrialists had the same confidence. Automotive industrial players, for instance, were convinced of 20 percent sales growth.

All the self-assurance gradually faded, though. The crude oil price

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