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Indonesia's Economy Projected to Grow 6.5%

Monday, 24 Sep 2012 | 6:02 PM ET

Indonesia's economy continues to grow despite the global slowdown, Indonesian President Susilo Bambang Yudhoyono told CNBC’s “Closing Bell”on Monday.

Pedestrians cross a street in Jakarta's modern business district.
Romeo Gacad | AFP | Getty Images
Pedestrians cross a street in Jakarta's modern business district.

Yudhoyono said he expects Indonesia's economy to grow 6.5 percentnext year but added, “What we need is sustainable growth in the years to come.”

Already the world's 16th largest economy, Indonesia is on track to become the world's seventh largest economy by 2030, putting it ahead of developed nations such as Germany and the U.K., according to a report by McKinsey Global Institute released last week. (Read More: Indonesia's Economy to Surpass Germany, UK by 2030: McKinsey.)

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The report cites the country's young population, new consumer class and the rapid urbanization as reasons that will propel Indonesia's $850 billion economy ahead of some more-developed nations.

Yudhoyono is in New York for the U.N. General Assembly this week and will be talking to investors about the benefits of Indonesia.

“I have to convince investors of good returns,” he said. “We improved the investment climate, we built more infrastructure, and we offer opportunities in agriculture, industrial and services,” he said.

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