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Economic Downturn to Be Felt in Early 2009

East Java PHRI Chairman Says Effects of U.S. Economic Crisis Will Be Felt Starting in Early 2009.

(11/1/2008) The Chairman of the East Java Indonesian Hotel and Restaurant Association (PHRI-Jatim), Yulianto Soechebu, has predicted that sometime in the coming three months Indonesia will begin to feel the negative effects of the U.S. financial crisis.

Speaking to bisnis.com, Yulianto said that Indonesia's main tourism destinations have yet to experience any significant fallout from the U.S. financial crisis due to the growing dependence on business from the Asia-Pacific region with particular emphasis on business form Australia, Hong Kong, China, Japan, Taiwan, South Korean, ASEAN and the Middle East.

"If the financial crisis continues," warned Yulianto, "even the domination of the Asia-Pacific tourists (in Indonesia) will be difficult to sustain."

While the role played by Asia-Pacific markets is delaying the onset of any negative effects of the U.S. financial crisis, Yulianto said that the eventual impact is unavoidable. Because of this, the Hotel and Restaurant Association Chairman said the economic growth in the hotel sector will remain stagnant in 2009.

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