Reading a Crisis in Real Time: A Review of Mamun's "GARUDA Rises Again: Report on the Indonesian Economy 2007"

This review examines Dr. Syed Muntasir Mamun’s report “GARUDA Rises Again: Report on the Indonesian Economy 2007”, written in Jakarta in May 2007 and made available on Zenodo in 2018. The report traces Indonesia’s path from the rapid growth of the New Order era, through the Asian financial crisis of 1997–98 and the collapse of its banking system, to the recovery under way in 2007, and closes with suggestions for economic policy. This review identifies three strengths: a coherent structure that connects the causes of the crisis to the shape of the recovery; a multi-causal diagnosis that refuses to blame any single actor; and a detailed account of bank restructuring and recapitalisation. It also notes the report’s healthy scepticism towards official growth targets. It then raises four points for further discussion: the value of a short retrospective note, given that the report is a 2007 snapshot; the balance and attribution of sources; some presentation issues in figures and tables; and the link between the policy section and the preceding analysis. It closes with broader implications for readers interested in crisis recovery in emerging economies.