Jakarta – Indonesia's economy might enter a crucial period from April to September next year but its overall situation would not be significantly different from that of this year, an economic observer has said.

"Indonesia's economy in 2004 would not be largely different from this year's. The economic wheel would rely on public consumption and there wouldn't be much investment," Syahrir said here Thursday. Syahrir was commenting on Finance Minister Boediono's recent statement that 2004 would be a year of uncertainty as the country will hold its general elections from April to September and will sever its ties with the International Monetary Fund (IMF) late this year.

He said given the situation, investors would wait for the results of the general elections.

He predicted economic growth in 2004 to range from 3 per cent to 4 per cent, not far behind this year's projected growth of 4.5 per cent.

"Next year's general elections will have a decisive role, thus all parties would wait for its result," said the chairman of the New Indonesia Party (PIB).

He noted that at present, the government only gives priority to economic stability that would form the basis of economic recovery. He explained that attempts to revive the country's economy would need a breakthrough.