Budget revised as oil prices soar.

from THE JAKARTA POST -- FRIDAY, MARCH 28, 2008 The House of Representatives and the government on Wednesday wrapped up revisions to basic assumptions of the troubled 2008 state budget.

Despite a lower assumption for gross domestic product (GDP) growth from 6.8 percent in this year's state budget to 6.4 percent, the forecast remains higher than the market expectation of between 6.0 percent and 6.1 percent.

"The (economic) growth forecast is overly optimistic, higher than what the market has been expecting," said Standard Chartered economist Fauzi Ichsan on Thursday, adding that a miss in the growth forecast would ignite changes to other assumptions.

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