World stock markets are mesmerized by Indonesia, which has been performing quite well in this global financial crisis while advanced economies are reeling.

U.S. investment bank Morgan Stanley in a report in May recommended that the term BRICs -- emerging economies Brazil, Russia, India and China -- be changed to BRIICs to include Indonesia. Morgan Stanley projected Indonesia's economy to grow 7 percent on average until 2011, supported by political stability and rising domestic consumption. Richard Shaw, an economist with investment company QVM, even argued that Indonesia should replace Russia in the BRICs to make BICIs.

The International Monetary Fund has also given high grades to Indonesia. With GDP growth at 4 percent this year, it is expected to achieve the highest growth rate in Southeast Asia. Indonesia consists of around 17,000 islands with a population of 240 million and a land mass some 20 times larger than Korea's. An exporter of crude oil, natural gas, rubber and other products, it has found growth momentum in a recent rise of raw materials prices. Indonesia's stock market has soared more than 60 percent since March.

Already there are signs of overheating, according to investors. Experts advise that investments in Indonesia should always be made cautiously by dispersing risks. The country's economy depends primarily on exports of raw materials, while manufacturing has not completely developed. This means stock prices are volatile due to fluctuations in global raw materials prices.