Officials results from the election will not be announced until later this month, but 'quick count' results - which have proved extremely reliable in the past - showed Dr Yudhoyono had won enough votes to avoid a second run-off with his nearest rival.

Not known for jumping to a conclusion, Dr Yudhoyono declared his own resounding victory as the results rolled in from across the archipelago of 226 million people.

'My first priority will be recovering our economy,' the former army general told reporters at his home after a peaceful and low-key day of voting in the world's third-largest democracy.

With virtually all of the LSI polling agency's sample of votes counted, Dr Yudhoyono's tally stood at a commanding 60.82 per cent. Other agencies put his score slightly lower, but all showed he was comfortably above the halfway mark needed to avoid a second round.

The election, only the second direct vote for a president in Indonesia, cements the country's transition to democracy after a chequered history. It is also likely to usher in an acceleration of reforms in Southeast Asia's biggest economy which could lure foreign investment, create jobs and shore up flagging growth.

Indonesian stocks, bonds and the rupiah have rallied this year on the prospect of a Yudhoyono win, and analysts now see them rising further on the results. Jakarta markets were closed on Wednesday for the poll.

A decade ago, Indonesia was the sick man of Asia. After 32 years of rule by Suharto, who oversaw a system of entrenched corruption and nepotism, it stood on the brink of political, social, and financial collapse.

Dr Yudhoyono's government has since brought political stability, peace and the best economic performance in a decade. Today, some see Indonesia on another brink: of economic take-off and joining the emerging 'BRIC' economies of Brazil, Russia, India and China.

Nevertheless, the world's most-populous Muslim nation is hardly problem-free: corruption is widespread, infrastructure is in dire need of an overhaul and millions live in poverty. -- REUTERS