The Asian Tribune
www.asiantribune.net
Indonesia is emerging as a major global economic power and it has been strengthening its position steadily.
The fourth most populous country in the world, ranked just after India, China and United States of America, Indonesia is now seen as a growing power.
In Southeast Asia, it is the largest economy. The country has a GDP exceeding $1 trillion and it is also able to achieve a sustained growth, year after year.
But, the story about Indonesia always gets overlooked though its growth is rapid and the economy is stable. In fact, Indonesia which is the world’s largest nickel producer is also becoming a major player in global electric vehicle (EV)
battery apart from renewable energy supply chains, has been rising, but this story gets less focus in the US-Euro centric world.
As a country with the population of well over 280 million, Indonesia has a strong work force. It also has a growing middle class. There is large chunk of youth in the population and it is an asset for the nation.
Jakarta is today world’s largest metro city, with a population of over 40 million, as per the United Nations (UN) data on most populated cities of the world.
Over the years, Indonesia’s digital economy has also been moving ahead and the future projections suggest that from eighth, it is well on way to 5th
largest economy in the world in the future. The South East Asian country is also aiming at a robust economic strength driven by structural reforms and more productivity.
The country is also looking at higher income for its citizens, other than reducing inequality in the society.
Steady growth, boom in digital economy and a strong FDI will take the nation towards a galloping and stronger economy in a decade or more. The market is expanding and the country has shown resilience.
By 2030, it is expected to be among the world’s top seven major economies.
The nickel reserves would help it become a major hub for Electrical Vehicle i.e. EV battery production. It is also the second largest producer of tin and the fourth largest producer of bauxite.
The country has a growing consumer market and due to the large youth population, it is suited for growth.
Economists see the political stability and the affect of the reforms in bureaucracy as reason behind the change.
The service sector has grown. The economy has changed from a resource-driven model to an advanced, technology driven and green economy.
The service sector, agriculture & manufacturing drive the economy, along with mining and transportation. Last year the economy grew by over 5% and a similar projection is likely in coming years.
