ASEAN’s biggest growth story

ndonesia is forecast to be the world’s fourth la rgest economy at US$10.5 trillion by 2050. That’s 27 years from now, a pretty long time. Let’s look at how it might get there by looking at what it has achieved so far today.

For a start, this year’s economic growth rate has been forecast at between 4.8% – 6% due to booming commodity prices.

“Booming commodity exports drove growth to 5.3% in 2022, making up for modest domestic demand,” ADB Country Director for Indonesia Jiro Tominaga reportedly said. “Global headwinds in 2023 are projected to cut export growth, although the current account should continue to be close to balance. But because private consumption accounts for a large share of Indonesia’s economy, as consumer spending further normalizes and benefits from the tapering off of inflation, this should put a floor on growth. Investment, however, is likely to remain modest as businesses wait-and-see.”

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