Stabilizing Reforms As a Factor for the Development of the Republic of Indonesia

Authors:

Pages: 153-159
DOI: https://doi.org/10.54664/HGST2076

Abstract:

As a member of the G20, the Republic of Indonesia has huge economic power. It occupies the first place in the Southeast Asia region and the fifth place in the world in terms of economic growth rate, which reached 10.5% in 2019. From this point of view, Indonesia is an industrial country enjoying steady economic growth. Under the leadership of President Joko Widodo, the Indonesian government has implemented a number of economic reforms, the most important of which is the establishment of 19 programmes as priorities for the development agenda, which includes human resources development, building infrastructure, including new capital, increasing interconnectedness via the Maritime Highway Programme, village development, and enabling ending and sector improvement taxes through the tax amnesty programme. Despite some decline due to the COVID-19 pandemic, the performance of the Indonesian economy was better in 2020 than that of some other countries in the ASEAN region, and member countries of the G20 experienced a deeper contraction. In that period, Indonesia’s economy achieved a growth rate of 2.07%, and the World Bank boosted Indonesia’s rating within the upper middle-income countries for its success in achieving an overall increase in national income per capita from $3,840 to $4,050.

Keywords:

Indonesia; reform; growth; programme; ASEAN; COVID-19; economic crisis

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