INDONESIA: No. 10 IN 2020?

INDONESIA – THE RISING STAR

Cecilia Kok

The Star, October 29, 2011

It may not be getting as much attention from the world as China and India, but make no mistake, every business expert and economist are well aware of the economic potential of Indonesia.

With renewed vigour after the 1997/98 Asian Financial Crisis, that the tiger economy is now roaring back, emerging as a star performer in the region and drawing international interest.

The latest endorsement came from renowned economist and New York University professor Nouriel Roubini (aka Dr Doom or Dr Realist.) Roubini told the Jakarta Globe over the week he was impressed by what he saw the moment he stepped foot on Indonesia, and that he was bullish about the country's economy because of its overall policy framework and its government's commitment to reform.

Roubini was quoted as saying: “They know what needs to be done and there's a willingness to do it and at a speed that it needs to be done.”

Resource-rich Indonesia, with a population of about 245.6 million, is the largest economy in South-East Asia. According to the World Bank, the country's gross domestic product (GDP) or the total value of goods and services produced in its economy was worth US$706.6bil in 2010. This made it the fifth largest economy in Asia, and the 18th in the world.

Roubini believes Indonesia could rise to be the 10th largest economy in the world by the end of the decade and the sixth largest by 2030. The country's huge domestic consumption, low debt levels and young demographics are among some of the main factors in its favour.

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