5 Potentials of Indonesia’s Economic in ASEAN-
ASEAN (Association of Southeast Asian Nations) is a geopolitical and
economic organization among countries in Southeast Asia, comprising 10 member
countries, including Indonesia. ASEAN was established to enhance the economic,
social, and cultural growth of all its member countries. Since its
establishment in 1967, ASEAN member countries have gradually shown potential
for economic progress, which has had an impact on the well-being of ASEAN
member countries. One of these countries is Indonesia, which has gradually
demonstrated significant economic growth. This article will discuss the
potentials of Indonesia's economic progress in ASEAN!
1. Sustainable Economic Growth
Indonesia plays a significant role in the
economic growth of ASEAN. Indonesia is the country with the largest population
of 275 millions in Southeast Asia. Over 60% of Indonesia's population is of
productive age, ranging from 18 to 60 years old. This provides Indonesia with
demographic opportunities to develop its economy in various sectors. With such
a large population, Indonesia has the potential to create a very large domestic
market that will greatly influence the
economic development in the country.
2. Potential Utilization of Natural Resources
As you know, Indonesia is rich in natural
resources such as oil, natural gas, minerals, and biodiversity. The wealth of
natural resources in Indonesia has great potential for Indonesia's economic
progress. This advantage can make Indonesia a major producer and exporter in
ASEAN, especially if Indonesia can utilize its natural resources well and
efficiently. Example of this the locally down streaming its mining industries.
By doing so, Indonesia can further develop its economy.
3. Potential in the Manufacturing Industry
Another potential for Indonesia's economic
progress is through the manufacturing industry. In recent years, Indonesia has
experienced significant developments in industries such as automotive,
electronics, food and beverage, and downstream chemical industries such as
paints, coatings, and inks. The housing industry has also gradually recovered
after the Covid-19 pandemic. Indonesia's advantage lies in its skilled human
resources and affordable production processes. With these advantages, Indonesia
can increase its opportunities to expand its market, especially in ASEAN, which
will have a significant impact on economic development.
4. Development of MICE (Meeting Incentive
Conference Exhibition) Business
The Indonesian government has been promoting
the MICE industry sector as a driving force for economic recovery after the
Covid-19 pandemic. Indonesia is also well-known for its natural beauty and
cultural diversity. The natural beauty of beaches, mountains, and rice fields,
as well as diverse local cultures are Indonesia's advantages in the tourism
business. Additionally, Indonesia has diverse customs and cultures that attract
tourists from both domestic and international markets. Therefore, the tourism
business in Indonesia is considered to be never-ending and always evolving.
This presents a great potential to be preserved, contributing significantly to
Indonesia's economy.
5. Development of the Digital Economy Sector
One of Indonesia's potentials for economic growth is through the digital economic sector. Indonesia is one of the key players in the digital economy sector in ASEAN and aspires to become the largest digital economic country in Southeast Asia, particularly. The development of Indonesia's digital economy sector is driven by various factors, including digital services and rapidly growing technology startups in Indonesia. In fact, Indonesia has several startup companies that have achieved the status of Unicorn and Decacorn.
With all the potentials that Indonesia
possesses, it is no wonder that economic progress in Indonesia will continue to
grow and provide opportunities to contribute to the progress of the ASEAN
economy in the future. With appropriate policies and the development of
effective systems to overcome obstacles, all existing opportunities in
Indonesia can be further expanded to promote sustainable economic growth in
ASEAN.
Indonesia's economic growth in 2023 is estimated to be similar to the previous year, around 5.0-5.20%. The estimated inflation rate for 2023 is 3-4%. The increase in the middle-income population is the highest in ASEAN.
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