Reflections on Indonesia’s Economic Journey (2000 BC–2024 AD)

Sangaralingam Ramesh ()
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Sangaralingam Ramesh: University of Oxford

Chapter Chapter 13 in The Political Economy of Indonesia’s Economic Development, Volume II, 2025, pp 417-452 from Springer

Abstract: Abstract IndonesiaIndonesia’s economic transformationEconomic transformation from a pre-colonial agrarian societyPre-colonial agrarian society into one of the most dynamic emerging markets in AsiaAsia has been characterized by a series of structural shifts, political transitions, and policy recalibrations. Since the 1997–1998 Asian Financial CrisisAsian Financial Crisis, the country has undergone a dramatic evolution, restoring macroeconomic stabilityMacroeconomic stability, consolidating democratic governanceGovernance, and deepening global economic integration. Between 1999 and 2023, Indonesia’s GDPGDP more than quadrupled in real terms, and poverty ratesPoverty rates fell from over 24% to under 10%, underscoring a period of relatively stable growth and expanding social protectionSocial protection. However, beneath these gains lie structural bottlenecksStructural bottlenecks: persistent inequality, regional imbalances, climate vulnerability, and institutional weaknesses continue to impede the transition to high-income statusHigh-income status.

Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-032-03140-2_13

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DOI: 10.1007/978-3-032-03140-2_13

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