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Asia’s third giant: A survey of the Indonesian economy

Hal Hill ()

Departmental Working Papers from The Australian National University, Arndt-Corden Department of Economics

Abstract: This paper surveys the Indonesian economy and the drivers of socio-economic development over the past half-century. It highlights the country’s rapid economic development in the face of unfavourable ‘initial conditions’. We examine episodes in economic development, in particular comparing and contrasting the two main sub-periods, of high economic growth during the authoritarian Soeharto era, 1966-98, and moderate economic growth during the democratic era since 1999. The paper emphasizes the importance of sound macroeconomic management, economic openness, inclusive social progress and institutional development. For all the challenges that Indonesia faces, and its unfinished reform agenda, the major conclusion is one of development success, broadly defined.

Keywords: Indonesia; economic development; Asian economies; policy reform (search for similar items in EconPapers)
JEL-codes: N15 O11 O53 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-his and nep-sea
Date: 2018
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