As Southeast Asia’s most populous nation, as well as the largest by land area, the country is a key trading partner for many of ASEAN’s economies.
Economists and analysts have long touted Indonesia’s potential. It is part of the newly-coined acronym of MINT, referring to the next group of fast-growing, emerging markets Mexico, Indonesia, Nigeria, and Turkey.
Indonesia is the 25th largest export economy in the world and the 71st most complex economy according to the Economic Complexity Index (ECI). Its domestic market is largely the impetus for its economic growth. At 267 million people, Indonesia has the world’s fourth-largest population. Almost half the population lives in urban areas, with the associated increased spending power. In addition, more than 50 percent of the population is aged below 20, which is a bottom-heavy population pyramid. The potential of this young cohort will not yet be realised immediately, but this augurs well for future economic growth in the coming decade.
This story is from the July 2020 edition of SME Magazine Singapore.
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This story is from the July 2020 edition of SME Magazine Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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