Indonesian economy must grow 6-7 pct. to escape middle-income trap
The Indonesian economy must grow between 6-7 percent from 2022 to escape the middle-income trap, Minister of National Development Planning and head of the National Development Planning Agency (Bappenas) Suharso Monoarfa has said.
Loading and unloading activities at the Tanjung Priok Port in North Jakarta on March 15, 2021. (Photo: Antara)
Jakarta (VNA) - The Indonesian economymust grow between 6-7 percent from 2022 to escape the middle-income trap,Minister of National Development Planning and head of the National DevelopmentPlanning Agency (Bappenas) Suharso Monoarfa has said.
If economic growth averages 6 percent, Indonesiawill escape the middle-income trap, with per capita income projected to reach12,535 USD in 2040, he said.
An economic growth of 5 percent in the wake of theCOVID-19 pandemic will not be enough for Indonesia to escape the middle-incometrap before 2045, the minister projected.
Accordingly, the unemployment rate will not be ableto return to the pre-crisis level, he added.
The COVID-19 pandemic has led to a decline in theper capita gross domestic product (GDP), he said. The GDP per capita moved upto 4,174 USD in 2019 from 3.927 USD in 2018, and then dipped to 3,911 USD in2020.
Meanwhile, per capita gross national income (GNI) declinedto 3,810 USD in 2018, then climbed to 4,047 USD in 2019 before falling to 3,806USD in 2020.
Indonesia’s 2.07-percent economic contraction isrelatively small compared to that in the US (minus 3.5 percent), Mexico (minus8.3 percent), and the Philippines (minus 9.5 percent), he noted.
The key to higher economic growth is controlling thespread of COVID-19 until the country can achieve community immunity, he said./.
The Indonesian Government is planning to secure 426 million doses of COVID-19 vaccines for the national vaccination programme, according to Health Minister Budi Gunadi Sadikin.
Indonesia’s Ministry of Finance is planning to give tax exemption for 10 years to new investors in the electric vehicle (EV) sector, according to a government official.
Indonesian President Joko Widodo has announced the reopening of three COVID-19 "green zones" in Bali resort island for tourism amid a significant decrease in the number of daily COVID-19 cases and mass vaccination campaign in the country.
Indonesia has recorded its first annual import growth since July 2019, indicating a sign of recovery in factory activity and manufacturing investment, following last year’s economic downturn due to the COVID-19 pandemic.
The forum, which involves global experts and creative leaders from across 14 cultural sectors, aims to expand Thailand’s presence on the world stage through innovation and cultural exchange.
In his article, Oscar Sanchez Serra highlighted President Ho Chi Minh’s founding of the Thanh Nien (Young People) newspaper on June 21, 1925, which marked the birth of Vietnam's revolutionary press rooted in a bold and far-sighted vision.
Several ASEAN meetings are scheduled to take place in Port Dickson this September, including the Senior Officials' Meeting (SOM) for ASEAN Plus Three (APT), the East Asia Summit (EAS), the 15th ASEAN Maritime Forum, and the 13th Expanded ASEAN Maritime Forum.
Thailand's Prime Minister Paetongtarn Shinawatra has ordered the urgent implementation of a national policy to crack down on all forms of call centre scams, online fraud, and illegal gambling, which are now considered threats to national security.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
Loading and unloading activities at the Tanjung Priok Port in North Jakarta on March 15, 2021. (Photo: Antara) 
