Indonesia: Main parameters of economic and social development efficiency. Part 2

 
PIIS032150750014641-7-1
DOI10.31857/S032150750014641-7
Publication type Article
Status Published
Authors
Affiliation:
The Department of International Economics of Asian and African Countries, Institute of Asian and African Studies, Lomonosov Moscow State University
“Aziya i Afrika segodnya” journal
Address: Russian Federation,
Occupation: Post-graduate student
Affiliation: Department of International Economic Relations of Asian and African countries, Institute of Asian and African Studies
Address: Russia
Journal nameAsia and Africa Today
EditionIssue 4
Pages5-14
Abstract

The paper, based on the author's computations, models and indices, analyzes the main trends and determinants of the long-term economic evolution of Indonesia, one of the largest countries in the developing world.

After the Asian financial crisis of 1997, as a result of which Indonesia's GDP fell by 13% (in 1998), the country embarked on the path of socio-economic transformation and was able to achieve not only rapid, but also large-scale growth, which was accompanied by a number of major structural changes in the economy. Despite a number of arising economic and social imbalances, in general, Indonesia’s economy is growing at a faster rate than that of other developing countries. Main factors that contribute to the realization of the catching up and outpacing development of Indonesia's economy are export expansion, import substitution and growth of the domestic market. Moreover, Indonesia has seen significant improvements in some of the most important characteristics of human development, the share of the population living in critical poverty fell from 55% (in 1990) to 4% (in 2018), the proportion of malnourished people in 1990-2018 has decreased by half.

The paper shows that, despite difficulties and some setbacks, through the up-to-date implementation of well-balanced effective reforms, one can achieve significant economic and social progress during a time equal to the life of one or two generations of people.

KeywordsIndonesia, factors and models of economic growth, efficiency of development, social achievements and problems
Received08.02.2021
Publication date28.04.2021
Number of characters31459
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