Continuous efforts of the Indonesian government to improve the investment climate have paid off, as has been indicated by the increase of its economic output during the last three years. Indonesia continue to deregulate investment climate.
Indonesia has managed to improve its business climate and its ranking in the ease-of-doing-business global competitiveness index. Indonesia has in fact achieved a lot in the last four years. The Indonesian economy today is 20 percent larger than when President Joko “Jokowi” Widodo took office in late 2014. Last year, we became the number 16th country in the world’s history to cross $1 trillion per year in GDP [gross domestic product]. So, over the last three years, our annual economic output has gone from $830 billion per year to $1 trillion. That is a very sizeable increase in annual economic output.
To continue generating higher economic output in the era of digitalization and migration of economic activity into the online realm, Indonesia and other countries have to deregulate fast enough to survive the current economic situation and grow even stronger. Indonesia continue to deregulate investment climate.
The real challenge for Indonesia and potentially for every country in the world in the era of digitalization and the migration of economic activity into the online realm is that it has to continue deregulating. Indonesia's government have to be realistic and adjust our laws, rules and regulations, our way of treating consumers and businesses in accordance to what they want.
On the world economy, for the next three years the big challenge is for the major central banks in the United States, Europe and Japan to allow their economies to grow higher.
(Source: The Jakarta Post)