Indonesia Eyes Top 5 World Economy Amid Ongoing Pandemic

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Markus Wisnu Murti

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  • State-owned Enterprises Minister Erick Thohir. TEMPO/Nurdiansah

    State-owned Enterprises Minister Erick Thohir. TEMPO/Nurdiansah

    TEMPO.CO, JakartaState-owned Enterprises (SOEs) Minister—who also acts as Indonesia’s COVID-19 handling and economic recovery committee chief—Erick Thohir said Indonesia’s economy was considerably better than other G20 nations' during the second quarter of the global pandemic. 

    Erick said this situation opened up a chance for Indonesia to enter the global top five economies. 

    “There are intriguing data, with the crisis facing many countries, we have the opportunity to catch up,” said Erick Thohir. “Take the analogy of a race among snails where everything is sluggish, but alhamdulillah [we can hope] to rank among the top five world’s economy in 2024.”

    In his presentation, Erick said Indonesia’s economic growth during the second quarter was far better compared to the other Southeast Asian countries, such as Malaysia’s economy that contracted minus 17 percent, Singapore (-13.2 percent), and Thailand (-12.2 percent).

    Meanwhile, Erick Thohir said, Indonesia’s economy contracted -5.3 percent after President Joko “Jokowi” Widodo decided not to impose a lockdown. Erick expected by the end of the year Indonesia’s economy would at least reach 0 percent. 

    Read: Govt Denies Prioritizing Economy Over Health Amid COVID-19 Pandemic

    EKO WAHYUDI