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Minister Sri Mulyani: Over 6% Economic Growth Required to Escape Middle Income Trap

Translator

Najla Nur Fauziyah

Editor

Laila Afifa

5 June 2024 21:11 WIB

TEMPO.CO, JakartaMinister of Finance Sri Mulyani Indrawati highlights Indonesia’s target to escape the “Middle Income Trap” during her meeting with Commission XI of the House of Representatives (DPR) on Wednesday, June 5, 2024.

The government has actively echoed the goal of becoming a developed country by 2045. However, Sri Mulyani said achieving the said goal would be significantly challenging for Indonesia.

"Becoming a developed country and a high-income (country) means US$26,200 per capita. Indonesia today has a US$4,806 per capita so achieving these goals would be a huge challenge for us,” she said.

To escape the Middle Income Trap before 2045, Indonesia must achieve 6 to 8 percent economic growth, Sri Mulyani said. 

She detailed three potential sources for the needed growth. First, a higher foreign direct investment value. "The sectors that have the potential to attract FDI are downstream, renewable energy, to semiconductors. "

The second point relates to Indonesia’s manpower. Indonesia must improve the quality of its human resources and develop future talents in accordance with the direction of economic transformation, as well as strengthen the connection between vocational schools, universities, and corporations. Third, in terms of productivity, Indonesia must improve its infrastructure, and digital infrastructure, boost research and development, as well as strengthen regulations on property and patent rights. 

Sri Mulyani said the average time needed by several Asian neighboring countries to escape the Middle Income Trap is about 10 years.

"In 2045, the Indonesian population is expected to grow and reach the point of equilibrium in 324. This is why the fertility (rate) is positive and contributes to the economy,” she said.

ANNISA FEBIOLA

Editor’s Choice: Sri Mulyani Remains Upbeat Indonesia's Economy to Grow 5.2 Percent in 2024

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