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Jakarta Post

Rebalancing Indonesia’s economy amid the pandemic

  • Kiki Verico

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PREMIUM
Jakarta   /   Thu, August 6, 2020   /  08:19 am
Rebalancing Indonesia’s economy amid the pandemic Southeast Asia 2018-2050 investment in generation (JP/Swi)

The World Trade Organization's international trade statistics show that world merchandise dominance has been evolutionary, shifting from the United States to Asian countries. In 1948, the US share of world merchandise exports was 21.7 percent, while China and Japan had 0.9 percent and 0.4 percent, respectively. In 2015, after more than 65 years, the share of world merchandise exports held by China and Japan increased 14 and eight times, respectively, while the US share decreased by more than a half. This change in economic polarity, followed by the global financial crises of 2008, has put economic globalization under pressure and stimulated the trade war phenomenon. Even more, the ongoing pandemic has added an extra burden to economic globalization. Globalization is now in hibernation mode as every country waits for its new normal while attempting to enhance its local economic rol...

Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.