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View all search resultsEconomists press Prabowo to fix budget, governance
A group of hundreds of local economists has called on the government to focus on spending priorities and bring back institutional independence as part of seven “urgent economic demands” to achieve social welfare and equality.
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A screenshot shows economists taking part in an online press conference on Sept. 9 in which they elaborated on seven “urgent economic demands“ for the government to address, as part in an open petition signed by almost 400 Indonesian economists. (JP/Ruth Dea Juwita)
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undreds of economists have urged President Prabowo Subianto’s administration to reform economic policy, claiming that budget misallocations and fragile institutions plagued by conflicts of interest and weak governance have worsened living standards and deepened inequality across the archipelago.
In an open petition published on Tuesday, almost 400 local economists under the Indonesian Economists Alliance called on the government to act on seven “urgent economic demands” following recent protests and riots sweeping the country.
“We see a widespread and systemic decline in the quality of life across all levels of society. This didn’t happen overnight; it’s the result of accumulated governance failures that have fueled social injustice,” Elan Satriawan of Gajah Mada University (UGM) told an online press conference.
Read also: Protesters decry ‘bare minimum’ govt response
The economists said economic growth has become less inclusive.
Between 2010 and 2020, the economy expanded by an average of 5.4 percent while real wages rose just 5.1 percent a year. After the pandemic, 5 percent gross domestic product growth produced barely 1.2 percent gains in real wages.
Moreover, spending power among lower- and middle-income households slowed sharply since 2018, exposing widening rifts across income brackets, geography and social backgrounds, sharpening the edges of inequality.
