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Prabowo promises 8% growth through downstreaming
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President-elect Prabowo Subianto gestures during a session at the Qatar Economic Forum in Doha on May 15, 2024. (AFP/Karim Jafar)
P
resident-elect Prabowo Subianto has said he is confident that Indonesia can achieve economic growth of at least 8 percent within the next two years, largely by developing downstream industries for key commodities, as the country seeks to become a top-five world economy by 2045.
Prabowo said the development of downstream industries for natural resources was a “logical” move for the country’s future. He denied that the scheme, begun by outgoing President Joko “Jokowi” Widodo, was protectionist and asserted that Indonesia would not become an advanced industrial society if it continued relying on the export of raw materials.
In an interview at the Qatar Economic Forum in Doha on Wednesday, Prabowo, who won the February election on a platform of continuity with the Jokowi administration, outlined his vision for his presidency and for Indonesia’s economic future.
Under the existing national long-term plan, Indonesia aims to be the world’s fifth-largest economy by 2045. That goal, which requires it to have an annual gross domestic product (GDP) of US$7.3 trillion and per capita income of at least $25,000, depends on economic growth of at least 6 percent per year. This benchmark of growth has remained unmet for the past decade.
But with downstreaming, Prabowo said, Indonesia’s economic growth could exceed the 6 percent benchmark within the next few years.
“I’m very confident. I’ve talked to my experts, I’ve studied the figures. I’m very confident that we can easily achieve 8 percent, and I am determined to go beyond [in], I would say, two to three years,” Prabowo said.
Read also: 'We're not protectionist', we're 'logical’: Prabowo
