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Preparing for demographic shift by engineering the economy
Combining engineering and economics is a winning strategy and should be decisive in managing Indonesia’s limited resources to maximize social and economic benefits nationwide.
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In check: An employee inspects on Aug. 7 a machine at a lithium-ion batteries and nano carbon materials plant of PT BTR New Energy Material in Kendal Special Economic Zone, Central Java. The foreign-owned company employs 7,800 workers, 94 percent of them are Indonesians.
(Antara/Aji Styawan)
T
he celebration of the 79th anniversary of Indonesia’s independence has provided us with an opportunity to look forward and reflect on the journey ahead toward Golden Indonesia 2045. Independence means preparing future generations to navigate the path for Indonesia to become a strong, developed country.
This all depends on a resilient, diversified and competitive economy where technology-based industrialization increases incomes.
Golden Indonesia envisages turbocharged economic growth of between 6 and 7 percent for decades as well as inclusive and high-quality development. Achieving this will advance our remarkable nation.
However, we must shift gears to focus on national interests by implementing more efficient and effective public policy. This vision sets a high economic growth and development standard, and we must work toward it.
Indonesia's demographic posture is assumed to deliver a bonus, with 85 percent of people under 55 years old and 57.9 percent living in urban areas, according to the 2022 national census. Generation X, millennials and Gen-Z are the dominant cohorts among Indonesia's population of 277.7 million.
With their energy, creativity and adaptability, younger generations hold the key to a prosperous future by fueling consumption-led growth and bolstering state revenue for social protection. Moreover, internet penetration of Gen-X, millennials and Gen-Z is more than 83 percent, showing that they are digitally connected.
However, despite our growing economy, Indonesia is not without challenges. Unfortunately, our young people are held back by the level of formal education, as only 6.41 percent have achieved an education level higher than senior high school.
