IMF: Demographic trends boost Indonesia’s economic growth
The International Monetary Fund (IMF)’s Mission Chief for Indonesia Luis E Breuer has said favourable demographic trends provide a unique window of opportunity for the Southeast Asian country’s economic growth.
A view of Jakarta, Indonesia (Photo: Reuters)Jakarta (VNA) – The International Monetary Fund (IMF)’s Mission Chief for Indonesia Luis E Breuer has said favourable demographic trends provide a unique window of opportunity for the Southeast Asian country’s economic growth.
According to Breuer, the number of workers in Indonesia is growing faster than that of dependents, providing strong tailwinds to the economy.
He said the demographic trends are expected to increase Indonesia’s annual real GDP growth by close to one percentage point in the 2020-2050 period.
Indonesia is among a few Asian countries set to benefit from a boost to GDP per capita owing to favourable demographics.
McKinsey, a global leading consulting group in business strategy, estimated that Indonesia’s consumer class could grow by 90 million by 2030.
Such an increase would represent the third-largest expansion of consumers in the world, after China and India, providing enormous economic opportunities.
The labour force is projected to increase substantially as Indonesia is undergoing a demographic transition with a sizable decline in infant mortality and a reduction in fertility rates.
This has led to an increase in the working-age population, defined as persons 15 to 64 years old, of 1.6 percent or 2.5 million people a year in the 2000-2016 period.
Indonesia’s population continued to expand rapidly in this period with annual average growth of 1.3 percent. The country’s total population is estimated to reach 296 million by 2030.-VNA
You should also see
Investor confidence gains traction on improved business climate
Better investment climate, with simplified administrative producers and special incentives, has helped improve investor confidence, thus catalysing investments from a wider pool of both domestic and international investors for socio-economic development.
See more
World
Laos speeds up granting licences to foreign workers
Laos's Ministry of Labour and Social Welfare plans to issue visas to illegal foreign workers and extend permits to legal ones so that they can continue to work in the country.
World
Argentinian scholar praises Vietnam’s April 30, 1975 victory
The complete reunification of Vietnam on April 30, 1975 was an extremely significant event in the history of the country and the world, opined a scholar from the Institute for International Relations at the National University of La Plata, Argentina.
World
Malaysia tackles food security challenges
Empowering local communities in the agriculture sector to attract young people to this field is one of the measures taken by Malaysia to address labour shortage while also contributing to tackling challenges in food security.
World
Danger warning issued for Thailand’s Bangkok as extreme heat bites
Thai authorities on April 24 issued an extreme heat warning for Bangkok, urging people to stay indoors for their safety as temperatures soared.
World
Schools in Philippines go online amid extreme heat
Record heat in the Philippines in April has forced schools to send children home for online classes.
