Illustrative image (Photo: Internet) Hanoi (VNA) - With exports forecast to double in value from 2020 to 2030, Indonesia will enjoy one of the fastest growth rates among emerging markets, according to analysts at Standard Chartered.
The study from the London-based bank forecast that an annual growth rate of 8 percent will lift Indonesia’s exports to 348 billion USD in 2030. The projected annual rate is the third-highest among the countries studied, behind Nigeria with 9.7 percent and Malaysia 8.3 percent.
Indonesia is also forecast to be among 13 emerging markets set to “define the flow of future global trade” because of their rising domestic consumption and developing natural resource industries.
Mining, agriculture, specifically palm oil, and the textile industry will be the main drivers of Indonesia’s export growth, accounting for 29 percent, 20 percent and 11 percent of total exports in 2030, according to the study.
India will be the fastest-growing destination for Indonesian exports, rising 11.2 percent annually over the decade, fuelled by the South Asian country’s rising middle class, infrastructure development and enhanced economic ties with Indonesia./.
