Indonesia is Southeast Asias largest economy with a GDP of$ 888 billion (based on ppp), ranking 10th in the world and averaging over 5% growth over the last decade. In the last 18 months, growth has slowed to below 5% and is projected by the World Bank to be 4.7% for 2015. President Joko Widodo (known as "Jokowi") took office in October 2014 and has pledged to improve infrastructure and reduce barriers to doing business in Indonesia as a means to increase the countrys GDP growth rate to 7%
by 2017. Over the past decade Indonesia has enjoyed steady economic growth, though less than needed to pull the country into upper middle-income status, and the rate of growth is slowing. Sound macroeconomic policies, combined with growing domestic demand and high commodity prices, propelled economic expansion in recent years, but protectionist policies, corruption at all levels of government, poor infrastructure, weak rule of law, and labor rigidity have taken their toll.
The economy has slowed over the last year to just below 5% growth rate and the rupiah, like many other currencies, has weakened. Export revenues have fallen due to the slowdown in China and declining global commodity prices. Imports have fallen even further as non-tariff barriers and negative market sentiment dampen demand. Though markets initially responded positively to expectations that a Jokowi presidency would boost the economy, there are many urgent issues the new president will have to tackle to keep Indonesia growing. Nonetheless, the Indonesian market has many positive attributes, as well.
#importToIndonesia #DoingBusinessInIndonesia #EIBN
Write something about yourself. No need to be fancy, just an overview.