With its young and growing population, role chairing the G20 in 2022 and skyrocketing global growth, Indonesia has moved beyond rising star to a serious and established economic force.
“Indonesia is fully coming out of its shell. In the past, it wasn’t a high-profile market, but it’s now chairing the G20, which is emblematic of the role it’s hoping to play,” says Ian Tobman, Export Development Canada’s (EDC) senior country risk analyst for the region.
Ranked as the world’s 15th-largest economy by nominal gross domestic product (GDP) and classified as a newly industrialized country, Indonesia’s economic growth engine is fuelled by a young and growing population of 270 million people, as well as a swelling middle class that has expanded from 5% of the population in 2001 to about 25% in 2021.
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