Jakarta. Indonesia’s economic growth under President Joko “Jokowi” Widodo’s leadership earned praise from the economists attending the International Economic Association World Congress in Colombia, according to former Trade Minister Enggartiasto Lukita.

Indonesia has been witnessing robust economic growth amidst global uncertainties. The National Statistics Agency (BPS) reported that Indonesia’s economy grew by 4.94 percent year-on-year in the third quarter of 2023. Bank Indonesia, the country’s central bank, expects that the gross domestic product (GDP) will reach between 4.5 percent and 5.3 percent this year. 

“What made me very happy today is how the global economists here have applauded Indonesia’s economic growth during my informal talks with them. They also applauded our government’s ability to maintain growth and suppress inflation, among others, amidst today’s global uncertainties,” Enggartiasto told BTV on the sidelines of the conference on Tuesday local time.

“This shows how global economists recognize what our government has done under President Jokowi's leadership. I and many others have witnessed and felt [this economic growth] in person,” Enggartiasto, who currently serves as the executive chairman of B-Universe Media Holdings, said.

Earlier this month, Jokowi announced that he wanted to see Indonesia’s GDP grow between 5.1 percent and 5.7 percent next year. However, such a GDP growth target would require an investment worth Rp 1,650 trillion (about $106 billion) both from domestic and foreign investors.

ASEAN's Economy Amid Major Power Rivalry
The Indonesian government earlier this year reported that ASEAN’s economy expanded by 5.7 percent in 2022. At the same time, there is a rivalry between the US and China -- both are key economic partners to the Southeast Asian bloc.

“ASEAN has made an impressive contribution to the global GDP growth. But at the same time, there were also some discussions on what [ASEAN] had to be aware of, which is that we should not be involved in the conflict between the two major powers,” Enggartiasto said, without referring to the US and China by name.

Data shows that ASEAN has been enjoying strong economic relations with Washington and Beijing. According to a US government fact sheet, the US is the largest source of foreign direct investment (FDI) in Southeast Asia. Over 6,200 American businesses have contributed to a record $520.3 billion in total US-ASEAN trade in 2022.

According to Chinese Premier Li Qiang, China-ASEAN trade volume topped $970 billion last year, more than double the volume a decade ago. They have been each others’ top trading partners for three years running.