Luhut Optimistic Indonesia's Economy Will Surpass Russia's by 2025: How Does its GDP Compare Among G20 Nations?

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Cindy Mutia Annur 11/09/2023 07:00 WIB

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Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan is optimistic that Indonesia's economic achievement can surpass that of Russia by 2025. So, what is the current state

Gross Domestic Product/GDP of G20 Member Countries (2022)

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Gross Domestic Product/GDP of G20 Member Countries (2022)

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Coordinating Minister for Maritime and Investment Luhut Binsar Pandjaitan is optimistic that Indonesia's economic performance can surpass that of Russia by 2025. He bases this optimism on a study by the Atlantic Council that projects Indonesia to have the world's 6th largest economy within the next two years.

“Perhaps by 2025, Indonesia can surpass Russia's economy,” Luhut said, as quoted by *Katadata.co.id* on Thursday (7/9/2023).

Luhut believes Indonesia's economic progress will continue on a positive trajectory, reaching 4th or 5th place globally.

He claims this achievement is the result of the downstreaming policy for mining mineral resources, such as nickel, bauxite, copper, tin, and gas. Furthermore, he stated that the government is now seriously pursuing the downstreaming of seaweed commodities to increase export value.

“This downstreaming can make this country (Indonesia) very, very strong in the near future,” Luhut claimed.

However, Indonesia's current economy is still relatively low compared to other countries, including fellow members of the G20.

According to World Bank data, Indonesia's Gross Domestic Product (GDP) was recorded at US$1.31 trillion in 2022. This placed Indonesia 16th among G20 members.

Compared to Russia, Indonesia's economy is 7 ranks lower. Russia's GDP in 2022 was recorded at US$2.24 trillion, ranking 9th in the G20.

The United States (US) is the G20 member with the largest economy, valued at US$25.46 trillion in 2022. It is followed by China with an economy reaching US$17.96 trillion, the European Union with a GDP of US$16.64 trillion, and Japan with a GDP of US$4.23 trillion.

South Africa is the G20 member with the smallest economy, at only US$405.86 billion. Above it are Argentina with a GDP of US$632.37 billion and Turkey with a GDP of US$905.98 billion.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Luhut Optimistic Indonesia's Economy Will Surpass Russia's by 2025: How Does its GDP Compare Among G20 Nations?

Luhut Optimistic Indonesia's Economy Will Surpass Russia's by 2025: How Does its GDP Compare Among G20 Nations?

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Luhut Optimistic Indonesia's Economy Will Surpass Russia's by 2025: How Does its GDP Compare Among G20 Nations?

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