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Indonesia's Economy Remains the Largest in ASEAN until 2021

Viva Budy Kusnandar 17/08/2022 11:20 WIB

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According to World Bank data, Indonesia's economy, based on Gross Domestic Product (GDP), reached US$1.19 trillion in 2021, the highest in the ASEAN region.

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Indonesia's Economy Remains the Largest in ASEAN until 2021

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Indonesia is the largest economy in Southeast Asia (ASEAN).

According to World Bank data, Indonesia's Gross Domestic Product (GDP) reached US$1.19 trillion in 2021. This was the highest among the other nine ASEAN countries.

Indonesia's 2021 GDP also accounted for approximately one-third of ASEAN's total GDP of US$3.34 trillion.

Indonesia's economy held the top spot in Southeast Asia from 1970 to 1997. However, the national economy was devastated by the Asian financial crisis and the national economic-political crisis of 1998.

At that time, the rupiah exchange rate plummeted from approximately Rp2,000 per US dollar to Rp10,000 per US dollar. This situation was exacerbated by social conflict, causing the domestic economy to plummet to US$95.45 billion in 1998, compared to US$215.75 billion the previous year.

In 1998, Indonesia's GDP fell below that of Thailand, which stood at US$150.18 billion.

However, a year later, the Indonesian economy rebounded, reclaiming its leading position in ASEAN GDP and maintaining it until 2021.

National GDP has been above US$1 trillion since 2017. Meanwhile, Thailand's economy, which ranks second, only reached US$456 billion.

Entering the first half of 2022, the Indonesian economy remained relatively stable despite a significant increase in inflation in many countries.

Indonesia's economy grew by 5.23% in the first half of 2022 compared to the first half of the previous year (cumulative to cumulative/c-to-c), mainly driven by domestic consumption.

Based on data from the Central Bureau of Statistics (BPS), Indonesia's GDP reached Rp4.92 quadrillion in the second quarter of 2022, with 51.47% originating from household consumption.

In addition, prices of Indonesia's main export commodities, such as coal, crude palm oil (CPO), and crude oil, increased, resulting in higher state revenue from taxes and non-taxes.

Editor : Adi Ahdiat

"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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Indonesia's Economy Remains the Largest in ASEAN until 2021

Indonesia's Economy Remains the Largest in ASEAN until 2021

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Indonesia's Economy Remains the Largest in ASEAN until 2021

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