Research: Post-Pandemic Strengthening of Economic Growth in Several Provinces
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The COVID-19 pandemic, which erupted in 2020, caused global economic turmoil. In 2020, global economic growth plummeted to -2.8%, a sharp decline from the 2.8% growth in 2019. Similarly, Indonesia's economic growth fell to -2.07% in 2020, down from 5.02% in 2019.
However, in the years following the pandemic, economic growth in several Indonesian provinces strengthened, even exceeding pre-pandemic levels.
This is evident in a report by the Katadata Insight Center (KIC) and Grant Thornton titled *Unraveling Indonesia’s Prospects in 2024: How 5 Provinces are Set to Benefit From The Macro Trends*.
KIC compared the average economic growth of Indonesia's 34 provinces during the pre-pandemic period (2017-2019) and the post-pandemic period (2021-2023).
The results showed that nine provinces experienced growth strengthening, with the most significant strengthening occurring in North Maluku.
During the pre-pandemic period (2017-2019), the average economic growth in North Maluku was 7.2%. In the post-pandemic period (2021-2023), the average growth surged to 20.1%.
"Not only has the economic growth of North Maluku Province recovered to pre-COVID-19 levels, but it has also increased by almost 50% thanks to investment and the growth of nickel mining in the province," according to the KIC and Grant Thornton report.
Similar strengthening also occurred in the provinces of Central Sulawesi, Papua, Bangka Belitung Islands, Riau Islands, East Kalimantan, Riau, West Nusa Tenggara (NTB), and West Sulawesi, with details as shown in the graph.
In addition to mapping economic growth, KIC and Grant Thornton also identified five provinces with the potential to become growth centers in 2024: North Maluku, Central Sulawesi, East Kalimantan, West Java, and Riau.
"We investigated the current strengths of these provinces, and their promising potential for further economic growth," they stated.
The full KIC and Grant Thornton report can be accessed at this link.
"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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