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Indonesia's economic performance in comparative perspective and a new policy framework for 2049

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  • Wing Thye Woo
  • Chang Hong

Abstract

This is the first paper of a planned 'Indonesia 2049' project, which asks how far Indonesia's economy will have developed 100 years after actual political independence in 1949. We compare dimensions of Indonesia's economy with those of two oil exporters (Mexico and Nigeria), three large populous developing economies (China, India and Brazil) and three Southeast Asian neighbours (Malaysia, Thailand and the Philippines). Under Soeharto, Indonesia's economic performance was better than it had been under Soekarno, and above the average of the eight comparator countries, but below that of the East Asian economies. Our view is that Susilo Bambang Yudhoyono's second administration must adopt a new economic policy framework to ensure successful transition to knowledge-based growth. This proposed new framework goes beyond the Washington Consensus of 'getting prices right' and 'getting institutions right' to include 'getting the role of science right' and 'getting the conception of the reform process right'.

Suggested Citation

  • Wing Thye Woo & Chang Hong, 2010. "Indonesia's economic performance in comparative perspective and a new policy framework for 2049," Bulletin of Indonesian Economic Studies, Taylor & Francis Journals, vol. 46(1), pages 33-64.
    • Handle: RePEc:taf:bindes:v:46:y:2010:i:1:p:33-64
    DOI: 10.1080/00074911003642237
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    Cited by:

    1. Basri, Muhammad Chatib, 2013. "A Tale of Two Crises: Indonesia’s Political Economy," Working Papers 57, JICA Research Institute.
    2. Richard Grabowski, 2015. "Economic strategy and agricultural productivity," Journal of Social and Economic Development, Springer;Institute for Social and Economic Change, vol. 17(2), pages 167-183, October.

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