Fuji Anrina (The Jakarta Post)
Fri 14 Aug 2020
Indonesia turns 75e anniversary of independence with a new economic status. Early last month, the World Bank upgraded Indonesia’s status from a lower middle-income economy to an upper-middle-income economy.
Indonesia has now officially joined other major economies like China, Brazil, South Africa, Turkey, Malaysia, and Thailand. With this new status, Indonesia is on the verge of becoming a high income country, the highest level of economic status according to the World Bank classification.
The World Bank uses this classification as a factor in determining a country’s eligibility to use Bank facilities, including loan pricing. The improved status is also expected to improve the investment climate, boost trade and strengthen the country’s economic competitiveness.
Despite the advantages that …
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Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official position of the Jakarta Post.
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