By: Prabowo Subianto [excerpted from “Strategic Transformation of the Nation: Towards Golden Indonesia 2045”, page 48, 4th softcover edition]
At the beginning of this book, I mentioned that to escape the middle-income trap, we need to achieve growth rates above 6% annually. Achieving this growth target would be easier if other countries were growing at similar rates.
However, the current situation is marked by economic weakening and potential recessions in developed nations. This complicates matters for us by dampening the demand for Indonesian export products and increasing benchmark interest rates, thereby putting pressure on the Rupiah exchange rate.