Indonesia has potential to become Asia's new economic power: President

Jakarta (ANTARA) - Indonesia has the potential to become the new economic power in Asia along with India and China, President Joko Widodo stated.

According to Widodo, the world has entered the Asian century, marking a shift in economic growth from Western countries to Asia.

"We have now entered the Asian century. This is the shift from the West to Asia. The economic growth has shifted to Asia, and it is predicted to have three new economic powers, namely India, China, and Indonesia," he remarked at the opening of the BNI Investor Daily Summit 2024 at the Jakarta Convention Center (JCC), Jakarta, Tuesday.

The head of state affirmed that the development of downstreaming and digitalization is the key to driving the Indonesian economy to make Indonesia an economic superpower in the Asian region.

However, Widodo underscored the need to overcome numerous obstacles and fulfill various requirements to become a country with economic superpower.

"Therefore, maintaining optimism is important," the president stressed.

He elaborated that the obstacles faced are the global economic slowdown and geopolitical tensions that create global economic uncertainty.

"We all know the global economic slowdown is estimated at 2.7-2.8 percent on average. We should be grateful that Indonesia is still growing above five percent. Moreover, the Ukrainian war, Israel-Palestine war, Israel-Lebanon war, and the Israel-Iran war increase the uncertainty of the world economy," he stated.

Furthermore, he outlined that the next challenge is overcoming the impacts of climate change.

"We will also face the impact of climate change in the future. We must get prepared and anticipate this," he remarked.

At the event, the president also expressed hope to increase Indonesia's gross domestic product (GDP) per capita, currently standing at US$5,060 per year, to above US$7,000 annually in the next five years and above US$9,000 per year in the next decade.