Indonesia Surges as Second-Largest Cobalt Producer, Driving Electric Vehicle Revolution Indonesia has secured its position as the world’s second-largest cobalt producer in 2022, outshining Australia and the Philippines. According to industry reports, the country last year was responsible for around 5% of the world’s cobalt supply. This accomplishment puts Indonesia in the shadow of only…
Indonesia Forex Reserves Rise For a Better and Stable Economy In light of Indonesia’s economic growth, there has been a recent increase in its foreign exchange reserves. Bank Indonesia, the central bank, has stated that the forex reserves increased by $5 billion to $145.2 billion in March 2023. Indonesia’s forex reserves rise is primarily due…
Grant for Infrastructure and Small Business Development Will Benefit Indonesia’s Future Indonesia has made significant progress in recent years but faces many challenges, including poverty, inequality, and environmental degradation. With MCC, a grant for infrastructure and small business development, the country will be on track to become a middle-income country by 2030. The main drivers…
Mobility Improves as MRT Usage Increases Post-Pandemic in Indonesia The Jakarta Mass Rapid Transit (MRT) system has seen a significant increase in passengers as life returns back to normal after the pandemic. According to data from PT MRT Jakarta, the system recorded daily ridership of around 50 thousand in 2022. This is higher than the…
International Tourists in 2023 Expected to Exceed Pre-Pandemic Levels This year, the Indonesian tourism industry is expected to bounce back as the COVID-19 restrictions were lifted in December. The Tourism and Creative Economy Ministry has set a target of 7.4 million international tourists in 2023. According to data from the government, the foreign exchange earnings…
Indonesia Economic Growth Accelerated as Household Consumption Increases Reports show that in 2022, Indonesia experienced its strongest economic growth in the past nine years. This was mostly thanks to the easing of COVID-19 restrictions and a global community boom that allowed the exports to reach a record high. The high global commodity prices aided the…
New Agreement to Boost Indonesian Exports to South Korea Exports to South Korea to support strategic relations with Indonesia Indonesia and South Korea are forging a more robust economic partnership to commemorate their five decades of diplomatic ties. The Indonesia-Korea Comprehensive Economic Partnership Agreement (IK-CEPA) comes into force as of January 2023. It will mutually…
Indonesia Maintains Smaller Deficit in Its 2022 Budget With a GDP deficit of 2.38% (Rp 464.3 trillion or $29.7 billion), Indonesia successfully maintains a smaller deficit in its 2022 budget. This marks a remarkable drop of 40.1% compared to the country’s budget a year earlier. Back in 2020, during the COVID-19 pandemic, Indonesia’s deficit was…
Indonesia Reaches New Heights With Its Trade Surplus Recording a staggering surplus of US$5.16 billion last November, Indonesia has reached 31 consecutive months of trade surplus. With the value of exports exceeding the imports, Indonesia’s trade surplus has grown since May 2020. There is a stark difference in balance that has exceeded expectations. The exports…
Subsidy for EV Buyers to Be Given by the Government The Indonesian Government is taking massive steps to encourage its citizens to purchase electric vehicles (EVs). According to the Industry Minister, buyers will receive a subsidy to purchase EVs, such as electric motorbikes and hybrid cars from locally-made factories. Indonesia plans to allocate subsidies for…
