JakartaGlobe-Sept 24
Finance Minister Purbaya Yudhi Sadewa is promoting a new economic plan called “Sumitronomics,” which aims to increase Southeast Asia’s largest economy to 8 percent growth per year by 2029. The name pays tribute to Sumitro Djojohadikusumo (1917–2001), a pioneering economist and statesman, father of President Prabowo Subianto, and one of the architects of Indonesia’s modern economic policy. Sumitro served as Trade Minister and Industry Minister in the 1950s and 1960s, promoting industrialization, market-oriented policies, and strategic economic planning. Sumitronomics rests on three core pillars: high economic growth, equitable distribution of development, and national stability. “To become a developed nation, Indonesia’s development strategy needs to be based on Sumitronomics,” Purbaya said in a speech in Jakarta. “The target of 8 percent growth is not easy, but it is realistic if the government consistently follows through with its strategy.” Indonesia has experienced rapid growth in the past. Purbaya noted that before the 1997–1998 Asian financial crisis, the economy grew at more than 6 percent annually. Analysts caution that achieving 8 percent growth will be challenging due to global uncertainties and domestic structural constraints. Yet Purbaya insisted that history demonstrates such trajectories are possible with consistent policies and political will. Read more at:
https://jakartaglobe.id/business/what-is-sumitronomics-indonesias-blueprint-to-8-growth
