Indonesia has reacquired its status as an upper-middle-income country, marking the bounce back of its economy following the pandemic.
The country’s gross national income per capita, which measures the sum of money a nation earns divided by its population, reached US$4,580 last year.
Indonesia sat as an upper-middle-income country based on its GNI per capita in 2019, but was relegated back to lower-middle status following the Covid-19 pandemic’s impact on the economy. During the pandemic, Indonesia saw its first annual economic contraction since 1998 as GDP dropped 2.07 per cent in 2020 amid battered consumer spending and private investment.
M. Rizal Taufiqurahman, who heads the center of macroeconomics and finance at the Institute for Development of Economics and Finance , told The Jakarta Post on Tuesday that the recent rise in Indonesia’s status did not necessarily translate to the country’s overall welfare. The Finance Ministry noted that Indonesia’s ratio stood at 10.38 per cent last year, higher than around 9 per cent in the previous year. However, the figure was still lower than in the previous decade, which saw an annual ratio above 10.5 per cent, according to Trading Economics data.
To escape it, a country should make its way into high income grouping that require over $13,845 of GNI per capita by World Bank standards as of June 30.
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