Indonesia is the world’s 16th largest economy as measured by nominal gross domestic product (GDP) and eighth largest on purchasing power parity (PPP) valuation. With an estimated population of 254 million and a swelling consuming class of around 45 million people, nominal GDP in Indonesia is valued at over A$1 trillion.
Indonesia’s economy grew at five per cent in 2016 according to the Asia Development Bank, riding a wave of robust domestic consumption despite weakened investment. Indonesia is one of a handful of G20 economies achieving growth rates of around five per cent. As the largest economy in Southeast Asia, Indonesia is projected to be the world’s seventh largest economy by 2030. Over the past ten years, GDP growth has averaged over 5.8 per cent a year, well above growth in the previous decade (Source: International Monetary Fund, World Economic Outlook Database, October 2016).
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Why ASEAN and why now?
Why ASEAN and why now? Insights for Australian Business. A joint Austrade-DFAT publication examining Australia’s trade relationship with the Association of Southeast Asian Nations (ASEAN), the opportunities and challenges for Australian business engaging with the region and the future of the Australia-ASEAN trade relationship.
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