The false promise of Indonesia’s economy
Presidential candidates vow to deliver 7% growth. Voters have heard it before
In politics, repetition is a crucial part of any campaign. But for Indonesian voters, who go to the polls to elect a new president on February 14th, one pledge is starting to sound a little too familiar. Candidates hoping to lead the world’s third-largest democracy have now, for the better part of two decades, been vowing to raise the country’s growth rate to 7%.
Joko Widodo, the outgoing president known as Jokowi, was elected on such a promise in 2014. So was his predecessor, Susilo Bambang Yudhoyono, who came to office in 2004. This time, two of the three contenders are making similar pledges. Ganjar Pranowo, former governor of Central Java, has a growth target of 7%. Prabowo Subianto, Indonesia’s minister of defence and the front-runner, has suggested that double-digit growth is possible.
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This article appeared in the Finance & economics section of the print edition under the headline "False promise"
Finance & economics February 10th 2024
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