Multinational management consultancy McKinsey & Company predicts that - by adopting digital technology - the micro, small and medium-sized enterprises (MSMEs) of Indonesia can contribute up to USD $140 billion to Indonesia's gross domestic product (GDP) by the year 2030.
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The value of the e-commerce market in Indonesia is estimated to have grown to the range of USD $55 - $65 billion by 2022. This estimate stems from a new report, titled The Digital Archipelago: How Online Commerce is Driving Indonesia's Economic Development, that was released by management consulting firm McKinsey earlier this month.
Indonesia's domestic consumption is expected to continue its steady growth in the next five to 10 years as Indonesia's rapidly expanding middle class is becoming increasingly consumptive and eager to follow the latest trends (purchasing the latest trendy products). This expanding middle class is the result of robust economic growth in Southeast Asia's largest economy. Although currently slowing, the country's annual gross domestic product growth has reached an average of almost 6 percent since 2005.
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Forecasts for Indonesia’s gross domestic product (GDP) growth in 2013 and beyond have been revised down by all institutions, including the Indonesian government and central bank as well as international organizations such as the World Bank and the International Monetary Fund (IMF). Initially, the country’s economic growth was expected to reach around 6.5 percent in 2013. However, most institutions have downgraded forecasts for the country’s economic growth to below the 6.0 percent mark.
A fresh breeze is blowing on the face of the Indonesian economy. One that is characterized by the projected growth of a new class of Indonesian consumers that seems promising in the years ahead. This new consumer force certainly brings a positive effect on Indonesia's economic growth as domestic consumption has always been a pillar of economic support for the country. Agung Budiono, analyst at Jakarta-based Pol-Tracking Institute, takes a closer look at the topic.
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