Indonesia : Avoiding the Trap
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Jakarta
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Within the next two decades Indonesia
aspires to generate prosperity, avoid a middle-income trap
and leave no one behind as it tries to catch up with
high-income economies. These are ambitious goals. Realizing
them requires sustained high growth and job creation, as
well as reduced inequality. Can Indonesia achieve them? This
report argues that the country has the potential to rise and
become more prosperous and equitable. But the risk of
'floating in the middle' is real. Which pathway
the economy will take depends on: (i) the adoption of a
growth strategy that unleashes the productivity potential of
the economy; and (ii) consistent implementation of a few,
long-standing, high-priority structural reforms to boost
growth and share prosperity more widely. Indonesia is
fortunate to have options in financing these reforms without
threatening its long-term fiscal outlook. The difficulties
lie in getting the reforms implemented in a complex
institutional and decentralized framework. But Indonesia
cannot afford hard to not try harder. The costs of
complacency, and the rewards for action, are too high.
Palabras clave
ACCOUNTABILITY, ACCOUNTING, ACTUAL COSTS, AGRICULTURE, AMORTIZATIONS, ASSET QUALITY, ASSETS, AUTONOMY, AVERAGE PRODUCTIVITY, BALANCE SHEETS, BANK CREDIT, BANK FINANCING, BANK RECAPITALIZATION, BANKS, BASIC EDUCATION, BOND YIELDS, BONDS, BROKER, BROKERAGE, BUDGETING, CAPITAL ACCOUNT, CAPITAL FORMATION, CAPITAL MARKET, CAPITAL MARKETS, CAPITAL STOCK, CASH FLOW, CASH FLOWS, CENTRAL BANK, CENTRAL BANK INDEPENDENCE, COMMODITY PRICE, COMMODITY PRICES, COMPARATIVE ADVANTAGE, COMPETITIVENESS, CONSUMER DURABLES, CORPORATE BOND, CORPORATE BOND MARKET, CORPORATE BONDS, CORPORATE GOVERNANCE, COST OF LIVING, CREDIT CONSTRAINT, CREDITORS, CURRENCY, CURRENCY APPRECIATION, CURRENT ACCOUNT DEFICIT, DEBT, DEBT LEVEL, DEBT SERVICE, DEBT STOCK, DECENTRALIZATION, DEFICIT SPENDING, DEPOSIT, DEVALUATION, DEVELOPMENT POLICY, DOMESTIC BOND, DOMESTIC DEBT, DOMESTIC DEBT SECURITIES, DRIVERS, ECONOMIC GROWTH, ECONOMIC PERFORMANCE, ECONOMIC POLICIES, ECONOMIC SECTORS, ELECTRICITY, EMERGING ECONOMIES, ENFORCEMENT MECHANISMS, ENFORCEMENT OF CONTRACTS, EQUIPMENT, ESCROW, EXCHANGE RATE, EXPENDITURE, EXPENDITURES, EXPORTS, EXTERNAL DEBT, EXTREME POVERTY, FINANCIAL CRISIS, FINANCIAL INTEGRATION, FINANCIAL MARKET, FINANCIAL MARKETS, FINANCIAL SECTOR, FINANCIAL SERVICES, FINANCING REQUIREMENT, FISCAL BALANCE, FISCAL DEFICIT, FISCAL DEFICITS, FISCAL POLICY, FISCAL REFORMS, FLOATING RATE, FOREIGN INVESTORS, GDP, GDP PER CAPITA, GLOBAL ECONOMY, GLOBALIZATION, GOVERNMENT BUDGET, GOVERNMENT DEBT, GOVERNMENT DEFICIT, GOVERNMENT EXPENDITURE, GOVERNMENT FINANCING, GOVERNMENT REVENUES, GOVERNMENT SPENDING, GRANT ALLOCATION, GROWTH POTENTIAL, GROWTH RATE, GROWTH THEORY, HEALTH SPENDING, HOUSEHOLD INCOMES, HOUSING, HUMAN CAPITAL, HUMAN RESOURCES, INCOME, INCOME INEQUALITY, INCOME LEVEL, INFLATION, INFRASTRUCTURE DEVELOPMENT, INFRASTRUCTURE INVESTMENT, INSTITUTIONAL DEVELOPMENT, INSURANCE, INTEREST PAYMENTS, INTEREST RATE, INTEREST RATE RISK, INTEREST RATES, INTERGOVERNMENTAL FINANCE, INVENTORY, INVESTMENT DECISIONS, INVESTMENT FUNDS, INVESTMENT REQUIREMENTS, INVESTOR PROTECTION, ISSUANCE, JOB CREATION, LABOR COSTS, LABOR FORCE, LABOR MARKET, LABOR MARKET ISSUES, LABOR MARKET RIGIDITIES, LABOR PRODUCTIVITY, LABOR UNIONS, LAND REFORMS, LANDOWNERS, LAWS, LEGAL ENVIRONMENT, LEGAL RIGHTS, LEGAL SYSTEM, LEGISLATION, LICENSES, LIQUIDITY, LIVING STANDARDS, LOCAL CURRENCY, LOCAL GOVERNMENTS, LOCAL INFRASTRUCTURE, MACROECONOMIC STABILITY, MANDATES, MATURITY, MATURITY MISMATCHES, MATURITY SPECTRUM, METROPOLITAN AREAS, MULTIPLIER EFFECTS, MUNICIPAL BONDS, MUNICIPALITIES, NATIONAL GOVERNMENTS, NATURAL DISASTER, NATURAL DISASTERS, NOMINAL WAGES, OIL PRICE, PENSION, PENSION FUND, PENSION FUND ASSETS, PHYSICAL ASSETS, PHYSICAL SECURITY, POLICY RESPONSE, PRICE INCREASES, PRICE RISKS, PRIVATE BORROWING, PRIVATE INVESTMENT, PRIVATE INVESTORS, PRIVATE SECTOR, PRIVATE SECTOR INVESTMENT, PRIVATE SECTOR PARTICIPATION, PRODUCT MARKETS, PRODUCTIVITY, PRODUCTIVITY GROWTH, PRODUCTIVITY INCREASES, PROFITABILITY, PROPERTY RIGHTS, PUBLIC, PUBLIC DEBT, PUBLIC FINANCE, PUBLIC INFRASTRUCTURE, PUBLIC INVESTMENT, PUBLIC INVESTMENT IN INFRASTRUCTURE, PUBLIC POLICY, PUBLIC SECTOR, PUBLIC SERVICE, PUBLIC SERVICES, PUBLIC SPENDING, REAL GDP, REAL INCOME, REGULATORY BARRIERS, REGULATORY FRAMEWORK, REGULATORY STRUCTURES, RETAINED EARNINGS, RETURN, REVENUE COLLECTION, RISK AVERSION, RISK MANAGEMENT, RISK PROFILE, ROADS, SAFETY, SAFETY NET, SAFETY NETS, SAVINGS, SECURITIES, SETTLEMENT, SOCIAL SERVICES, STOCK EXCHANGE, STRUCTURAL CHANGE, SUBNATIONAL GOVERNMENTS, TAX, TAX ADMINISTRATION, TAX REFORM, TAX REVENUES, TOTAL FACTOR PRODUCTIVITY, TOTAL OUTPUT, TRADE BALANCE, TRADE LAWS, TRANSPARENCY, TRANSPORT, UNEMPLOYMENT, URBAN DEVELOPMENT, URBAN INFRASTRUCTURE, URBANIZATION, VALUATION, WAGES, WEALTH, WEALTH EFFECTS