Indonesia Expat
Business/Property Featured News

Indonesia Officially Becomes an Upper Middle Class Country

middle class income
Indonesia Officially Becomes an Upper Middle Class Country

Indonesia has been classified as an upper-middle-income country, the government has announced.

“Today we have officially become a world middle class country,” said the Minister of Trade, Muhammad Lutfi, in a virtual session on Wednesday 23rd February.

He wants Indonesia to continue to work to let out of the middle-income trap and enter the high-income country group. The key is that the government wants to increase the gross domestic product (GDP) per capita three times, from the previous US$4,349.5 in 2021.

Our second challenge is how we can triple our GDP per capita which is around US$4,000-12,500,” said Lutfi.

Becoming an upper-middle-income country in 2019

Lutfi recounted the government’s achievements since 2019. In that year, he said that Indonesia had entered the upper-middle-income country group initially.

Indonesia fell into a lower-middle-income country in 2020 due to the COVID-19 pandemic. It then rose again to become an upper-middle-income country in 2021.

“This is an extraordinary achievement. After 1998, the per capita achievement was only US$463. In the 20 years to 2018, our economic growth was 10 times or 1,000 percent,” he said.

Related posts

US Sanctions Four Militants Linked with Islamic State

Nadya Joy Ador

A Day Under the Sun and Stars at the Dynamic Reef Beach Club, The Apurva Kempinski Bali

Mirella Pandjaitan

Odd-Even Plate Policy to be Extended Across Jakarta

Indonesia Expat

Prabowo Declares Victory; Jokowi Receives International Congratulations

Indonesia Expat

Staying healthy. How to cope with COVID-19? Can I still see my doctor? Health certificates?

Indonesia Expat

One Year Since COVID-19 Strikes Indonesia

Indonesia Expat