Indonesia poised to become seventh-largest economy globally by 2030

Indonesia poised to become seventh-largest economy globally by 2030

Jakarta (UNA-OIC) – Indonesia can become the world’s seventh-largest economy by 2030 in the event of swift and apposite growth in digitalization in the economic and financial sectors, according to President Joko Widodo (Jokowi).

“If we control it quickly and accurately, Indonesia has great potential to become a digital giant after China and India, and the seventh-largest economy in the world in 2030,” Jokowi stated at the Financial Services Authority (OJK) Virtual Innovation Day on Monday.

Currently, digitalization is growing rapidly in the midst of the COVID-19 pandemic. Digital banks, digital insurance companies, electronic payment companies (e-payments), and technology-based financial services (fintech) are emerging and become more accessible to the public. However, various frauds and other financial crimes have emerged amid rapid digitization.

Hence, President Jokowi has reminded the OJK and the financial service industry to maintain and oversee the development of the financial sector digitalization to contribute to the community’s economy.

“This momentum must be continued with efforts to build a strong and sustainable digital finance ecosystem, such as a responsible ecosystem,” he stated.

The president called for the digital economic and financial ecosystem to have policies in place to mitigate the risk of legal and social issues that will create problems for the community. Moreover, the digital ecosystem must offer protection to the community.

Source link