(Global Edge, 2022)

Indonesia is a country located in Southeastern Asia between the Indian Ocean and the Pacific
Ocean. It has a strategic location astride major sea lanes and is an archipelago of 17,508 islands,
some of which border Timor-Leste, Malaysia, and Papua New Guinea.

The population of Indonesia is more than 276 million and is ranked as number 4 in the world
rankings of population (152.6 per km2). The total are oof Indonesia is 1,904,569 sq km. It is teh
world’s largest island country and 14th largest by area.

President Jokowi was re-elected for a second five-year mandate in April 2019. His legislative
coalition – the Indonesian Democratic Party of Struggle (PDIP) - received strong support and
controls nearly 70% of the lower house (Dewan Perwakilan Rakyat), which could help to push
further his reform agenda that includes two major projects: the relocation of the capital to the
province of East Kalimantan and the Omnibus bill. The latter was passed and signed in October
2020 and could reform labor, tax, and other major laws in order to cut red tape and spur
investments into a post-pandemic economy. It received much disapproval from workers and
labor unions, who protested and claimed that these would reduce workers’ rights at a time when
the unemployment rate is increasing. On the external front, Indonesia’s stance towards China on
the South China Sea should continue to harden, as Beijing reiterated claims of historic rights on
areas that overlap Indonesia’s exclusive economic zone.

Business Climate Rating is A4 which is at acceptable risk level.

The business environment continued to improve in Indonesia over 2021, including simplified business
licensing. Recently implemented reforms are expected to increase labour market flexibility and improve the
investment climate. Moreover, the government plans to boost investment in transport infrastructure to close
infrastructure gaps in the coming years. Nevertheless, Indonesia continues to suffer from heavy bureaucracy,
widespread corruption and low levels of innovation.

 Indonesia ranked 56th in the Index of Economic Freedom Ranking 2021, performing best in the
Government Spending and Financial Freedom pillars

 In 2021, the country reported 15.2 commercial bank branches per 100,000 adults, lower than the
regional average

 As of 2021, the central bank policy rate in Indonesia stood at 3.5%, slightly lower than regional
average of 3.8%, allowing reasonably good access to financing for businesses

 8.8% of Indonesia’s population aged 15+ had higher education in 2021, while the labour force
participation rate stood at 69.9% of the working-age population in 2021
 The country ranked 48th globally in the Logistics Performance Index 2021, recording the best
performance in the Timeliness of International Shipments and the Tracking and Tracing
Consignments pillars

 Indonesia ranked 66th in the Network Readiness Index ranking 2021, pointing to moderate potential
for business innovations

 OPERATIONAL AND REGULATORY ENVIRONMENT

 Good fiscal health and improving business freedom
 Indonesia stood 56th out of 186 countries globally and 10th out of 38 in the Asia Pacific region in the
Index of Economic Freedom Ranking 2021, performing well in the Government Spending and Fiscal
Health pillars. Good fiscal health indicates a well-balanced public budget and the country’s overall
resilience to financial shocks, ensuring a stable economic environment for businesses to operate in.
The Indonesian government’s response to the COVID-19 pandemic resulted in a higher budget deficit,
pushing up the government debt ratio and the cost of the debt in the budget. However, the public
debt as a percentage of GDP remains low compared to other regional countries, at 40.6% in 2021.
Moreover, the Business Freedom ranking improved from 153rd position in 2015 to 62nd in 2021,
indicating progress in increasing the ease of starting, operating and closing a business in Indonesia.
 Indonesia’s business environment suffers from corruption and complex regulations
 Heavy bureaucracy and widespread corruption continue to hinder the business environment in
Indonesia. Indonesia ranked 102nd out of 180 countries globally and 17th out 35 in the Asia Pacific
region in the Corruption perception Index 2020, recording a decline from 88th position in 2015.
Corruption remains prevalent across the private and public sectors, despite reforms to combat it, as
corruption legislation is poorly enforced. The efficiency of business operations is restricted by a
corrupt judiciary, complicating the process of dispute settlement and weakening property rights
protections. In addition, businesses face widespread bribery when registering a business or obtaining
permits and licences.
 FINANCING AND INVESTMENT
 The government eases restrictions on foreign investment
 Indonesia ranked 119th globally in the Investment Freedom pillar in 2021 (compared to 122nd
position in the previous year), pointing to a challenging investment landscape. Weak infrastructure
development and red tape remain the key deterrents for investors. At the end of 2020, the
Indonesian government enacted the Omnibus Law, which received a positive response from
investors, as it eased regulations on foreign direct investment (FDI) and introduced employment
provisions that are considered as more favourable to business owners. Following the issuance of the
Omnibus Law, the government released the New Investment List in 2021. Under the new regime,
most of the foreign investment restrictions in the Negative List have been lifted, opening a number of
sectors, including pharmaceuticals, ICT and wholesale sectors, to 100% foreign ownership. Moreover,
a foreign investor is now able to obtain a business licence through the Online Single Submission (OSS)
system, a web-based platform that aims to simplify business licensing in the country. This eliminates
the need to go through multiple ministries and other government institutions. Nevertheless, access
to finance remains a challenge for new investors, as well as small- and medium-sized companies.
Indonesia’s central bank policy rate in 2021 was similar to others in the region, standing at 3.5%,
 while the annual lending rate in Indonesia reached 9.0% in 2021, the highest across ASEAN
economies.
 SKILLS AND LABOUR
 Recent reforms are expected to increase labour market flexibility
 Indonesia’s ranking on the Labour pillar in the Index of Economic Freedom has worsened slightly
from 140th position in 2015 to 141st in 2021, pointing to restrictive labour market regulations.
Companies face various structural labour market problems, including skills shortages, lagging
productivity, restrictions on the use of contract workers and complex labour laws. Under the
Omnibus Law, the country aims to increase labour market flexibility, boost job creation and
encourage more formal sector employment, as nearly half of Indonesia’s workers are employed in
the informal sector. Restrictions on the types of work that can be outsourced were lifted, regulations
related to fixed-term contracts were eased, and a new working hours arrangement was established
to accommodate jobs in the digital economy era. The government eliminated the sectoral minimum
wage, while establishing a provision for hourly pay for part-time workers. Moreover, a new
unemployment benefit became a part of the public safety net for workers, and severance pay
requirements were reduced. However, these reforms have triggered strong waves of protests since
2019. Millions of workers, labour unions and student groups protested against the abolition of
sectoral minimum wages, severance pay cuts and increased labour flexibility by extending contract
periods.

Political Factors affecting Indonesia

GOVERNMENT SYSTEM

The government system is a republic; the chief of state and the head of government is the
president. Indonesia has a mixed economic system which includes a variety of private freedom,
combined with centralized economic planning and government regulation. Indonesia is a
member of the Asia-Pacific Economic Cooperation (APEC) and the Association of Southeast
Asian Nations (ASEAN).

The key government branches can be broken down to Executive, Judicial, and Legislative.

The Executive Branch

The president heads the United Indonesia Cabinet and is also head of state, commander-in-
chief, and responsible for domestic governance, policy-making and foreign affairs.

The Judicial Branch

The Mahkamah Agung (supreme court) is the highest level of the judicial branch. The
constitutional court rules on constitutional and political matters, while the judicial commission
oversees the judges.
The Legislative Branch

The Majelis Permusyawaratan Rakyat and the Dewan Perwakilan Rakya serve as the two
legislative bodies for Indonesia.

All government branches follow a five-year election cycle.

CORRUPTION AND CENSORSHIP

Persisting corruption drags down competitiveness: Corruption is still highly prevalent across all governing levels and,
hence, the investment environment remains clouded by heavy bureaucracy and corruption, despite reforms undertaken
to strengthen the judicial system.

DIPLOMATIC ALLIANCES
bureaucratic customs procedures for both exports and imports prevail and are expected to remain a looming barrier for
cross-border trade in the short term. 

Indonesia ranks relatively favourably in the Getting Credit pillar in the Ease of Doing Business (Doing Business) 2020
report, surpassing Asian giants including Japan, China and South Korea.  

Bright outlook for investment: Over the first half of 2020, Indonesia’s foreign direct investment (FDI) inflows declined by
5.0% in nominal terms in 2019, compared to the same period the previous year, according to the Indonesia Investment
Coordinating Board (BKPM). In the upcoming years, the government plans to introduce regulatory changes to reduce
bureaucracy and increase the country’s openness to foreign investment, which are anticipated to boost investor interest
in Southeast Asia's largest economy. For instance, the Indonesian House of Representative passed the Jobs Creation Bill
(also known as the Omnibus Law) in October 2020, with an aim to increase labour market flexibility, boost investment,
and create new jobs by streamlining regulations and simplifying the licensing process.  

Starting a business in Indonesia remains costly and time consuming: Indonesia improved its stance in Doing Business, yet
weaknesses still remained in some pillars in 2020. Indonesia ranked among the bottom third of countries globally in the
Starting a Business and Enforcing Contracts pillars in Doing Business 2020. Nevertheless, the country performed better in
the Getting Electricity, Protecting Minority Investors, and Resolving Insolvency pillars in 2020. Compared to regional
leaders, time spent to deal with, as well as the cost of, construction permits in Indonesia were the highest in 2020,
dragging the processes of opening businesses in the country behind. However, the cost of getting electricity, registering
property and enforcing contracts also stood more favourably compared to leading regional peers.

Poor Economic Freedom rankings: Indonesia offers a large market for potential investors; however, it lags behind the
largest Asian economies with low innovation capabilities, a rigid labour market, and a relatively unstable microeconomic
situation. In the Index of Economic Freedom, Indonesia stood behind Asian giants like India and China in terms of
government integrity, with the country’s rank in this pillar significantly worsening over 2017-2021.

Economic Factors affecting Indonesia

The economy should recover lost ground in 2021, but is over-reliant on China and has elevated
unemployment. The growing consumer market should allow the country to capitalise on its demographic
dividend, despite progressive ageing. Rising internet usage, improving infrastructure, and the rollout of 5G
mobile internet present opportunities; but investment in telecommunications remains low.
Exposure to shifts in Chinese demand: Given that Indonesia relied on China for 18.6% of its goods exports in 2020, this
over-reliance on one market leaves the country exposed to shifts in demand from the Asian superpower, which could
damage future export performance if China were to experience a marked economic deterioration.

Inflation is anticipated to grow and stay within the target range over 2021-2025, as economic activity recovers from the
COVID-19 pandemic and oil prices are expected to rise. 

Unemployment is expected to remain above the rate for the regional average over the medium term, and is expected to
overtake the average rate for the world in 2025, when the rate will be 6.7%.

Over 2020, Indonesia’s central bank cut its benchmark interest rate by 125 basis points to 3.8%, urging banks to increase
their lending to cushion the adverse effects of the COVID-19 pandemic and promote economic development. Low
inflation was another major reason for the interest rate cuts over the year. Below-target inflation may prompt BI to cut
policy rates further in the short term. With the central bank likely to retain its accommodative policy stance over the
medium term, in order to speed up economic recovery. 

RCEP should help to expand regional trade: In November 2020, Indonesia joined the Regional Comprehensive Economic
Partnership (RCEP), the world’s largest trade agreement, which consists of 10 Southeast Asian countries, China, Japan,
South Korea, Australia and New Zealand. The pact is anticipated to help progressively reduce tariffs on industrial and
agricultural products, and contribute to post-COVID-19-pandemic economic recovery across Asia Pacific and Australasia.
Moreover, it will help Indonesia expand its market and integrate further into the global supply chain

65.8 id the Index of Economic Freedom - Grades each country on a scale of 0 to 100, based on
ten freedoms, with 100 representing the greatest amount of economic autonomy from
government intervention. Source: Heritage Foundation (2019)

Country Risk Taking

A4-

Gross Domestic Product (GDP)

According to The World Bank, the annual GDP at purchasing power parity (PPP) of Indonesia in 2020
was 3.3 trillion dollars (ranked 7th globally) with a growth rate of -2.07%. The services sector is the
economy's largest and accounts for 46.4% of GDP (2012), this is followed by industry (38.26%),
Manufacturing (19.88%) and Agriculture (13.7%).

EXPORTS & IMPORTS

Top 3 Trade Partners (2019): China, Japan, and Singapore

Top 3 Exported Goods (2019): Oil & Mineral Fuels, Fats & Oils, and Electrical Machinery

Top industries - Petroleum and Natural Gas; Textiles; Automotive; Electrical Appliances
Vietnam’s main exports are Electrical Machinery (36.7%) followed by Apparel (11.4% combined) and
Footwear (7.2%). The top 3 export countries are the United States, China, and Japan while Canada is
ranked number 13.

However, Vietnam’s top imports are Electrical Machinery (30.7%), Industrial Machinery (9.25%), and
Plastics (6.26%). The top 3 import countries are China, South Korea, and Japan while Canada is ranked
number 24.

Economic relations with Canada

Two-way trade in goods amounted to C$4.8 billion in 2019, making Canada Vietnam’s 21 st largest trading
partner. Canada’s share of Vietnamese imports is 0.34%; however, its share of exports is somewhat
higher at 1.50% (GlobalEdge, 2022) .

“In 2015, Vietnam was Canada’s largest recipient of international assistance among ASEAN members,
receiving C$133 million in bilateral and multilateral aid. This is a significant increase from the previous
year in which total international assistance amounted to C$88 million” (GlobalEdge, 2021) Additionally,
there is a Free Trade Agreement that is active and ‘in force’ between Canada and Vietnam (KPMG
International, 2018).
Indonesia’s economy started to recover over 2021, underpinned by strong exports, robust industrial activity
and economic support measures. The economy is projected to expand at a faster pace in 2022, due to easing
COVID-19 curbs, stronger private consumption and investment as well as the global commodity boom.
However, pandemic-related uncertainty, ongoing supply constraints, global financial market volatility and
withdrawal of economic stimulus in Indonesia could hinder economic growth.

HEADLINES

 Following real growth of 3.5% in 2021, Indonesia’s economy is expected to expand at an average
annual real rate of 4.8% over 2022-2040

 Inflation in Indonesia is forecast to increase to 2.9% in 2022 from 1.6% a year ago

 As Indonesia’s exports increased by 40.5% and imports rose by 39.0% during 2021, the country
remained a net exporter

 Foreign direct investment (FDI) inflows into Indonesia rebounded over 2021

 Public debt in Indonesia rose to 40.5% of GDP in 2021 from 36.6% in 2020, compared to the regional
average of 94.7%

 Download

 Print

 
  Save

 Translate

o Related Statistics

 View Statistics

o Related Industry Reports

o Related Articles

o More Related Items

 Browse all themes

Economy, Finance and Trade: Indonesia

Country Report | 10 Mar 2022

Indonesia’s economy started to recover over 2021, underpinned by strong exports, robust industrial activity
and economic support measures. The economy is projected to expand at a faster pace in 2022, due to easing
COVID-19 curbs, stronger private consumption and investment as well as the global commodity boom.
However, pandemic-related uncertainty, ongoing supply constraints, global financial market volatility and
withdrawal of economic stimulus in Indonesia could hinder economic growth.

HEADLINES

 Following real growth of 3.5% in 2021, Indonesia’s economy is expected to expand at an average
annual real rate of 4.8% over 2022-2040

 Inflation in Indonesia is forecast to increase to 2.9% in 2022 from 1.6% a year ago

 As Indonesia’s exports increased by 40.5% and imports rose by 39.0% during 2021, the country
remained a net exporter

 Foreign direct investment (FDI) inflows into Indonesia rebounded over 2021

 Public debt in Indonesia rose to 40.5% of GDP in 2021 from 36.6% in 2020, compared to the regional
average of 94.7%

PROSPECTS

https://www-portal-euromonitor-com.proxy.bib.uottawa.ca/portal/analysis/tab

Indonesia’s growth is forecast to accelerate over 2022

Following a contraction of 2.1% in 2020 due to the coronavirus pandemic shock, real GDP in Indonesia
increased by 3.5% over 2021, underperforming the average growth of 6.4% in Asia Pacific. During the year,
the country’s economic growth was driven by strong exports, robust industrial activity and supportive
macroeconomic policy measures. However, household consumption and private investment remained muted.
The ongoing COVID-19 pandemic and re-imposed containment measures over the year hindered faster
economic rebound and labour market recovery. The unemployment rate continued to increase, reaching
6.4%.
Indonesia's economic growth is forecast to accelerate over 2022, underpinned by easing COVID-19
restrictions, growing domestic demand and the global commodity boom, boosting Indonesia’s exports.
Moreover, in January 2022 the government announced it will introduce new tax breaks on property and car
sales in order to promote economic recovery. However, the risks of new infection waves, persisting supply
chain disruptions and rising financial market volatility amid global monetary tightening cloud the economic
outlook. Under the National Medium-Term Development Plan 2020-2024, the country aims to increase
prosperity, improve infrastructure, increase investment in human capital and enhance public services. Over
2022-2040, Indonesia’s economy is forecast to expand at a CAGR of 4.8%, in comparison to the regional
average of 4.2%, and aims to become a developed economy by 2045.

The central bank is expected to shift towards policy normalisation in 2022 as inflation picks up
Due to subdued domestic demand and fuel subsidies that capped the increase in energy prices, inflation in
Indonesia decreased from 1.9% in 2020 to 1.6% in 2021, standing below the central bank’s 2.0%-4.0% target
range. Among major groups of consumer goods and services, communication services witnessed the largest
price decline in 2021, while alcoholic drinks and tobacco products experienced the largest price increase.
However, the inflation is set to pick up over 2022, driven by ongoing supply constraints, rising commodity
prices and stronger domestic demand. Moreover, Indonesia will increase the value-added tax (VAT) from 10%
to 11% starting April 2022 and to 12% in 2025. Over the next five years, the country’s inflation rate is
anticipated to rise gradually, reaching 3.5% by 2026.
Over 2021, Bank Indonesia (BI) retained its accommodative policy stance in order to speed up the economic
recovery. In 2021, BI decided to cut its seven-day reverse repurchase rate by 25 basis points to 3.5%, the
lowest since the rate was introduced in 2016. Moreover, as the total money supply in Indonesia rose by 7.3%
year on year in real terms, the amount of money in circulation on a per capita basis stood at USD511 in 2021,
in comparison to the average of USD5,350 in Asia Pacific. In January 2022, the central bank kept the key
policy rates unchanged to support economic recovery and maintain currency and financial market stability.
However, the central bank plans to shift towards monetary policy normalisation in 2022 and raise gradually
the reserve requirement ratios (RRR) for banks starting from March 2022.

The country’s exports reached a record high in 2021 due to global commodity boom
Following a dip in 2020, the strong recovery in global demand boosted international merchandise trade,
which surpassed the pre-pandemic levels globally in 2021. The value of goods exported by Indonesia surged
by 40.5% over 2021 to record-high levels, supported by rising global commodity prices. During the year,
exports of goods made up 19.5% of Indonesia’s GDP, which was below the average of 24.4% in Asia Pacific.
Mineral products remained the largest exports category in Indonesia in 2021, accounting for 17.1% of the
country’s total exports value. China remained Indonesia’s main exports partner, with 27.3% of all goods
exported to China during the year. In January 2022, Indonesian authorities have placed a temporary ban on
coal exports to shore up domestic coal supplies and prevent energy shortages in the country.
In 2021, the value of commodity imports in Indonesia rose by 39.0%. Imports of machinery and electronic
equipment witnessed the strongest surge over the year in absolute value terms, which was also the major
imports category, accounting for 29.2% of the total. China remained the largest Indonesia’s imports partner
in 2021, supplying 39.2% of all merchandise imported by Indonesia in value terms. In January 2022, the
Regional Comprehensive Economic Partnership (RCEP) came into force, creating a new Asia-Pacific trading
bloc between the ten ASEAN (Association of Southeast Asian Nations) countries, Australia, China, Japan, New
Zealand and South Korea. The RCEP is expected to boost Indonesia’s economic development and promote
stronger trading relationships between members through the effect of tariff reductions and simplification of
trading rules.

Indonesia aims to boost domestic and foreign investment over 2022

As greenfield investments and cross-border M&A activity declined amid the COVID-19 pandemic, global
foreign direct investment (FDI) flows witnessed a significant drop in 2020, reaching the lowest level since
2005. FDI flows to Indonesia decreased in real terms compared to 2019 and reached USD19.1 billion in 2020.
As a result, the country ranked fifth out of 43 countries in Asia Pacific in terms of FDI inflows. Over the year,
FDI inflows as a percentage of GDP remained below the regional average of 1.8%. However, Indonesia’s FDI
inflows recovered and increased by 10% in 2021 compared to previous year, according to the Ministry of
Investment. Metal sector, mining, transport and storage, and telecommunication industries attracted the
largest investments over the year. Singapore was the biggest source of FDI, followed by Hong Kong, China,
the US and Japan. In the end of 2020, the Indonesian government enacted the Omnibus Law to simplify
business licensing and improve investment environment in the country. For instance, a foreign investor is
now able to obtain a business license through an Online Single Submission (OSS) system. In addition, the
government released the New Investment List in 2021. Under the new regime, most of the foreign
investment restrictions in the Negative List have been lifted, opening a number of sectors, including
pharmaceuticals, ICT and wholesale sectors, to 100% foreign ownership.
Gross fixed capital formation (GFCF) in Indonesia rose in real terms over 2021, as a result of economic
recovery, buoyant activity in manufacturing sector and favourable financing conditions. Capital investment is
anticipated to pick up over the medium term, owing to rising business sentiment, growing industrial activity
and pent-up spending plans. Over 2022, the economy aims to attract USD83 billion in investment from both
domestic and foreign sources, up by 33% from 2021. Furthermore, Indonesia plans to invest USD430 billion in
infrastructure projects, including roads, ports and railways over 2020-2024. The largest projects in the
pipeline include the USD34 billion Trans-Sumatra Toll Road project and the USD6 billion Jakarta-Bandung
high-speed railway. The Ministry of Public Works and Housing has also set a target to extend the network of
Indonesia's toll roads from nearly 2,400 kilometres to 5,100 kilometres by 2024. However, these projects will
require significant investments from private sector. As a result, in 2021 the government launched a new
sovereign wealth fund – the Indonesia Investment Authority (INA) – which is expected to help attract
investments to finance major infrastructure projects and close the country’s infrastructure gap.

The government plans to gradually withdraw fiscal support

Due to the shortfall in government revenue and the implemented fiscal stimulus measures aimed at
mitigating the adverse impact of the COVID-19 pandemic on the economy, the government ran a budget
deficit over 2020, reaching 5.9% of total GDP. Moreover, the budget deficit widened to 6% of total GDP in
2021, as the government maintained supportive fiscal policy, including higher allocations to healthcare sector
and support for businesses. Over the year, government revenues increased by 5.2%, while public expenditure
grew by 6.5%. Government spending on economic services witnessed the strongest growth over 2021, while
general public services remained the largest spending category, accounting for 25.0% of total public
expenditure. In addition, Indonesia’s subsidy bill surged to IDR243 trillion in 2021, surpassing the budgetary
allocations by 39% due to soaring energy prices. As a result, the public-debt-to-GDP ratio increased over the
year to 40.5%, compared to the regional average of 94.7%.
As the economic recovery is expected to accelerate, the government is set to shift towards fiscal
consolidation over the medium term. In September 2021, the Indonesian legislature passed a USD190 billion
budget for 2022. Moreover, Indonesia pledged to reduce the budget deficit to 3% of GDP by 2023 by
streamlining spending and expanding revenue sources. In order to achieve this target, the government
decided to increase VAT, introduce a carbon tax and launch of a tax amnesty programme in 2022.
Additionally, new progressive income tax rates came into effect in Indonesia from January 2022 including a
new top individual income tax rate of 35% on income over IDR5 billion.

COUNTRY RISK ANALYSIS

The main risks for the economy arise from the uncertainty related to the path of the COVID-19 pandemic. In
case Indonesia needs to reimpose lockdowns and strict social distancing measures in 2022 amid the spread of
more infectious and more vaccine-resistant COVID-19 virus mutations, the economic outlook would resemble
the C19 Pessimistic1 scenario. Longer-lasting social distancing measures would cause large drops in
consumption, business revenues, employment and wages relative to the baseline forecast in 2022. In this
scenario, effective vaccination rates against the new variants are only attained in developed economies in
2023, with further delays in emerging and developing economies. The economy would expand by 1.6%
annually in real terms in 2022 and grow by 3.9% over 2023.
On the other hand, if Indonesia experiences faster-than-expected vaccination and economic recovery rates
and a milder effect of new coronavirus variants over 2022, while global supply chain constraints ease, the
economy would fall into the C19 Optimistic1 scenario. In this scenario, we assume that a 70-80% population
vaccination rate is attained in both advanced countries as well as emerging and developing economies in
2022, owing to faster distribution and greater vaccine uptake. Real GDP in Indonesia would increase at an
annual rate of 6.6% in 2022, followed by growth of 6% in 2023.

https://www-portal-euromonitor-com.proxy.bib.uottawa.ca/portal/analysis/related

Economic relations with Canada

TAXES

Indirect Taxes
Social Factors affecting Indonesia

DEMOGRAPHY

SOCIAL CHALLENGES

Appendix

Political Environment Dynamics in Indonesia

Po

Economic Environment Dynamics in Indonesia

Social Environment Dynamics in Indonesia
Economic Snapshot (GlobalEdge, 2022)
`