Both countries are pioneering new ways to get rich in a troubled world
looking for growth opportunities among the world’s 20 biggest economies, two stand out: India and Indonesia. The Asian giants, with a combined population of 1.7bn, are forecast by theto be the two fastest-growing top-20 economies in 2023, and over the next five years. Both are pioneering strategies for getting richer in an era of de-globalisation, fraught geopolitics, automation and energy shifts, even as they seek a political formula that wins elections and avoids social unrest.
At first glance, India and Indonesia have much in common. Both are led by charismatic leaders first elected in 2014, and both will hold elections next year. Narendra Modi, India’s prime minister, and Joko Widodo , Indonesia’s president, cut their teeth in local politics and have a reputation for getting things done. They run vast and relatively young countries with myriad ethnicities and languages.has expanded by 71% over the past decade, and Indonesia’s by 52%.
These industries generate chunky foreign earnings. In 2021 tech services made up about 17% of India’s exports by value, and commodities accounted for 22% of Indonesia’s. But these sectors generate few jobs: even India’sBoth governments want to supercharge the private sector through industrial policy. India has a more auspicious starting point . The. The Indonesia Index is worth just $123bn, or 10% of. India has 108 “unicorn” businesses , more than any other country except America and China.
Our final category concerns how the two governments keep voters happy. Both are delivering decent growth , but far too few formal jobs of the kind China and East Asian tigers managed to create. “There are a lot of unemployed youth, which is a waste of [India’s] demographic dividend,” says Raghuram Rajan, formerly the Indian central bank’s governor.
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