Indonesia is the country with the largest economy in the Southeast Asian Nations (ASEAN) region.
Based on World Bank data, Indonesia's gross domestic product (GDP) reached US$ 1.19 quadrillion in 2021. This value is the largest compared to the other 9 ASEAN countries.
Indonesia's GDP value in 2021 also reached around one-third of ASEAN's GDP, whose total value was US$3.34 quadrillion.
Indonesia's economy ranked at the top of the Southeast Asian region from 1970 to 1997. However, the national economy was devastated due to the financial crisis in the Asian region and the national economic-political crisis in 1998.
At that time, the rupiah exchange rate plummeted from around Rp2,000 per UNITED STATES (US) dollar to Rp10,000 per US dollar. This condition was aggravated by the occurrence of social conflicts that caused the domestic economy to plummet to only US$ 95.45 billion in 1998, compared to the previous year of US$ 215.75 billion.
In 1998 Indonesia's GDP position also fell to below Thailand's GDP of US$ 150.18 billion. However, a year later the Indonesian economy was able to rise and again lead GDP in the ASEAN region and survive until 2021.
The national GDP has even been above US$ 1,000 trillion since 2017. Meanwhile, Thailand's second-placed economy only reached US$456 billion.
Entering the first semester of 2022, Indonesia's economy is also still relatively stable despite the inflation rate increasing significantly in many countries.
Indonesia's economy until the first semester of 2022 grew 5.23% compared to the first semester of the previous year (cumulative to cumulative/c-to-c), mainly supported by domestic consumption.
Based on data from the Central Statistics Agency (BPS), Indonesia's GDP reached IDR 4.92 quadrillion in the second quarter of 2022, and 51.47% of it came from public consumption.
In addition, Indonesia's mainstay export commodities such as coal, crude palm oil (CPO), and crude oil also experienced an increase in prices, resulting in an increase in state revenues from taxes and non-taxes.
