Despite protests and scepticism about his policies, Prabowo remains optimistic, projecting Indonesia as the world’s fourth-largest economy by 2050.
Indonesia’s President Prabowo Subianto has strongly responded to the recent “Dark Indonesia” protests, which oppose his austerity measures, by reaffirming his belief in a prosperous future for the country. Speaking at the Democrat Party congress on 25 February, Prabowo predicted that Indonesia would become the world’s fourth-largest economy by 2050, citing a 2022 report from global investment bank Goldman Sachs.
“The future is bright for Indonesia,” Prabowo declared, referring to the forecast that places Indonesia ahead of nations like Germany, Japan, and the UK. “Goldman Sachs says Indonesia will be number four in 2050, which is a huge achievement.”
However, some analysts have raised concerns about the limitations of such optimistic predictions. Economist Andry Satrio Nugroho pointed out that the assumptions underlying the predictions might not account for unforeseen challenges, such as the COVID-19 pandemic or geopolitical tensions like the Russia-Ukraine war. Furthermore, he argued that Prabowo’s response to the student protests lacked empathy for their concerns, which included opposition to his budget cuts and austerity measures.
Thousands of students rallied in major cities last week, voicing their displeasure with the government’s economic policies. Among their concerns were the cuts made to public spending to fund initiatives like the free meal programme for students and the Danantara sovereign wealth fund, which aims for 8% annual economic growth.
Prabowo defended his policies, claiming that the young generation would ultimately benefit from the austerity measures. “You will be the ones who enjoy the rewards in the future,” he told the students. Despite the protests, he remains confident that the nation’s economy will grow stronger in the years ahead.
The President also addressed criticism of his cabinet, which has been labelled “fat” due to its large size. Prabowo dismissed these concerns, stating that a large cabinet with talented individuals is a positive thing for the nation. With 48 ministers and 56 vice ministers, the cabinet is the largest in decades.
Despite these statements, analysts suggest that Prabowo’s optimism may be out of touch with the public’s reality. They argue that the government needs to focus on addressing fundamental issues such as improving governance, tackling corruption, and ensuring that poverty alleviation programmes are effectively targeting those in need. Until these core issues are addressed, analysts warn, Indonesia’s path to becoming a global economic power may be hindered.
