East Asian Countries are Potential to be High Income Countries

Nusa Dua, InfoPublik - The economic growth of the East Asian region in the past 10 years has become the engine of global growth. East Asia is recorded to grow two times faster than other Asian regions or even three times faster than Latin American and South Asian countries.

"The potential of the East Asian region is still very large and the aim to elevate the status of "high income country" is still very strong," said Finance Minister when giving a speech at the Regional Seminar on Resurgent East Asia: “Adapting the Development Model to a Changing World” at BICC Nusa Dua Bali, Wednesday (10/10) in the series of the 2018 Annual Meetings IMF-WBG as quoted in the statement of the Indonesian Finance Ministry.

She reckoned that although economic growth in East Asia is developing very well, there will always be challenges that must be faced to be able to raise the status of this region into a region of developed countries. In addition to the challenges of overcoming poverty, climate change, and infrastructure development, another challenge that must be faced is rebalancing the Chinese economy.

The rebalancing of Chinese economy will not only have an impact on the global economy but also East Asian economy because of its significant contribution to economic growth. Another challenge that needs response is the technological development.

A strategy that can be used is the ability to take advantage of globalization and technology. Together, East Asian countries must be able to convey aspirations to create a good global economic environment.
Policy makers must also promote inclusive social development. This is done to ensure that no one is left behind and can enjoy economic growth evenly.

"Technological advancement must be optimized to increase inclusiveness and also women's participation in the business world," said the minister.

In Indonesia, technology advancement has been utilized by Go-Jek. A platform developed by a young citizen which has been able to make ‘ojek’ (motorcycle taxi) drivers get better income.

"I hope, in this forum, we can exchange ideas that can maintain economic growth that is already extraordinary. Future challenges will require a variety of policy strategy innovations," she concluded. (Juli/Translator: Erik Limantara)