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02-12-2022, 04:44 PM
PUBLISHED 18 MINS AGO
JAKARTA – Indonesian President Joko Widodo said his nation won’t follow a purely open economic model that he blamed for undercutting Latin America’s growth prospects for decades, saying Taiwan and South Korea show the advantage of making the world dependent on them.
Speaking to a business forum in Jakarta on Friday, Mr Widodo said the most industrialised economies in Asia found an alternative way to achieve high-income status that he wants Indonesia to follow.
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Mr Jokowi cited Latin America as having chosen the wrong path, saying that “after more than 50, 60, 70 years, their countries were always developing” instead of reaching developed status. In contrast, South Korea and Taiwan rose into the higher-income ranks within a relatively short time.
Indonesia doesn’t want a closed economic model, the president cautioned. But he said complete openness could mean relying on exports of lower-value products.
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“If we follow the footstep of the Western countries, we will always be left behind, we will never catch up,” Mr Jokowi said.
https://www.straitstimes.com/asia/se-asi...ke-of-west
JAKARTA – Indonesian President Joko Widodo said his nation won’t follow a purely open economic model that he blamed for undercutting Latin America’s growth prospects for decades, saying Taiwan and South Korea show the advantage of making the world dependent on them.
Speaking to a business forum in Jakarta on Friday, Mr Widodo said the most industrialised economies in Asia found an alternative way to achieve high-income status that he wants Indonesia to follow.
......
Mr Jokowi cited Latin America as having chosen the wrong path, saying that “after more than 50, 60, 70 years, their countries were always developing” instead of reaching developed status. In contrast, South Korea and Taiwan rose into the higher-income ranks within a relatively short time.
Indonesia doesn’t want a closed economic model, the president cautioned. But he said complete openness could mean relying on exports of lower-value products.
......
“If we follow the footstep of the Western countries, we will always be left behind, we will never catch up,” Mr Jokowi said.
https://www.straitstimes.com/asia/se-asi...ke-of-west
