CATEGORY: Economic Snapshots
Indonesia is the world’s 16th-largest economy and presents an enticing opportunity for investors, thanks to positive demographic factors and ongoing reform efforts that seek to boost confidence and investment following the re-election of President Joko Widodo. Meanwhile, the country’s four unicorn and one decacorn tech start-ups are indicative of Indonesia’s rising consumer power and regional influence, with local companies expanding into neighbouring countries. While the country is expected to face headwinds in the short term due to the fallout from the Covid-19 pandemic, its strong foundations will help it to maintain momentum in the medium to long term.
In the face of economic challenges after the political upheaval of the 2000-11 period, Côte d’Ivoire has implemented major reforms, allowing it to become one of the most dynamic economies in Africa. Significant public investment, combined with strong prices for many agricultural cash crops, helped achieve average annual GDP growth of 8.5% between 2012 and 2018, and preliminary growth figures stood at 7.5% in 2019. Moves made to diversify the economy away from a reliance on raw exports are already paying dividends, and there has been a renewed focus on developing the business environment to further encourage private-sector-led growth.
Four years after Saudi Arabia launched its Vision 2030 development strategy, the non-oil economy is benefitting from sustained reform as projects across a range of sectors come to fruition. Meanwhile, the country will become the first Arab nation to host the G20 Leaders’ Summit in November 2020, with the gathering set to address the unprecedented global economic challenges brought on by the Covid-19 pandemic in the first half of the year. The Kingdom entered 2020 on the back of modest 0.3% growth in 2019 and despite early challenges, the economic and social measures that have been introduced in recent years bode well for the country’s health in the medium to long term.