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.
As the Fourth Industrial Revolution (4IR) gains pace, labour markets must adapt to meet the changing needs of the communities and economies they serve. Policy and business models are evolving in order to leverage disruptive technology – including artificial intelligence (AI) – and benefit from enhanced connectivity and productivity. A shift in education will be key to ensuring that populations have the skills to both adapt to and build on new technologies and the changes they spur.