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Indonesias economy Income and quality of life indicators The can include a countrys resource endowments access to the sea ethnic fragmentation climate and legal systems Indonesia is the worlds fourth most populous nation The main religion in Indonesia is muslimLike many other East Asian nations Indonesia has evolved from an agricultural economy to one whose GDP is led by manufacturing Prior to 1967 Indonesia had been a closed economy rejecting the Wests offer of becoming an ally however when General Suharto came into power Indonesia opened itself up to the west by welcoming foreign investment increase trade particularly in its oil and gas exports Protection in the form of subsidies within its agricultural industries was introduced as Indonesia aimed to gain self-sufficiency in growing rice so as to lower rice imports Indonesia is also a mixed market economy in that it both regulates as well as participating in economic activity through State Owned Enterprises SOEs in main industries such as agriculture manufacturing trade finance and mining to ensure that there is sufficient competition to ensure lower prices for the average Indonesian consumer Contrasts in levels of development Indonesia is a developing economy compared with Australia which is a high income economy Similar to Australia Indonesia has a wealth of natural resources May 25th 2004 From the Economist Intelligence Unit Source Country data 2000 2001 2002 2003 GDP per head at PPP3055320033303490 GDP real change pa493347369410 Government consumption of GDP718773821920 Budget balance of GDP-280-118-160-190 Consumer prices change pa av36911461192659 Public debt of GDP10241889878117290 Labour costs per hour USD027028037047 Recorded unemployment 608810830870 Current-account balanceGDP532482431380 Foreign-exchange reserves mUS 28502272463096934962 Copyright 1995-2001 The Economist Newspaper Group Ltd All rights reserved Before the economic crisis of 199798 Indonesia had an average GDP of 7 for almost 30 years During this time real incomes had risen In 1970 it was estimated 60 of the population lived
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