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The GDP growth rate in the context of the World Development Indicators (WDI) refers to the annual percentage increase or decrease in a country's Gross Domestic Product (GDP), adjusted for inflation. The WDI is a comprehensive database maintained by the World Bank that tracks various economic, social, and environmental development indicators across the globe.
Key Takeaways
Indonesia GDP Growth (1961-2023)
Indonesia's GDP growth rate fluctuated significantly from 1961 to 2023, reflecting the country's economic resilience and challenges. In the late 1960s, GDP grew sharply, reaching 10.9% in 1968, bolstered by government reforms and a shift toward export-oriented policies. The 1980s saw robust growth, especially in 1980 with a 10% increase, due in part to rising oil revenues. However, the 1998 Asian Financial Crisis had a severe impact, contracting the GDP by 13.1%. Recovery followed, with a stable 5-6% growth rate in the 2000s, despite global economic pressures. The COVID-19 pandemic in 2020 caused a contraction of -2.1%, but the economy rebounded with a 5.3% growth rate in 2022, as demand and investment recovered.
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