Indonesia needs a new economic model: Jakarta Post

People in a low-income area relax near railway tracks at Pintu Air Karet, Tanah Abang, Central Jakarta. According to the World Bank, more and more poor people across the globe, including Indonesia, will fall into extreme poverty as a result of the Covid-19 pandemic. - JP

JAKARTA (The Jakarta Post/ANN): Being relegated from an upper-middle to a lower-middle income country has undone some of the progress Indonesia had made over the last two decades, when our economy grew to bring greater prosperity to the nation and its people.

But rather than ruing this relegation in the World Bank’s classification of countries, we should take it in stride, with humility and retrospection.