Miracle needed for Indonesia to become advanced economy by 2045: World Bank

Finance Minister Sri Mulyani said that Indonesia "must avoid the middle-income trap" for the country to achieve high-income status by 2045. - Finance Ministry file photo

JAKARTA: The World Bank has thrown cold water on Indonesia's dream of becoming a high-income economy by 2045 and outlined some of the challenges middle-income countries face in making such a leap.

According to government planning, achieving that target in time for Indonesia’s centenary of Independence would require annual gross domestic product growth of six to seven per cent over the next 20 years.