Reference no: EM133080984
Developing countries have experienced an extraordinary period of economic development over the last couple of decades". By using appropriate growth/development theories, critically analyse the recent wave of economic growth and development in Indonesia.
Use growth /development theories to explain how the COVID-19 pandemic has impacted the economic performance of Indonesia, taking into consideration the key policy responses by the government and central bank to the crisis.
Describe and evaluate the process of economic development of the country. Where possible, on top of describing the current situation, include some indication of recent trends in key variables to provide a historical pattern over a period of at least the last two decades.
Show the observed pattern of development relating to:
Internal and external circumstances of Indonesia;
Socio-economic indicators identified in Indonesia;
Development strategies and policies adopted by the government or governments concerned;
Lessons of experience if any for the contemporary developing world.
Guidelines: Use appropriate growth theories to discuss the question.
Give an overview of economic development during a defined period, e.g. economic development in China since the 1980 focusing on the various episodes of policy changes.
Internal circumstances or factors could include, amongst other things, resource endowments, population, social and cultural factors, environmental hazards, and civil war.
External circumstances or factors could include, amongst other things, world market conditions for the country's major exports, special trade arrangements, and aid dependency.
Strategies and policies could be, amongst other things, those pursued by colonial as well as various post-independent governments, and may include such approaches as rapid industrialisation, export expansion and so on.)
Following headings and sequence:
Introduction, background and socio-economic trends
Relevance to the growth and development theory
Development process including strategies and policies
COVID-19 pandemic, economic performance and the policy responses
Conclusions and implications