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Jack Austin Centre for Asia Pacific Business Studies

Demographic Transition, Middle Class, and the Rise of Digital Economy in Indonesia

Demographic Transition, Middle Class, and Rise of Digital Economy in Indonesia

About this event

Indonesia, the largest economy in southeast Asia and fourth largest country in the world (with 276 million people), is in the midst of a demographic transition, an expansion of the middle class, and a rise in its digital economy. Middle-class and affluent consumers have rapidly doubled from 74 million in 2013 to 141 million in 2020, shaping consumer behaviour and creating significant opportunities for business growth.

The fast growth of the middle class with their increasing digital literacy, the rise of the digital natives' generation, widespread internet access (reaching 210 million people), and the development of the digital ecosystem—accelerated by the Covid-19 pandemic—have opened up Indonesia’s tech sector. The valuation of the digital economy in Indonesia was around $47 billion in 2020, $70 billion in 2021, and is expected to reach $146 billion in 2025. LPEM FEB UI (2023) estimates that the digital ecosystem of “goto” (an acronym combining the two largest Indonesian tech firms, Gojek and Tokopedia-Market Place) contributed around 2.2% of GDP and created 1.7 million job opportunities beyond employing 2.5 million drivers and connecting 15 million merchants. In the financial sector, Indonesia's digital banking market is becoming increasingly competitive: 11 banks launched in 2021-2022, with more to launch soon.

However, challenges remain in creating an enabling environment that fosters digital innovation, supports the middle class, and promotes inclusive growth and sustainable development in Indonesia.

Event details

Date: Wednesday, May 17, 2023

Time: 11:00 a.m. - 12:15 p.m. PDT.

Registration: The event is free, but registration is required for attending.


About the speaker

Teguh Dartanto, Ph.D

Teguh Dartanto is Dean of the Faculty of Economics and Business at Universitas Indonesia. Before his assignment as dean, he served as vice dean of academic affairs, head of the Department of Economics, and director of the Undergraduate Program in Economics, at the same faculty. His expertise lies in development economics, poverty and social protection, and health economics. His research has been published in numerous journals, including The Lancet, Bulletin of Indonesian Economic Studies, Energy Policy, Tobacco Control, World Development Perspectives, Applied Health Economics and Health Policy, and Applied Economics Letters.

Besides being active in the academic world, Dr. Dartanto is involved in various organizations; he has been appointed Indonesia Representative on the Governing Board of the Economic Research Institute for ASEAN and East Asia (ERIA), vice president of ABEST21 (an international accreditation organization), Independent Commissioner of Bank Jago-tech based bank in Indonesia, a member of the Indonesian Young Academy of Sciences, and a 2017 Eisenhower Fellow. He earned a Ph.D. in international development from Nagoya University, Japan, in 2012.

This session will be moderated by Jing Li, Director of the Jack Austin Centre for Asia Pacific Business Studies at SFU Beedie School of Business.