"Indonesia`s social structure significantly changed during the period from 2003 to 2010."Jakarta (ANTARA News) - The burgeoning middle class of Indonesia has boosted the national economy with increased consumption and productivity, according to a financial expert.
"Indonesia`s economic security is better than other countries because its high domestic consumption, which is driven by the growing middle class, can be maintained," Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) insurance bureau head Isa Rachmatarwata said here on Tuesday.
He noted that the high-consumption lifestyle of the Indonesian middle class significantly contributed to the country`s economic growth.
"As of now, the population of the Indonesian middle class has reached approximately 45 million, and it predicted to double to 95-100 million people by 2030," Rachmatarwata stated.
"Although the high-consumption lifestyle of the Indonesian middle class benefits the economy, things must be kept in check to prevent bad attitudes from developing," he pointed out.
"We have to inform the public to wisely shop and properly invest, so they can continue their lifestyle on their way to a better future. This is not easy, but we have to make efforts together," Rachmatarwata said.
He stated that the government should take steps to raise awareness among the public about the importance of properly managing their finances.
"The government can cooperate with financial services providers to educate the community about investment and financial protection. The financial services providers can also increase their business in the process," Rachmatarwata pointed out.
"Indonesia`s social structure significantly changed during the period from 2003 to 2010," he noted.
"The population of the nation`s productive middle class reached 50 million in these seven years, which shows an average annual increase of 1.7 million people," Rachmatarwata added.
He expressed hope that Indonesian middle class would continue to grow. Indonesia`s average per capita income was US$3,000 at the end of 2010.
(U.J010/INE/KR-BSR/B003)
Editor: Priyambodo RH
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