Indonesia to Rank Among World's Fifth Largest Economies In 2030

Jakarta (Antara Bali) - Indonesia is predicted to break into the ranks of world's five largest economies in Gross Domestic Product in 2030 .

If Indonesia could maintain strong economic fundamental and steady economic growth, the country could even climb to the fourth largest in Purchasing Power Parity (PPP) in 2050, Price Waterhouse Cooper, a multinational service networks said.

One of the main factors to maintain the country's economic growth is the availability of energy, PWC said in a report.

Self reliance in energy supply would be a homework for the country for the coming years as its consumption of oil fuels is growing from year to year to follow the expanding economy and growing population, it said. Meanwhile, the country's oil reserve is dwindling fast resulting in shrinking production and growing dependence on imports for oil fuel .

Arifin Panigoro, the owner of the Medco Group, said in  the next 10 years the country's national energy requirement would reach 7.7 million barrels oil equivalent per day  and 2 million barrels of which would be in BBM. Arifin said the prediction is based on the program launched by the government to develop alternative energy such as geothermal.

If the program failed the BBM requirement in 2025 would rise to 3 million barrels per day, he estimated.  There are a number of factors causing the decline, he said, citing, the country's oil reserves at present are only around 3.7 billion barrels. (WDY)