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1、April 2024 2024 International Institute for Sustainable Development|IISD.org COMPREHENSIVE WEALTH REPORTIndonesia IISD REPORTIISD.org iiComprehensive Wealth Report Indonesia 2024 International Institute for Sustainable Development Published by the International Institute for Sustainable DevelopmentT

2、his publication is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.International Institute for Sustainable DevelopmentThe International Institute for Sustainable Development(IISD)is an award-winning,independent think tank working to accelerate solutio

3、ns for a stable climate,sustainable resource management,and fair economies.Our work inspires better decisions and sparks meaningful action to help people and the planet thrive.We shine a light on what can be achieved when governments,businesses,non-profits,and communities come together.IISDs staff o

4、f more than 200 people come from across the globe and from many disciplines.With offices in Winnipeg,Geneva,Ottawa,and Toronto,our work affects lives in more than 100 countries.IISD is a registered charitable organization in Canada and has 501(c)(3)status in the United States.IISD receives core oper

5、ating support from the Province of Manitoba and project funding from governments inside and outside Canada,United Nations agencies,foundations,the private sector,and individuals.Comprehensive Wealth Report IndonesiaApril 2024Written by Alin Halimatussadiah,Faizal Moeis,Roes Ebara Gikami Lufti,Muhamm

6、ad Adriansyah,and Priskila Nandita from LPEM FEB,Universitas Indonesia;Robi Kurniawan from the SDGs Hub,Universitas Indonesia;Zakaria Zoundi and Livia Bizikova from the International Institute for Sustainable Development;and Robert Smith from the International Institute for Sustainable Development a

7、nd Midsummer Analytics.Photo:iStockHead Office111 Lombard Avenue,Suite 325Winnipeg,ManitobaCanada R3B 0T4Tel:+1(204)958-7700Website:iisd.org?:IISD_newsIISD.org iiiComprehensive Wealth Report IndonesiaAcknowledgementsThis project was made possible through financial support provided by the Internation

8、al Development Research Centre.Canada under the International Institute for Sustainable Development(IISD)project on Measuring Comprehensive Wealth to Promote Inclusive and Sustainable Development.We extend our appreciation to IISD for their continued and regular follow-up and constructive feedback,w

9、hich were instrumental in shaping and guiding the study process and its outcomes,as well as to Bappenas for their valuable contributions and ongoing input,which significantly enriched the depth and direction of this study.Our gratitude also extends to Triarko Nurlambang and SDGs Hub Universitas Indo

10、nesia for their support in project administration.This project has benefitted significantly from the invaluable insights gathered from various events,including focus group discussions with experts and representatives from several ministries/agencies,T20 Indonesia 2022 engagements,the Indonesian Regi

11、onal Science Association 2023 Conference,technical workshops,and the soft launch of the Comprehensive Wealth in Indonesia report in November 2023.We are especially grateful to Bambang Brodjonegoro,the Lead Co-Chair of T20 Indonesia 2022,for his invaluable support in raising awareness about comprehen

12、sive wealth and our project.He played a crucial role in integrating them into the T20 Indonesia agenda by featuring comprehensive wealth in a side event and a dedicated session at the T20 summit,as well as including comprehensive wealth in the T20 Communiqu.We also offer special thanks to Amalia Adi

13、ninggar Widyasanti(Bappenas and BPS-Statistics Indonesia),Arik Hariyono(Ministry of Finance),and Arnita Rishanty(Bank Indonesia Institute)for their significant input during the various policy discussions.The data utilized in the report is sourced from BPS-Statistics Indonesia,Bank Indonesia,and vari

14、ous other institutions.We extend our gratitude to all individuals working within these organizations for their dedication to making data readily available.DedicationThe authors dedicate this report to the memory of Kirk E.Hamilton,whose untimely passing on February 6,2024,left the world without one

15、of its pioneers in the conceptual and practical development of comprehensive wealth accounts.Hamilton authored or co-authored many of the seminal works in the field and devoted much of his professional career to establishing the Changing Wealth of Nations program at the World Bank.His sharp insights

16、,lucid writing,and careful analysis have,fittingly,created a rich endowment to draw upon.It is up to those who remain to build on this and ensure that comprehensive wealth accounting features prominently in the measurement of progress beyond GDP.IISD.org ivComprehensive Wealth Report IndonesiaExecut

17、ive SummaryEnsuring national prosperity requires a shift in thinking from the short term to the long term.This shift must be supported by the right tools to allow policy-makers to make decisions that benefit future generations as much as the current ones.For decades,policy making has focused on grow

18、th in gross domestic product(GDP).A growing GDP has been the main standard for deciding how well countries are doing.If GDP is growing,policy is deemed effective,and governments are applauded.If GDP is declining or sluggish,calls will be made for government strategies to be revisited.Yet GDP is a sh

19、ort-term indicator that captures only what is happening in the market economy,ignoring the costs of economic activities on nature,society,and the well-being of future generations.Measuring progress with tools that go beyond short-term indicators such as GDP is therefore essential for assessing the n

20、ations future well-being and sustainability.Here,we discuss how a measure known as comprehensive wealth can serve as an important counterpoint to GDP.We show that it is possible to measure comprehensive wealth for Indonesia and illustrate how it reveals aspects of Indonesias development that are inv

21、isible through the lens of GDP.Comprehensive wealth comprises five types of assets:produced capital,human capital,natural capital,financial capital,and social capital.Measuring the size of this portfolio provides a fuller understanding of Indonesias development achievements and prospects,reflecting

22、the diverse assets that contribute to its economic and social well-being.Our study reveals that over the past 25 years,Indonesias Comprehensive Wealth Index(CWI)the inflation-adjusted(real)per capita value1 of its comprehensive wealth portfolio2nearly tripled,increasing from IDR 404.3 million(USD 86

23、,100)in 1995 to IDR 1.13 million(USD 240,750)in 2020(Figure ES1).This corresponds to an average annual growth rate of 4.3%.Most of this growth came from increases in the value of Indonesias human and produced capital,which grew at average annual rates of 4.4%and 5.0%,respectively.Market natural capi

24、tal,3 in contrast,hardly grew over the period.Financial capital,for its part,was also flat over the period and(since Indonesia is a net debtor country)was a drag on overall wealth.In contrast to the CWIs 4.3%annual average growth over the period,Indonesias GDP grew considerably more slowly.In real p

25、er capita terms,Indonesias GDP grew from IDR 27.5 million(USD 5,860)to IDR 54.1 million(USD 11,500),for an average annual growth rate of just 2.8%.The relatively slow growth of Indonesias real per capita GDP compared with its CWI suggests that the country is not benefiting as much from its increased

26、 wealth as it should.Indeed,in 1995,Indonesia created IDR 68,000 of real GDP for every IDR 1 million in real 1 All figures in 2017 prices.2 Note that CWI includes only those assets we could place a monetary value on.This model excludes social capital and those forms of natural capital that provide u

27、npriced benefits,such as the climate system.These other forms of capital were also evaluated in the study,but in non-monetary terms.3 Market natural capital comprises agricultural land,fossil fuels,minerals,timber,and fisheries(including aquaculture).IISD.org vComprehensive Wealth Report Indonesiawe

28、alth(a rate of return on wealth of 6.8%),but this figure had fallen to IDR 47,800 by 2020(a rate of return of 4.8%).Assessing the reasons for Indonesia not fully realizing the benefits of the growth in its wealth is beyond the scope of this study.The main benefit of our results is to make this findi

29、ng apparent,which is possible only when comprehensive wealth accounts are compiled for the country.By showing that Indonesia is not fully benefiting from the growth in its wealth,we provide a window into the possibilities for the country if it were to better manage its assets.Had Indonesia simply ma

30、intained the rate of return on the wealth it enjoyed in 1995,it would have earned 42%more income in 2020 than it did.That additional income would have been sufficient to push Indonesia solidly into the World Banks class of upper-middle-income nations,placing the country closer to achieving its goal

31、of high-income status by 2045.Figure ES1.Comprehensive wealth in Indonesia,19952020Source:Authors calculations based on data from BPS-Statistics Indonesia,Bank Indonesia,Ministry of Agriculture,Ministry of Environment and Forestry,Food and Agriculture Organization of the United Nations,World Bank Da

32、ta Bank,and U.S.Geological Survey.Although we were not able to fully investigate the reasons for Indonesias income shortfall,evidence suggests that one concern is the failure of the country to realize the full potential of its natural resource wealth.Based on data from the World Bank and the Food an

33、d Agriculture Organization of the United Nations,we find that Indonesia is less successful,for example,in creating wealth from its timber harvesting than other countries.Though Indonesia ranks among the top producers of timber,fish,coal,natural gas,oil,nickel,gold,tin,and copper,it ranked only 14th

34、in terms of aggregate natural resource wealth and 79th in per capita terms in 2018.Brazilians enjoyed almost twice as much natural capital per capita as Indonesians in that-20002004006008001,0001,2001,400199520002005201020152020IDR millions per capita,constant 2017Total comprehensive wealthHuman cap

35、italNatural capitalProduced capitalFinancial capitalIISD.org viComprehensive Wealth Report Indonesiayear.Chinese citizens enjoyed nearly six times as much.Malaysia generated six times more wealth for every tree harvested.These results suggest that Indonesia is“leaving money on the table”by not manag

36、ing its natural resources as effectively as it might.The extra income it could earn by doing better could help it escape the middle-income trap.Development can be seen as a process of wealth management.Some countries do better at this than others.Those that do,enjoy higher standards of living off th

37、e same wealth base.Indonesia could be one of those countries,but currently,it is not.Regularly compiling and using comprehensive wealth accounts to guide policy making would be a wise step in that direction.IISD.org viiComprehensive Wealth Report IndonesiaTable of Contents1.0 Introduction.12.0 Key F

38、indings.22.1 Indonesias Comprehensive Wealth Index.22.2 Comprehensive Wealth Compared to GDP.42.3 Components of Comprehensive Wealth .63.0 Conclusion and Recommendations.26References.29Appendix A.Produced Capital.33A.1 Details of Produced Capital Index Measurements.33A.2 Data Overview of Produced Ca

39、pital Index.35Appendix B.Measuring Human Capital.40Appendix C.Natural Capital.41C.1 Details of Natural Capital Index Measurements.41C.2 Data Sources of Natural Capital Measurements.42Appendix D.Measuring Financial Capital.45Appendix E.Measuring Social Capital.46IISD.org viiiComprehensive Wealth Repo

40、rt IndonesiaList of FiguresFigure ES1.Comprehensive wealth in Indonesia,19952020.vFigure 1.Comprehensive wealth per capita,Indonesia,19952020.2Figure 2.Produced capital per capita,Indonesia,19902020.7Figure 3.GFCF as percentage of GDP(%),Indonesia,19902022.7Figure 4.Import share of intermediate inpu

41、ts in Indonesias GFCF .8Figure 5.PCI breakdown by asset type,Indonesia,20002020.8Figure 6.PCI breakdown by sector,Indonesia,20102018.9Figure 7.HCI,Indonesia,1995-2020.11Figure 8.Share of the HCI by sector,Indonesia,19952020.12Figure 9.MNCI,Indonesia,19902020.14Figure 10.Natural capital by sector,Ind

42、onesia,19902020.15Figure 11.Precipitation departure from normal,Indonesia,19902021.16Figure 12.Temperature departure from normal,Indonesia,19812020.17Figure 13.International investment position,Indonesia,20012020.18Figure 14.Public participation in an organization,Indonesia,2006 and 2008.21Figure 15

43、.Household participation in activities around their neighbourhoods,Indonesia,2012 and 2014.22Figure 16.Willingness to engage in certain political actions,Indonesia,2001,2006,and 2018.22Figure 17.Voter turnout in presidential and parliamentary elections,Indonesia,19712024.23Figure 18.Trust toward oth

44、er people,Indonesia,2006 and 2018.24Figure 19.Confidence in government and parliament,Indonesia,2001,2006,and 2018.24Figure 20.Likelihood to vote for a candidate with the same religion,Indonesia,2007 and 2014.25List of TablesTable 1.Natural capital considered in the study.13Table 2.Comparison of the

45、 main data sources.20Table A1.Data used in the calculation of the Produced Capital Index.35Table A2.Produced capital by asset type in billions of IDR.37Table A3.Produced capital by sector in billions of IDR.38Table B1.Proportion of gross operating surplus considered as mixed income.40Table C1.Natura

46、l capital components:Data sources.42Table E1.Comparison of the main data sources.46IISD.org 1Comprehensive Wealth Report Indonesia1.0 IntroductionIndonesia,as a nation,is striving to balance economic growth with environmental protection and social development.The primary focus of government policies

47、 at all levels remains on improving quality of life.The key indicators commonly used to assess national progress in Indonesia,much like in other nations,tend to concentrate on short-term objectives.However,these indicators,especially gross domestic product(GDP),fail to account for critical issues su

48、ch as resource depletion,environmental degradation,and social inequalities.While GDP is valuable for assessing short-term conditions in terms of monetary income,it is inadequate for assessing the well-being of future generations(or even that of the current generation in many ways).Assessing the nati

49、ons future well-being and its sustainability requires more than simply relying on short-term indicators.The key to long-term progress lies in the concept of wealth,specifically comprehensive wealth.Comprehensive wealth encompasses five types of assets:produced capital,which includes buildings,roads,

50、railways,airports,houses,machinery,and other manufactured assets;natural capital,which includes the wealth derived from natural resources,such as forests,minerals,land,and the overall natural environment;human capital,which encompasses the wealth embedded in the skills and knowledge of the workforce

51、 as a crucial element for the nations development;social capital,which is derived from civic engagement,trust,and cooperation among the population;and financial capital,which includes direct investment,bank deposits,stocks,bonds,and other forms of financial assets and liabilities.These five componen

52、ts together form the comprehensive wealth portfolio.They serve as the foundation for the production of most of the goods and services that contribute to individual and national well-being.This includes essentials like food,energy,and health care,as well as intangibles like clean air,thriving forests

53、,and safe communities.Consumption of these goods and services significantly contributes to individual and national well-being,underscoring the critical importance of comprehensive wealth.While comprehensive wealth measurement has yet to be fully embraced by nations worldwide,there is growing recogni

54、tion,including by the UN Secretary-General(United Nations,2023),of its significance as an alternative to GDP in assessing progress and sustainability.We believe integrating comprehensive wealth measurement into Indonesias progress assessment is a critical step toward securing long-term prosperity an

55、d well-being for the country(and,indeed,for all countries).In this report,we illustrate the insights to be gained by incorporating comprehensive wealth into Indonesias progress assessment.By shedding light on trends that are often obscured by GDP and other conventional indicators,we show how measuri

56、ng comprehensive wealth provides a more holistic understanding of national prosperityone that prioritizes broader well-being for current and future generations over short-term economic growth.As Indonesia navigates the complexities of the 21st century,adopting comprehensive wealth measurement will b

57、e vital for guiding policy decisions and securing the nations long-term sustainability and well-being.IISD.org 2Comprehensive Wealth Report Indonesia2.0 Key Findings2.1 Indonesias Comprehensive Wealth IndexThe Comprehensive Wealth Index(CWI)measures the real(inflation-adjusted)per capita value of In

58、donesias aggregate produced,human,natural and financial capital.4 CWI grew 2.8 times over the 25 years covering the period 1995 to 2020.5 As presented in Figure 1,in 1995,the CWI amounted to IDR 404.3 million(USD 86,100 per Indonesian).By 2020,this figure had grown to IDR 1,130 million(USD 240,750)p

59、er Indonesian,indicating an average annual growth rate of 4.3%.Figure 1.Comprehensive wealth per capita,Indonesia,19952020Source:Authors calculations based on data from BPS-Statistics Indonesia,Bank Indonesia,Ministry of Agriculture,Ministry of Environment and Forestry,Food and Agriculture Organizat

60、ion of the United Nations(FAO),World Bank Data Bank,and U.S.Geological Survey.4 For the CWI methodology,see World Bank(2021)and International Institute for Sustainable Development(2016,2018).5 The period used for the estimation of the CWI was limited to 19952020,since human capital,the largest asset

61、 that contributes to more than 50%of CWI,could not be estimated prior to 1995 due to a lack of data.Produced capital and natural capital,on the other hand,covered the period 19902020,while financial capital was estimated for 20012020.Thus,financial capital was omitted in the CWI estimate for the per

62、iod 19952000.This exclusion does not significantly skew the overall results,given that financial capital contributes about 2%to total wealth.IDR millions per capita,constant 2017-20002004006008001,0001,2001,400199520002005201020152020Total comprehensive wealthHuman capitalNatural capitalProduced cap

63、italFinancial capitalUSD thousands per capita,constant 2017-50050100150200250300199520002005201020152020IISD.org 3Comprehensive Wealth Report IndonesiaBreaking down the components of the CWI,the Produced Capital Index(PCI)6 showed steady annual growth of 5.3%,increasing from IDR 43.5 million(USD 9,2

64、60)per capita in 1990 to IDR 203.7 million(USD 43,380)per capita in 2020,for a total increase of 369%.While growing substantially over the period,Indonesias investments in produced capital are concentrated in buildings,which accounted for approximately 74%of produced capital in 2020.Machinery and eq

65、uipment contributed just 10%of produced capital in 2020,raising concerns,given their importance in the production of other economic outputs.The Human Capital Index(HCI),representing the most substantial portion of Indonesias assets,grew substantially over the period.7 The average Indonesian experien

66、ced an increase in real human capital from IDR 315.8 million(USD 67,260)in 1995 to IDR 895.4 million(USD 190,690)in 2020.The trend in the HCI was generally upward,except for a notable dip from 1997 to 2000.This exception is largely attributed to the economic crisis of the 1990s(Nasution,2000),which

67、had a profound impact on the value and distribution of labour across various sectors of the economy.During the crisis,there was a shift in labour from higher value-added sectors,such as manufacturing,to those that were less so,like agriculture.The decline of the HCI between 2019 and 2020 was likely

68、due to the global COVID-19 pandemic.The Market Natural Capital Index(MNCI)demonstrated a slight increase in real per capita terms during the 19902020 period,despite experiencing fluctuations.8 The real per capita value of Indonesias market natural capital increased from IDR 29.9 million(USD 6,380)in

69、 1990 to IDR 45.4 million(USD 9,650)in 2020,a total increase of 51.4%and an average annual increase of 2.2%.The composition of renewable and non-renewable resources in the MNCI shifted over time.Renewable resources dominated the index in 1990 but declined with the rise of non-renewables during the c

70、ommodity boom of the 2010s.The decline in fossil fuel value after 2010 led to a drop in non-renewables share,which rebounded in 2016 as fossil fuel value recovered and agriculture value declined.Our analysis also considered non-market natural capital,which was evaluated in non-monetary terms.During

71、that period,Indonesia experienced an erosion in biodiversity and the associated ecosystems.However,there has been some progress in slowing the degradation rate over the past decade.Like many parts of the world,Indonesia is witnessing the effects of climate change,which is evident in rising average t

72、emperatures.Precipitation in Indonesia has also increased,albeit more moderately.The adverse effects of these climate changes could impact other capital stocks;for instance,increased precipitation may lead to floods,diminishing the value of physical capital,while rising sea temperatures could result

73、 in coral bleaching,adversely affecting Indonesias biodiversity.The Financial Capital Index(FCI),which is measured by Indonesias International Investment Position(IIP),was consistently negative over the study period,indicating that the value of financial assets owned by foreigners in Indonesia was c

74、onsistently higher than the foreign financial assets owned by Indonesians.9 The changes in the FCI over time were minor,6 See Appendix A for the PCI methodology.7 See Appendix B for the HCI methodology and data sources.8 See Appendix C for the MNCI methodology.9 See Appendix D for the FCI methodolog

75、y.IISD.org 4Comprehensive Wealth Report Indonesiafluctuating from negative IDR 16 million(or negative USD 3,420)to negative IDR 14 million(or negative USD 2,970).On average,financial assets represented around 40%of financial liabilities.A higher value of liabilities is not necessarily detrimental to

76、 the nations long-term well-being,so long as the countrys foreign debt is effectively managed to create positive economic spillovers and help Indonesia escape the middle-income trap.Social capital appears to be high in Indonesia based on indices related to participation,trust,and tolerance,even thou

77、gh there have been mixed results for these indicators.10 While formal political engagement,like party membership or voting,has decreased,there is an increasing trend in participation in group and communal activities.Trust in others has slightly declined but remains high,as evidenced by peoples willi

78、ngness to seek help from their neighbours.In terms of tolerance,data from various sources suggest that Indonesians are becoming more accepting of coexisting with individuals from diverse ethnic and religious backgrounds.2.2 Comprehensive Wealth Compared to GDPIn contrast to the CWIs 4.3%annual avera

79、ge growth over the period,Indonesias GDP grew considerably more slowly.In real per capita terms,Indonesian GDP grew from IDR 27.5 million(USD 5,860)to IDR 54.1 million(USD 11,500),for an average annual growth rate of just 2.8%(Figure 2).The relatively slow growth of Indonesias real per capita GDP co

80、mpared with its CWI suggests that the country is not benefiting as much from its increased wealth as it should.GDP can be thought of as the return on a countrys investment in its comprehensive wealth portfolio.As wealth increases,GDP should increase along with it at the same rate,or possibly even fa

81、ster.11 This is not what we observe in Indonesia,however.In 1995,Indonesia created IDR 68,000 of real GDP for every IDR 1 million in real wealth(a rate of return on wealth of 6.8%).By 2020,this figure had fallen to IDR 47,800 by 2020(a rate of return of 4.8%).For some reason,Indonesia has become les

82、s effective at turning wealth into income as time has gone by.Assessing why Indonesia has not fully realized the benefits of the growth in its wealth is beyond the scope of this study.The main benefit of our results is in making this finding apparent,which is possible only when comprehensive wealth

83、accounts are compiled for the country.Until now,no estimates of human capital have been compiled for Indonesia.Badan Pusat Statistik BPS-Statistics Indonesia(2019a)has only recently begun compiling produced capital and natural capital figures.Its figures are not complete and do not extend back as fa

84、r in time as those in this study.Still,they represent an excellent step in the right direction for BPS-Statistics Indonesia,and it should pursue and expand this work.10 See Appendix E for the social capital methodology.11 Income can increase faster than wealth because increasing wealth can have spil

85、lover effects known as productivity gains.The more comprehensively wealth is measured,the less such spillover effects should emerge since productivity gains are measured as the increase in GDP,which is not explained by increases in wealth.When wealth is incompletely measured,productivity can emerge

86、simply because the input of some unmeasured component of wealth has increased.IISD.org 5Comprehensive Wealth Report IndonesiaBy showing here that Indonesia is not fully benefiting from the growth in its wealth,we provide a window into the possibilities for the country if it were to better manage its

87、 assets.Had Indonesia simply maintained the rate of return on its wealth that it enjoyed in 1995,it would have earned 42%more income in 2020 than it did.That additional income would have been sufficient to push the country out of its chronic lower-middle-income status and into the group of countries

88、 considered to be upper-middle-income by the World Bank,placing the country closer to achieving its goal of high-income status by 2045(Ministry of National Development Planning/Bappenas,2019).12 Realizing this extra income in the future is still possible,but it will require,among others,a new approa

89、ch to natural resource management.It requires an approach that ensures Indonesias resources are preserved for future generations and,at the same time,better capitalizes on the economic benefits of using those resources today.Other countries already do this.Based on data from the World Bank(2021)and

90、FAO(2024),we find that Malaysia creates about six times as much wealth for every tree harvested as Indonesia.As the worlds fourth-biggest hardwood timber producer and steward of much of the worlds tropical forests,Indonesia cannot afford to“leave money on the table”like this.Though Indonesia ranks a

91、mong the top producers of timber,fish,coal,natural gas,oil,nickel,gold,tin,and copper,it ranked only 14th in terms of aggregate natural resource wealth and 79th in per capita terms in 2018,according to the World Bank(2021).Brazilians enjoyed almost twice as much natural capital per capita as Indones

92、ians in that year.Chinese citizens enjoyed nearly six times as much.There is too much at stake for Indonesia not to do a better job managing its natural wealth.For Indonesians,it is a question of escaping,or not,from the middle-income trap.13 For the rest of the world,it is a question of whether fut

93、ure generations will only know about the wondrous diversity of Indonesias natural environment through pictures of the past(Brodjonegoro&Smith,2023).Development can be seen as a process of wealth management.Some countries are better at this than others.Those that are,enjoy higher standards of living

94、off the same wealth base.Indonesia could be one of those countries,but currently,it is not.Regularly compiling and using comprehensive wealth accounts to guide policy making would be a wise step in that direction.The extra income it could earn by doing better could help it escape the middle-income t

95、rap,an outcome that would be more than worth the investment in additional statistical effort.12 The World Bank judges countries income status on the basis of gross national income(GNI)per capita measured in nominal U.S.dollars converted at market exchange rates(GNI is a measure similar to GDP but ac

96、counting for Indonesian income earned abroad).In 2020,Indonesias GNI per capita by this measure was USD 3,900,which placed it just below the World Banks threshold of upper-middle-income status for that year(USD 4,096).Had Indonesia maintained its 1995 return on wealth in 2020,its GNI per capita in t

97、hat year would have been closer to USD 5,500.The World Banks threshold for consideration as a high-income country in 2020 was USD 12,695,so Indonesia would have been closer to its goal but still a good distance from reaching it.13 The middle-income trap is a development scenario where countries that

98、 have reached middle-income status due to rapid economic growth fail to take the further steps necessary to achieve high-income status.IISD.org 6Comprehensive Wealth Report Indonesia2.3 Components of Comprehensive Wealth 2.3.1 Produced CapitalProduced capital is vital for Indonesia.The largest archi

99、pelagic state in the world,Indonesia is made up of over 18,000 islands and islets.Roads,ports,and airports help to connect cities and islands,reducing the impacts of natural disasters to which the country is prone,among other benefits.Today,the infrastructure gap remains one of the highest prioritie

100、s in Indonesia.According to the IMF,the gap remains large compared to peer countries(such as Vietnam,Thailand,Malaysia,and India)(Curristine et al.,2018).The gap is most pronounced in transportation and power,meaning the national road network is poor,leading to weak connectivity among islands.Measur

101、ing produced capital will,therefore,help policy-makers to better monitor the countrys progress in closing this crucial gap.Measuring Produced CapitalThe PCI is assessed by calculating the aggregate value of real fixed capital and per capita fixed capital owned by households,businesses,and government

102、s.It includes residential and non-residential buildings,machinery,equipment,vehicles,and others.The evolution of the PCI was assessed by type of asset and across sectors of the economy.The index was obtained by accumulating the nominal value of investments in these assets as measured by Gross Fixed

103、Capital Formation(GFCF)from the national accounts and accounting for their depreciation over time.Deflation to real terms was accomplished by applying the Consumer Price Index to the nominal values.The real values were converted to per capita terms by dividing by population.Estimated on an annual ba

104、sis for 19902020,the PCI is measured in 2017 local currency units(IDR)and 2017 USD.Appendix A details the estimation method.ResultsThe average annual growth of the PCI stood at 5.3%from 1990 to 2020,as shown in Figure 2.Its value tripled,rising from IDR 43.6 million(USD 9,260)in 1990 to IDR 203.7 mi

105、llion(USD 43,380)in 2020.Several major events affected the accumulation of produced capital.The rate of investment in fixed assets rose rapidly in the early 1990s,followed by a decline caused by the Asian financial crisis in 19971998.The crisis had a significant impact on the accumulation of produce

106、d capital,leading to a decrease in annual growth from 6%in 1997 to 1%in 1999.In 2020,the produced capital accumulation was also affected by the COVID-19 pandemic,with GFCF declining by 6%(see Appendix Table A1).The growth of the PCI was driven by an average GFCF contribution of 31%to GDP(Figure 3).C

107、omparing this with other developing and emerging countries(Brazil,China,India,South Africa,and Thailand),Indonesias average GFCF as a percentage of GDP has been consistently higher in all countries except India and China since the 1998 Asian crisis.The share of GFCF in Indonesias GDP reached a high

108、of 37%in 1997 but hit a low of 23%in 1999 after the Asian financial crisis.It was not until the end of the study period that it recovered to the levels seen before the financial crisis.Over time,there has been a decline in the proportion of imports used as intermediate inputs in Indonesias GFCF(Figu

109、re 4),marking increasing self-reliance in the countrys industries.IISD.org 7Comprehensive Wealth Report IndonesiaFigure 2.Produced capital per capita,Indonesia,19902020Source:Authors calculation based on data from BPS-Statistics Indonesia and the World Bank Data Bank.Figure 3.GFCF as percentage of G

110、DP(%),Indonesia,19902022Source:Authors calculations based on data from the World Bank Data Bank.19902000 2005 2010 2015 2020199019951995 2000 2005 2010 2015 202005010015020025001020304050Per capita wealth(IDR millions)GDP per capita(USD thousands)199020002005201020152020BrazilChinaIndonesiaIndiaSout

111、h AfricaThailandOECD101520253035404550IISD.org 8Comprehensive Wealth Report IndonesiaFigure 4.Import share of intermediate inputs in Indonesias GFCF Source:Authors calculation based on BPS-Statistics Indonesias input-output(IO)tables(BPS-Statistics Indonesia,n.d.-a).Produced capital consists of buil

112、dings,machinery and equipment,vehicles,and other assets.According to BPS-Statistics Indonesia(2019b),buildings include housing,non-residential buildings,roads,bridges,utility networks,irrigation,and other buildings.Machinery and equipment include power plants,machines,computers,electronic devices,an

113、d information communications technology.Vehicles refer to cars,motorcycles,aeroplanes,vessels,and trains(BPS-Statistics Indonesia,2019b).As Figure 5 shows,buildings account for the largest share of Indonesias produced capital.In 2000,14 buildings accounted for 75%of the total produced capital,machin

114、ery and equipment contributed 9%,and vehicles contributed 6%.These shares had not changed substantially by 2020,remaining at 74%,10%,and 6%,respectively.The continuing high share of buildings in the PCI was driven by the countrys economic growth in recent years,which created demand for infrastructur

115、e development to improve connectivity,increase electrification,and meet the need for housing.Figure 5.PCI breakdown by asset type,Indonesia,20002020Source:Authors calculations based on data from BPS-Statistics Indonesia(see Appendix A).14 2000 is the first year for which a breakdown of the PCI by as

116、set type is available.051015202523.4%199511.9%20057.2%201620002005201020152020050100150200250IDR millionsBuildingMachines andequipmentOtherVehiclesIISD.org 9Comprehensive Wealth Report IndonesiaTurning to the distribution of the PCI by sector(Figure 6),manufacturing,real estate activities,agricultur

117、e,and mining accounted for the majority share.In 2010,15 the PCI of these sectors amounted to IDR 64 million(USD 13,730),representing 61%of the overall index.By 2018,their combined value had increased to IDR 89 million(USD 19,000),but their overall share had dropped to 48%.Figure 6.PCI breakdown by

118、sector,Indonesia,20102018Source:Authors calculations based on data from BPS-Statistics Indonesia(see Appendix A).Although the manufacturing sector accounted for the highest share in the PCI(17%)in 2018,the sectors contribution to the index has been declining since 2010.In 2010,the sector contributed

119、 22%to the index.Compared to China,the manufacturing sectors share of value added is lower(Ministry of National Development Planning/Bappenas,2020).The characteristics of the manufacturing sector in Indonesia have remained relatively consistent over time,even compared to the pre-crisis period.First,

120、the sector lacks diversification,producing only a few products with a comparative advantage for export.Second,it mainly manufactures products of low complexity that are also produced by many other countries.Third,the sector makes a relatively modest contribution to job creation.The second-largest co

121、ntributor to produced capital was the real estate sector.The PCI of the sector increased by IDR 7.8 million(USD 1,660)from 2010 to 2018.This growth can be attributed to the increasing demand for housing and other infrastructure driven by the expansion of middle-class households,which grew from 9%in

122、1993 to over 20%in 2019(Pratomo et al.,2020).Given the demographic composition,with millions of potential first-time home buyers,Indonesias residential property sector has plenty of room for growth in the decades to come.15 The breakdown of the PCI by sector is available only for the period 2010-201

123、8.ManufacturingReal estateactivitiesOtherAgriculture,forestry,and fishingMining andquarrying02040608010012014016018020102012201420162018IDR millionsIISD.org 10Comprehensive Wealth Report Indonesia2.3.2 Human CapitalHuman capital plays an important role in countries well-being(World Bank,2021),and In

124、donesia is no exception.Investing in human capital generates both economic and non-economic benefits.As people develop their skills,experience,and competencies,they become more employable and attract higher wages.Industries can increase productivity by tapping into a more skilled and productive labo

125、ur force.Additionally,individuals and communities receive non-economic benefits from human capital,such as improved subjective well-being and higher levels of civic engagement(United Nations University International Human Dimensions Programme on Global Environmental Change&UN Environment Programme,2

126、014).One challenge Indonesia faces is domestic financing in key sectors such as health,education,and social assistance,which are crucial in driving human capital.According to the World Bank(2020),expenditures as a share of GDP in these sectors in 2017/2018 were relatively lower than both the regiona

127、l average and the average for the countrys income group(upper-middle income).Recent data do not contradict this trend.For instance,in 2020,the country spent 3.41%of its GDP on health,while the average for the East Asia and Pacific region was close to 7%(World Bank,n.d.).Measuring and monitoring huma

128、n capital will support policy-makers in better understanding how much is being invested in human capital and what the returns of those investments are for national prosperity.Measuring Human CapitalThe HCI measures the aggregate value of real(inflation-adjusted)per capita human capital,representing

129、the skills,experiences,and competencies embodied in the population.Increased levels of human capital increase a persons productivity,which in turn yields higher incomes.The HCI presented here is based on the discounted flow of total market labour compensation.First,we calculated the total market lab

130、our compensation for each year.This was obtained from the IO tables prepared by BPS-Statistics Indonesia for 1995,2000,2005,2010,and 2016(BPS-Statistics Indonesia,n.d.-a).For other years,we interpolated labour compensation based on the average share of labour income to GDP.Labour compensation is com

131、posed of two elements:formal wages paid to employed workers and earnings of the self-employed.Data on formal wages were taken directly from the national accounts prepared by BPS-Statistics Indonesia,while earnings of the self-employed were estimated to be a varying share of mixed income,also from th

132、e national accounts.Mixed income is the surplus or deficit accruing from production by unincorporated enterprises owned by households.It implicitly contains an element of remuneration for work done by the owner or other members of the household(UN Statistics Division,n.d.).Depending on the industry

133、in question,we assumed that the remuneration of owners represented between 0%and 95%of mixed income.Properly estimating the share of mixed income that represents the remuneration of owners is especially relevant in countries where informal enterprises make up a high proportion of the economy,such as

134、 Indonesia.See Appendix B for a detailed description of the methodology used to compile the HCI.IISD.org 11Comprehensive Wealth Report IndonesiaResultsThe average Indonesian experienced important increases in human capital over the study period.The HCI increased from IDR 315.8 million(USD 67,260)in

135、1995 to IDR 895.4 million(USD 190,690)in 2020.Except for a notable dip from 1997 to 2000 due to the Asian financial crisis,the index grew consistently until 2019.The downturn witnessed after 2019 was likely related to the global COVID-19 pandemic.Further analysis would be required to determine wheth

136、er the decline was reversed as the world recovered from the pandemic.The growth in the HCI was closely linked to improvements in educational attainment and the enhancement of net enrolment rates(NERs)in primary and secondary education.In terms of educational attainment,there was a decline in the pop

137、ulation without any kind of school diploma,from 26.83%in 2009 to 19.6%by 2018.The proportion of individuals with tertiary education increased from 5.61%to 8.14%within the same time frame(BPS-Statistics Indonesia,n.d.-b).Meanwhile,the period between 2003 and 2020 saw considerable improvements in NER,

138、with elementary school enrollment increasing from 93%to 98%,junior high school enrolment increasing from 63%to 80%,and senior high school enrolment increasing from 41%to 61%(BPS-Statistics Indonesia,n.d.-c).Figure 7.HCI,Indonesia,1995-2020Source:Authors calculations based on data from BPS-Statistics

139、 Indonesia and the World Bank DataBank.Examining the sectoral breakdown of the HCI,the proportion of human capital in the agriculture sector,which contributes relatively little to Indonesias GDP,unfortunately,remains significant.In 1995,this sectors share of the HCI was 22%,about equal to that of ma

140、nufacturing.Although decreasing over time,it was still notably high(15%)in 2020.According to the World Bank(2019),the real value added per worker in the agricultural sector was only USD 3,601 in 2019,or roughly half of that of the services sector(USD 7,287)and about a quarter of that in manufacturin

141、g(USD 13,791).According to McMillan and Rodrik(2011),the labour productivity of a nation can be enhanced in two ways,either through growth within economic sectors via capital accumulation and technological advancements or 19952000200520102015202019952000200520102015202002004006008001,0001,2000501001

142、50200250IDR millionsUSD thousandsIISD.org 12Comprehensive Wealth Report Indonesiaby labour transitioning from low-productivity to high-productivity sectors.In the context of Indonesia,it is essential to pursue both strategies.This will require enhancing productivity within the agricultural sector to

143、 reduce labour requirements,accompanied by policies designed to expedite the transfer of human capital from agriculture to higher value-added sectors.Figure 8.Share of the HCI by sector,Indonesia,19952020Source:Authors calculations based on data from BPS-Statistics Indonesia.2.3.3 Natural CapitalThe

144、 role of natural resources,the environment,and ecosystems in supporting sustainable development cannot be understated.These resources include renewable and non-renewable assets sold on the market,such as timber,fisheries,or minerals.They also include ecosystems that provide valuable non-market goods

145、 and services,such as recreation,clear air,and a stable,predictable climate.Some of these assets are inputs to producing other goods and services,while others are directly consumed for well-being.Given Indonesias rich and diverse natural resources,the assessment of natural capital is essential to en

146、suring its preservation and the optimization of revenues from its exploitation.With over 18,000 islands and islets,Indonesia is considered the second most biologically diverse country in the world.The abundance of fossil fuel reserves makes Indonesia an important energy exporter.The country was the

147、seventh-largest exporter of liquefied natural gas in 2021 and 2022,behind Qatar,Australia,the United States,Russia,Malaysia,and Nigeria(PwC,2023).With nickel production in 2022 reaching around 3.3 million tonnes,Indonesia has become the worlds largest nickel producer(Belakang,2023).Trade and service

148、sAgriculture,forestry,and fishingManufacturing,utilities,andconstructionMining andquarrying0201030405060708090100199520052000201020152020%IISD.org 13Comprehensive Wealth Report IndonesiaNatural capital was assessed in the study using the MNCI,which was quantified in monetary terms,and non-monetary m

149、easures of non-market natural capital.Non-market natural capital was assessed in non-monetary terms because some forms of natural assets are essential to well-being but are not tradedfor example,the climate.Table 1 shows the list of natural capital considered in the study.Table 1.Natural capital con

150、sidered in the studyCategoryNatural capitalComponentMarket natural capitalFossil fuelsOil,natural gas,and coalMineralsNickel,gold,copper,and tinAgriculturePalm oil,rubber,coffee,tea,cocoa,coconut,coconut,rice,corn,green beans,cassava,sweet potatoes,and peanutsPlantationBananas,mangoes,oranges,cabbag

151、e,shallots,and chilliesForestryIndustrial plantation forest and forest concession rightsFisheriesMarine aquaculture and freshwater aquacultureLivestockBuffalos,pigs,milk,eggs,cows,and chickensBiodiversity and land coverBiodiversityLand coverClimatePrecipitationTemperatureSource:Authors elaboration.M

152、easuring Natural CapitalMarket Natural CapitalTo calculate the MNCI,the study adopted the concept of resource rent as presented in the System of Environmental-Economic Accounting(UN Statistics Division,2011).Rent is calculated as the difference between the revenues and the costs of resource extracti

153、on activity in a particular year.Costs include materials,energy,labour,and produced capital inputs.Nominal asset values were estimated as the present value of expected rent flows over the remaining lifetime of the resource under the simplifying assumption that rent does not grow in real terms in the

154、 future.Real asset values were compiled by deflating with the Consumer Price Index.Division by population gave the desired real per capita values for the MNCI.The details of the calculation are presented in Appendix C.IISD.org 14Comprehensive Wealth Report IndonesiaNon-Market Natural CapitalIdeally,

155、the measurement of non-market natural capital is carried out through the assessment of ecosystems from two key perspectives:ecosystem extent and ecosystem condition(United Nations,2021).Ecosystem extent is the size of an ecosystem asset in terms of spatial area,while ecosystem condition is the quali

156、ty of an ecosystem measured in terms of its abiotic and biotic characteristics.This study did not measure the quality of ecosystems due to data challenges.ResultsMarket Natural CapitalThe MNCI increased slightly between 1990 and 2020,with considerable fluctuations over the period.The value of the in

157、dex increased from IDR 29.9 million(USD 6,380)per capita in 1990 to IDR 45.4 million(or USD 9,650)per capita in 2020,for a total increase of 51.4%and an average annual growth of 2.2%(Figure 9).Figure 9.MNCI,Indonesia,19902020Source:Authors calculation based on data from BPS-Statistics Indonesia,Mini

158、stry of Agriculture,FAO,and U.S.Geological Survey.In 1990,renewable resources comprised 76%of market natural capital and were largely dominated by agriculture and livestock.However,the share of minerals and fossil fuels increased during the commodity boom in the mid-2000s to mid-2010s.At the peak of

159、 the commodity boom in 2010,non-renewables collectively formed 55%of Indonesias MNCI.With the decline in the value of fossil fuels,the share of non-renewables in the MNCI fell to a low of 28%in 2016.However,the increased value of fossil fuels,coupled with the decline of agricultural wealth in the fo

160、llowing years,increased the share of non-renewable resources to 44%in 2020.199520002005201020152020199520002005201020152020020304050607005101520IDR millionsUSD thousandsIISD.org 15Comprehensive Wealth Report IndonesiaFigure 10.Natural capital by sector,Indonesia,19902020Source:Authors calculation ba

161、sed on data from BPS-Statistics Indonesia,Ministry of Agriculture,FAO and the U.S.Geological Survey.Non-Market Natural CapitalLand cover and biodiversity:With its 17,000 islands,Indonesia is a biodiversity powerhouse,home to diverse ecosystems across seven major biogeographic regions.It boasts two o

162、f Conservation Internationals 25 biodiversity hotspots,18 World Wildlife Fund Global 200 ecoregions,and 24 BirdLife International Endemic Bird Areas(UNEP GRID Geneva&European Commission,n.d.).According to the Sixth National Report for the Convention on Biological Diversity,Indonesia hosts 31,750 pla

163、nt species,732 mammals(14%of the worlds total),1,711 birds(17%),750 reptiles(8%),403 amphibians(6%),and 1,236 freshwater fish(9%)(UN Environment&Convention on Biological Diversity,2019).Unique species like the giant Rafflesia flower,the Komodo dragon,orangutans,and the Javan rhinoceros thrive here,t

164、hanks to the unique biogeographic,geological,climatic,and ecological conditions that favour high endemism.In 2022,Indonesia had 125.76 million ha of forest,covering 62.97%of its land,including 46.9 million ha of untouched primary forests and 43.1 million ha of secondary forests impacted by deforesta

165、tion(Ministry of Environment and Forestry,2022).Despite a history of forest loss,recent efforts have seen a 75%reduction in deforestation rates in 20192020(Ministry of Environment and Forestry,2021b),the lowest since 1990,indicating a positive shift toward sustainability.This progress is supported b

166、y Global Forest Watch(n.d.),which shows a slowdown in tree cover loss from 2016 to 2021,largely due to reduced commodity-driven deforestation.To further protect its natural heritage,Indonesia has established 560 conservation areas,spanning 22.1 million ha on land and 5.3 million ha in marine environ

167、ments,in an effort to preserve its unique ecosystems.Agriculture andlivestockFossil fuels andmineralsOther:Fisheries,forestry,and aquaculture0201030405060708090100199520052000201020152020%IISD.org 16Comprehensive Wealth Report IndonesiaIndonesias natural wealth extends to its coastal and underwater

168、ecosystems.The nations mangrove coverage is substantial,with 3.3 million ha,accounting for 20.37%of the worlds total mangrove areas(Ministry of Environment and Forestry,2021a).Additionally,Indonesia lies within the Coral Triangle,a region renowned for its marine biodiversity,including approximately

169、76%of the global coral species(World Wildlife Fund,n.d.).Of 798 known coral species,605 are found in this biodiverse hotspot.Precipitation and temperature:Precipitation and temperature in Indonesia are influenced by the countrys position in the inter-tropical convergence zone,where the northeast and

170、 southeast trade winds penetrate the doldrums.Located in the zone,Indonesia has several climate characteristics,such as strong ascending motion,overcast skies,strong squalls,heavy rainfall,and severe local thunderstorms with variable intensities(World Bank,2022).Precipitation and temperature trends

171、were measured in the study in terms of departures from their historical normal levels.The normal corresponds to the average temperature and precipitation over the 30 years covering the reference period(19802010)set by the World Meteorological Organization(2017).The departure for precipitation was me

172、asured as the percentage change of annual precipitation from the 30-year normal.For temperature,the departure was computed as the difference between the average annual temperature and the 30-year normal.Figure 11 shows that since 1990,precipitation in Indonesia has shown an upward trend,with a high

173、degree of variability from year to year.The wettest year took place in 2010,at 20%above the normal,while the driest year was 1997,at 17%below the normal.Having high precipitation levels,Indonesia has high potential exposure to all types of flooding.The population exposed to an extreme river flood co

174、uld grow by an estimated 1.4 million by 20352044(World Bank&Asian Development Bank,2021).Figure 11.Precipitation departure from normal,Indonesia,19902021Source:Authors calculations based on data from the World Bank DataBank.Precipitation departure from normal(%)1990199520002005201020152020-20-15-10-

175、50510152520IISD.org 17Comprehensive Wealth Report IndonesiaThe 19812010 temperature normal based on the 89 observation stations of the Meteorological,Climatological,and Geophysical Agency in Indonesia(Badan Meteorologi,Klimatologi,dan Geofisika/BMKG)was 26.6C.Figure 12 shows that since 1990,temperat

176、ure has been higher than normal in all years after 2000,except 2008.The hottest year was 2016,with an increase of 0.8C above the normal,followed by 2020 and 2019(0.7C and 0.6C,respectively).Like countries across the world,Indonesia is experiencing the negative effects of global warming.The discomfor

177、t caused by increased temperatures is made worse by the high level of air pollution in the countryparticularly in the capitalwhich further deteriorates the atmosphere.Figure 12.Temperature departure from normal,Indonesia,19812020Source:Authors calculations based on data from BMKG,n.d.2.3.4 Financial

178、 CapitalFinancial capital is the difference between the value of foreign financial assets owned by Indonesians and Indonesian financial assets owned by foreigners.Each financial asset,whether held by households,corporations,or governments,is accompanied by a corresponding liability of an equivalent

179、amount.For instance,when an Indonesian resident holds an account in a non-Indonesian bank,the funds placed in the bank are deemed a foreign financial asset for Indonesia,while a foreign financial liability is registered for the other country.Conversely,if a non-resident deposits their money in an In

180、donesian bank,it will be counted as a liability for Indonesia and an asset in the account holders home country.A similar concept also applies to share ownership in foreign companies or ownership of foreign government bonds.As a result,the only financial capital contributing to the comprehensive weal

181、th at the national level is the net foreign financial assets owned by Indonesian citizens.This net figure represents the difference between the value of foreign financial assets held by Indonesians and the domestic financial assets owned by foreigners.This net value is referred to as the internation

182、al investment position(IIP;in Indonesian:Posisi Investasi Internasional).A positive IIP indicates that the foreign financial assets held by Indonesians are worth more than the Indonesian financial assets held by foreigners,while a negative IIP indicates the opposite.Temperature departure from normal

183、(C)1990199520002005201020152020-0.4-0.20.00.20.40.60.81.0IISD.org 18Comprehensive Wealth Report IndonesiaMeasuring Financial CapitalHere,the FCI is measured by applying the Consumer Price Index to the IIP to bring it to real terms and then dividing it by population.Appendix D provides further detail

184、s of the measurement of the FCI.Results From 2001 to 2020,16 Indonesias FCI consistently remained negative,implying that foreign financial liabilities exceeded foreign financial assets.On average,assets represented around 40%of liabilities.The 2007 Law No.25 regarding capital investment17 could be a

185、 factor in the noticeable decrease in FCI post-2008.This legislation marked a significant turning point in the countrys business landscape by introducing incentives for foreign investment(Hafiluddin&Patunru,2022;U.S.Department of State,2021).Provisions under this law encompassed a range of measures,

186、including granting foreign and domestic investors equal legal rights;safeguarding foreign investments from nationalization;allowing investments in all sectors,excluding those detrimental to national safety,health,environment,and morality;enhancing the property rights of foreign investors;offering fl

187、exibility in terms of entry and exit of foreign investors;and providing tax incentives for sectors that contribute significantly to the economy.Figure 13.International investment position,Indonesia,20012020Source:Authors calculations based on Indonesias IIP dataset(Bank Indonesia,n.d.).A factor that

188、 may contribute to an increase in financial liabilities in the coming years is the Indonesia sovereign wealth fund,which launched in early 2021(International Forum of Sovereign Wealth Funds,2024).In contrast to numerous sovereign wealth funds that are 16 2001 is the earliest year for which the FCI i

189、s available.17 See:http:/ millionsUSD thousandsIISD.org 19Comprehensive Wealth Report Indonesiatypically employed as savings or for holding portfolio investments in international markets,Indonesias sovereign wealth fund is geared toward direct investment.This approach is designed to lure additional

190、co-investors,thereby supporting the nations developmental objectives(Daga&Ngui,2022).Whether a low FCI is a good or bad thing depends on several factors,such as the conditions for optimizing the financial returns of these investments,including the regulatory framework,accountability measures,and eff

191、orts to combat corruption.It also depends on how effectively the returns from capital inflows are utilized to expand the economy and whether these inflows are directed toward sustainable,productive,and high-impact sectors.Effective liability management can lead to positive spillover effects from cap

192、ital inflows,such as job creation,increased exports(thereby boosting foreign reserves),environmental sustainability,and overall economic and wealth improvement.2.3.5 Social CapitalSocial capital is the only capital type not included in the calculation of the CWI,as it cannot yet be valued monetarily

193、.However,it holds value,as other activities would not happen without the elements of social capital:formal norms(rule of law),informal interactions between individuals and companies(networks),and trust between parties.Much of the economy depends on the trust,credibility,and culture that underlie soc

194、ial capital(Dasgupta,2005).Several characteristics of social capital are particular to Indonesia.One is a localized form of mutual assistance known as gotong royong,where individuals help one another to achieve a common goal.Here,the legitimacy of local authorities and trust between the authorities

195、and local communities play an essential role in ensuring the success of development projects(Bowen,1986).Furthermore,certain local values or“wisdom”(kearifan lokal)play key roles in regulating societys members on various issues.For example,local communities in Bali adhere to the Tri Hita Karana phil

196、osophy,which emphasizes the importance of maintaining a harmonious relationship between humans,nature,and the gods.In terms of tolerance,Indonesias national motto,Bhinneka Tunggal Ika,means“unity in diversity.”Despite many ethnicities,all share the common identity and values of the national family o

197、f Indonesia,where diversity is viewed as a strength,not a weakness.That perspective becomes the foundation of Indonesias solid social capital.Even more than that,the national ideology of Pancasila(five principles)is also incorporated into the regional cultures of Indonesia.Consequently,it creates a

198、unifying effect for national development(Juhro et al.,2022).The concepts,methods,and data necessary to value social capital are still in their infancy;consequently,social capital is not monetized here.Instead,this study assesses social capital based on non-monetary indicators grouped into civic enga

199、gement and trust(International Institute for Sustainable Development,2018):Civic engagement trends in key variables reflecting the actions and behaviours that can contribute positively to the collective life of a community or society.Trust and cooperative norms trends in key variables reflecting how

200、 people behave and expect others to behave.IISD.org 20Comprehensive Wealth Report IndonesiaMeasuring Social CapitalSocial capital is assessed through various measures derived from multiple datasets.The main source is the World Values Survey(WVS)(Inglehart et al.,2022).Additional data were taken from

201、 the Indonesian Family Life Survey(IFLS)carried out by the Rand Corporation(2007,2014)and the Socio-Economic Surveys carried out by BPS-Statistics Indonesia(2012,2014a).Table 2 compares the three data sources.Further details of the measurement of social capital are provided in Appendix E.Table 2.Com

202、parison of the main data sourcesWVSIFLSSocio-Economic Survey(Social Resilience)Temporal coverage2001,2006,20182007,20142012,2014Sample size2001:n=1,0002006:n=2,0152018:n=3,2002007:29,0002014:31,0002014:75,000Regional coverage2001:5/34 provinces2006:10/34 provinces2018:20/34 provinces13/34 provinces3

203、4/34 provinces with sampling in all cities/regenciesIntended represented populationAdult population of IndonesiaAdult population of the 13 provinces sampledAdult population of IndonesiaCovered itemsGroup membership,political actions,trust,confidence in institutions,as well as toleranceTrust,toleranc

204、eCommunity participation,trust,toleranceAdvantageExtensive list of questions and objects,extensive temporal coverage,key items are consistent over waves,open accessAdequate list of questions,possibility to conduct cross-section and longitudinal analysis Large sample size,large population size,severa

205、l key items are coveredDisadvantageSample size and regional coverage are relatively small,different surveying standards between wavesRegional coverage is relatively small,temporal coverage is relatively small(only 7 years)Questions differ over waves,consistency between waves is not as robust as IFLS

206、 or WVS,limited temporal coverage,limited accessSources:BPS-Statistics Indonesia,2012,2014a;Inglehart et al.,2022;Rand,2007,2014.IISD.org 21Comprehensive Wealth Report IndonesiaResultsReview of Civic EngagementMembership in an organization:Public participation in organizations has seen a slight impr

207、ovement over the past two decades.The percentage of adults who are active members of at least one organization increased from 58%in 2006 to 69%in 2018,although this is largely explained by the relative reduction of inactive members(which declined around 7%)rather than people not being members of any

208、 organization.Religious groups enjoy a higher rate of participation,with 69%of people claiming membership.Figure 14.Public participation in an organization,Indonesia,2006 and 2008Sources:Authors calculations based on data from Inglehart et al.,2022.Participation in collective action:Civic engagement

209、 is also captured through the participation of households in collective actions(gotong royong).According to the 2014 Podes data,as many as 90.93%of villages/neighborhoods in Indonesia still engage in gotong royong activities for public benefit(BPS-Statistics Indonesia,2014b).This figure represents a

210、n increase compared to the data from 2011,when only 88.80%of villages/neighborhoods engaged in such activities(BPS-Statistics Indonesia,2011).However,when analyzed based on types of activities at the household level,there has been a decline in household participation in nearly all categories of acti

211、ons from 2012 to 2014,with the exception of assisting disaster victims.In the two waves of the Socio-Economic Survey,household participation exhibited a decline from 44%in 2012 to 29%in 2014.When viewed based on types of activities,a higher participation rate was observed in assisting those affected

212、 by disasters and in religious activities.Although there was a decline in household participation rates in collective actions,the order remained consistent.Not a memberInactive member in at least one organizationActive member in at least one organzation18%24%58%14%17%69%20062018020103040506070809010

213、0%IISD.org 22Comprehensive Wealth Report IndonesiaFigure 15.Household participation in activities around their neighbourhoods,Indonesia,2012 and 2014Source:Authors calculations based on data from BPS-Statistics Indonesia,2012,2014b.Participation in political actions:Trends for political participatio

214、n are more mixed.Based on the WVS(Inglehart et al.,2022),people claiming membership in political parties fell from 15.9%in 2006 to 9.6%in 2018.Meanwhile,the percentage of respondents who have or are willing to strike,sign petitions,and attend peaceful demonstrations increased between 2001 and 2018.I

215、nversely,the percentage of people willing to join in boycotts had slightly declined.Figure 16.Willingness to engage in certain political actions,Indonesia,2001,2006,and 2018Source:Authors calculations based on data from Inglehart et al.,2022.201420120201030405060708090100%63%60%42%29%71%76%52%42%Rel

216、igious activitySocial activityHelp disaster victimsPublic interest01020304050%Attending lawful/peaceful demonstrationsSigning a petitionJoining unofficial strikesJoining in boycottsMembership in political parties200620182001IISD.org 23Comprehensive Wealth Report IndonesiaVoter turnout:Voter turnout

217、data were sourced from the International Institute for Democracy and Electoral Assistance(International IDEA,n.d.),an intergovernmental organization that provides data on democracy worldwide.There were high voter turnouts for parliamentary elections during the New Order era(prior to 1998)before they

218、 declined following the first post-reform parliamentary election in 1999.Presidential elections have occurred periodically since 2004(prior to that,presidents were elected by the members of the House of Representatives and the Regional Representative Council),and voter turnout in these elections has

219、 shown a nearly continuous increase.Both parliamentary and presidential elections had relatively high turnout by international standards,though considerably lower than in the pre-reform period in Indonesia.In the most recent election in 2024,parliamentary election turnout was recorded at 83.55%,whil

220、e the turnout for the presidential election reached a record high of 82.39%International IDEA(n.d.).Figure 17.Voter turnout in presidential and parliamentary elections,Indonesia,19712024Source:Authors calculations based on data from International IDEA,n.d.Review of Trust and Cooperative NormsTrust:T

221、he IFLS-5 survey shows that in 2014,86.7%of respondents believed it likely that others would take advantage of them,a decrease from 92.6%in 2007,which indicates an improvement in trust(Rand,2014).Conversely,data from the WVS survey reveals that in 2018,95%of participants felt one must be very cautio

222、us with most people,a significant rise from just 51%in 2006(Inglehart et al.,2022).Additionally,the WVS survey points to a widespread decline in trust toward others,encompassing neighbours,acquaintances,and strangers who met for the first time(Figure 18).These apparently contradictory results are an

223、 example of the challenge in trying to measure and report on social capital.1971197719821987199219971999200420092014201920246065707580859095100%Parliamentary electionsPresidential electionsIISD.org 24Comprehensive Wealth Report IndonesiaFigure 18.Trust toward other people,Indonesia,2006 and 2018Sour

224、ce:Authors calculations based on data from Inglehart et al.,2022.Figure 19.Confidence in government and parliament,Indonesia,2001,2006,and 2018Source:Authors calculations based on data from Inglehart et al.,2022.Confidence in institutions appears to be increasing and to be high.The BPS-Statistics In

225、donesias Statistics of Social Capital 2014 report suggested that the majority placed great confidence in community leaders,religious figures,and village apparatus.According to the WVS,the percentage of people placing“quite a lot”or“a great deal”of confidence in the government and parliament noticeab

226、ly increased between 2001 and 2018,reaching highs of 79%and 51%in 2018,respectively(Figure 19)(Inglehart et al.,2022).Confidence in political parties was at 37%in 2018,not much different than it had been in 2001(Inglehart et al.,2022).In line with high participation in religious organizations,confid

227、ence in religious 020406080100%FamilyNeighbourPeople you know personallyPeople you meet for the first time20062018A great dealQuite a lotNot very muchNone at all200120062018GovernmentParliament10%IISD.org 25Comprehensive Wealth Report Indonesiainstitutions also remained high at 98%.Confidence in the

228、 press(51%)and television(48%)in 2018 slightly declined from 2001 levels(Inglehart et al.,2022).Review of ToleranceCoexistence with different ethnicities and religions seems to be high,with some indices suggesting improvements in the last 20 years.According to the WVS,30%of the population in 2018 wa

229、s uncomfortable with neighbours from different races,nationalities,ethnicities,or religions,down from 49.8%in 2001 and 54.5%in 2006(Inglehart et al.,2022).However,there might be limits to how accepting people of different religions are.Interfaith marriage seems to be one of those limits,as 82%of the

230、 population in the 2014 IFLS-5 would object to someone with a different faith marrying a close relative or child(BPS-Statistics Indonesia,2014a).This was up by 36 percentage points from 2007.Similarly,BPS-Statistics Indonesia also reported that only 7.9%of households in 2014 would agree to their chi

231、ld marrying someone of a different faith,compared to 70%of households who would agree to their child having friends of a different faith(BPS-Statistics Indonesia,2014a).Furthermore,IFLS-5 suggests that 59%of the population in 2014 would object to groups of different faiths building a place of worshi

232、p in their community(BPS-Statistics Indonesia,2014a).While this was a steep decline from 2007,where 78%would object,the figure remained high.Similarly,BPS-Statistics Indonesia reported that only 43%of the population in 2014 would agree if other religions had activities in their neighbourhood,a decre

233、ase from 62%in 2012(BPS-Statistics Indonesia,2012,2014a).Meanwhile,more of the population stated that they are more likely to choose candidates with the same religion in elections,with the share of those answering“very likely”reaching 51.12%in 2014(BPS-Statistics Indonesia,2014a).Figure 20.Likelihoo

234、d to vote for a candidate with the same religion,Indonesia,2007 and 2014Source:Authors calculations based on data from IFLS-5(BPS-Statistics Indonesia,2014a).29%51%32%21%37%27%020406080100%20142007Very likelySomewhat likelyNeither moreor less likelySomewhat unlikelyVery unlikelyIISD.org 26Comprehens

235、ive Wealth Report Indonesia3.0 Conclusion and RecommendationsOver the 25-year period from 1995 to 2020,Indonesias CWI has seen a remarkable average annual growth of 4.3%.This growth,however,has been uneven across different types of capital.While produced and human capital have flourished,contributin

236、g significantly to the nations wealth,natural capital has not kept pace,leaving room for improvement for the Indonesian government to enhance productivity and resource rent from natural resources.Although still negative,financial capital has seen modest improvement,while social capital shows a posit

237、ive trend based on indices related to participation,trust,and tolerance.Produced capital increased by an average annual growth of 5.3%.Four sectors dominate produced capital,namely manufacturing,real estate activities,agriculture,and mining,with the first two contributing the most.Investments are in

238、creasingly concentrated in buildings,with a minor contribution from machinery,equipment,and vehicles.Notably,the country has made little investment in renewable energy generation capacity,which represents a missed opportunity to engage in the transition away from fossil fuels.Human capital,which rep

239、resents the most substantial portion of Indonesias assets,also consistently grew over time,except from 1997 to 2000,when the indicator dropped due to the economic crisis of the 1990s.The crisis impacted the value and distribution of labour across various sectors and shifted labour from high-value-ad

240、ded sectors,such as manufacturing,to sectors like agriculture.Trade and services are the top contributors to human capital,followed by agriculture.The share of human capital in the relatively low value-added agriculture sector remains high at 17%.Value added per worker in agriculture is just one fif

241、th of what it is elsewhere in the economy(World Bank,2019).Market natural capital increased,on average,by 2.2%annually.Renewable assets(agriculture,fisheries,aquaculture,forestry,and livestock)dominated natural capital in 1990 but declined with the rise of non-renewable assets(minerals and fossil fu

242、els)during the commodity boom from the mid-2000s to mid-2010s.At the peak of the commodity boom in 2010,non-renewables collectively formed more than half of Indonesias market natural capital.There is considerable risk in such dependence on non-renewable resource wealth,especially since much of this

243、wealth derives from fossil fuels the world has committed to moving away from.The country should carefully review its policies around natural resource management to ensure its vast wealth is maximized for both the current and future generations.In addition to concerns about the over-dependence on non

244、-renewable resource wealth,Indonesia is experiencing an erosion of its biodiversity.The country is also facing the effects of climate change through the rise of precipitation and temperature.These adverse effects may lead to more frequent floods and rising sea temperatures that can result in coral b

245、leaching and the deterioration of the countrys biodiversity.Financial capital has been negative throughout the period studied,indicating that the country was accumulating more foreign liabilities than foreign assets.The accumulation of liabilities is the result of investment policy choices made by t

246、he country to support its effort to escape the middle-income trap.High liabilities are not necessarily detrimental so long as they are effectively managed and lead to positive economic spillovers.IISD.org 27Comprehensive Wealth Report IndonesiaThe country is generally doing well in terms of social c

247、apital despite some mixed results in some parts.While formal political engagement,like party membership or voting,has decreased,participation in group and communal activities has increased.Trust in others has slightly declined but remains high,as evidenced by peoples willingness to seek help from th

248、eir neighbours.In terms of tolerance,Indonesians are becoming more accepting of coexisting with individuals from diverse ethnic and religious backgrounds.In contrast to the CWIs 4.3%annual average growth over the period,Indonesias GDP grew considerably more slowly.In real per capita terms,Indonesian

249、 GDP grew from IDR 27.5 million(USD 5,860)to IDR 54.1 million(USD 11,500),for an average annual growth rate of just 2.8%(Figure 3).This relatively slow growth of Indonesias real per capita GDP compared with its CWI suggests that the country is not benefiting as much from its increased wealth as it s

250、hould.As reported in this study,in 1995,Indonesia created IDR 68,000 of real GDP for every IDR 1 million in real wealth(a rate of return on wealth of 6.8%).By 2020,this figure had fallen to IDR 47,800(a rate of return of 4.8%).For some reason,Indonesia has become less effective at turning wealth int

251、o income as time has gone by.Assessing why Indonesia is not fully realizing the benefits of the growth in its wealth is beyond the scope of this study.The main benefit of our results is making this finding apparent,which is possible only when comprehensive wealth accounts are compiled for the countr

252、y.By showing that Indonesia is not fully benefiting from the growth in its wealth,we provide a window into the possibilities for the country if it were to better manage its assets.Had Indonesia simply maintained the rate of return on its wealth that it enjoyed in 1995,it would have earned 42%more in

253、come in 2020 than it did.That additional income would have been sufficient to push the country out of its chronic lower-middle-income status and into the group of countries considered to be upper-middle-income by the World Bank,placing the country closer to achieving its goal of high-income status b

254、y 2045(Ministry of National Development Planning/Bappenas,2019).Realizing this extra income in the future is still possible,but it will require a new approach to natural resource management.It will require an approach that ensures Indonesias resources are preserved for future generations and,at the

255、same time,better capitalizes on the economic benefits of using those resources today.Development can be seen as a process of wealth management,and there is too much at stake for Indonesia not to do a better job managing its natural wealth,not to mention its human and produced capital.For Indonesians

256、,it is a question of escaping,or not,from the middle-income trap.For the rest of the world,it is a question of whether future generations will know about the wondrous diversity of Indonesias natural environment or if it will remain a feature only of the countrys past(Brodjonegoro&Smith,2024).Regular

257、ly compiling and using comprehensive wealth accounts to guide policy making would be a wise step for Indonesia.The extra income it could earn by better managing its wealth could help it escape the middle-income trap,an outcome that would be more than worth the investment in additional statistical ef

258、fort.The enhancement of Indonesias comprehensive wealth measurement would require concerted efforts from the government,particularly in fortifying the capabilities of the national statistics agency for more effective data collection.It is critical to address the limitations in data collection,especi

259、ally in areas such as natural capital,which is still limited to several commodities,and social capital,which mainly still uses WVS data.Encouragingly,strides are being made in this direction,with BPS-Statistics IISD.org 28Comprehensive Wealth Report IndonesiaIndonesia embracing this initiative for c

260、omprehensive wealth calculation and also initiating its own work on natural and produced capital valuation(BPS-Statistics Indonesia,2019a).Similarly,the Directorate General of State Assets Management(Direktorat Jenderal Kekayanan Negara/DKJN)under the Ministry of Finance is broadening its assessment

261、 of national assets,with a special focus on natural capital and is adapting regulations to support this expanded asset evaluation scope.Moreover,while the National Development Planning Agency(Badan Perencanaan Pembangunan Nasional Bappenas)may not be directly focused on comprehensive wealth,it is co

262、ntributing to the effort by developing indices that extend beyond GDP,such as the Green Economy Index,the Economy Inclusive Index,and the Indonesia Blue Economy Index.All in all,the success of improving Indonesias comprehensive wealth calculation hinges on sustained advocacy and collaborative suppor

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299、g 33Comprehensive Wealth Report IndonesiaAppendix A.Produced CapitalA.1 Details of Produced Capital Index MeasurementsFor estimating produced capital stocks time-series data,a simplified approach was adapted from the Measuring Capital handbook(Organisation for Economic Co-operation and Development O

300、ECD,2009).It consists of three main steps.First,for economic growth,Gross Fixed Capital Formation(GFCF)and its breakdown are deflated using an appropriate price index.Second,the initial capital stock of 1990 is estimated.Third,a time series of produced capital stocks from 1990 to the most recent yea

301、r in real prices is estimated by accumulating GFCF and considering depreciation.Adopting the OECD approach,a reasonable estimate of the stock of any produced asset in any year is derived by dividing the value of the gross investment in that asset in that year by the sum of the assets deprecation rat

302、e plus the long-term growth rate of real GDP.Equation 1 expresses this approach in algebraic notation:where,K0ij is the real value of the produced capital stock of type i(i machinery,buildings,etc.)in industry j(j agriculture,forestry,mining,manufacturing,etc.)in the base year I0ij is the real value

303、 of GFCF of capital type i in industry j in the base year ij is the annual rate of depreciation of capital type i in industry j(a constant)is the long-term annual growth of real GDP in the economy(a constant).In implementing Equation 1,we want to avoid situations in which an outlier GFCF value for 1

304、990 would unduly influence the value of I0ij.To avoid this,we propose to average GFCF from 1988 to 1992 to estimate the value of I0ij.Equation 2 expresses this in algebraic terms:where Itij is the real value of GFCF of capital type i in industry j in year t(t 1988,1989,1990,1991,1992).Values for the

305、 annual rate of depreciation of produced capital by type and industry(ij)and for long-term real economic growth()are employed.We applied a deprecation rate of 3%,as suggested by the survey report of the Asian Productivity Organization,specifically for the Indonesia case(Sigit,2004).Once initial capi

306、tal was obtained,a time series of real capital stock estimates for 1990 to the present for each industry and capital type was estimated.This was accomplished by using a I0ij(ij+)K0ij=12I0ij=t=1988 Itij51992IISD.org 34Comprehensive Wealth Report Indonesiasimple approach of accumulating real GFCF each

307、 year and depreciating the capital stock of the previous year.This is shown algebraically in Equation 3:where,Ktij is the real value of the produced capital stock of type i in industry j in year t Ktij1 is the real value of the produced capital stock of type i in industry j in year t1 GFCFtij is the

308、 real value of GFCF of produced capital of type i in industry j in year t and other variables are as previously defined.Annual data covering the period 19902020 are utilized in this produced capital estimation.Data for economic growth,investment,GFCF,and its sectoral breakdown are derived from BPS-S

309、tatistics Indonesia.BPS-Statistics Indonesia provides GFCF and GDP in local currency,based on different System of National Account(SNA),SNA 1968 Seri 1983(19901993),SNA 1968 Seri 1993(19932000),SNA 1993 Seri 2000(20002010),SNA 2008(20102020).We also calculate the Produced Capital estimation in USD.3

310、Ktij=Ktij1+GFCFtij (ij Ktij1)IISD.org 35Comprehensive Wealth Report IndonesiaA.2 Data Overview of Produced Capital IndexTable A1.Data used in the calculation of the Produced Capital IndexFiscal yearProduced capital(billion IDR)Produced capital per capita(IDR)Produced capital(USD billion)Produced cap

311、ital per capita(USD)Nominal GDP(GDP at current market prices)in IDR billionReal GDP(GDP at constant market prices)in IDR billionReal GDP growth(%)Consumer Price Index(CPI),2017=100Gross fixed capital formation in IDR billionGross fixed capital formation in USD billionGross fixed capital formation as

312、%GDPPopulation in millionsPopulation growth rate(%)19907,789,955 43,459,142 1,6599,255249,843 2,807,571 7.2 9 713,556 151.9631179.25 0.0619918,305,216 45,398,556 1,7699,668290,596 2,984,427 6.9 10 748,960 159.5031182.94 2.0619928,828,124 47,452,136 1,88010,106331,959 3,170,677 6.5 10 772,064 164.423

313、0186.04 1.7019939,341,043 49,388,072 1,98910,518385,778 3,359,765 6.5 11 777,763 165.6330189.14 1.6619949,932,166 51,671,764 2,11511,004447,127 3,587,941 7.5 12 871,354 185.5732192.22 1.63199510,610,667 54,482,185 2,26011,603531,699 3,899,255 8.2 14 976,467 207.9534194.75 1.32199611,395,718 57,461,2

314、62 2,42712,237623,008 4,231,487 7.8 15 1,103,370 234.9836198.32 1.83199712,224,536 60,711,933 2,60312,929734,290 4,695,002 4.7 16 1,170,690 249.3137201.35 1.53199812,868,395 62,959,232 2,74013,4081,118,058 4,511,670-13.1 25 1,010,595 215.2229204.39 1.51199913,246,716 63,858,954 2,82113,6001,286,486

315、4,308,946 0.8 30 764,373 162.7823207.44 1.49200013,767,599 68,417,180 2,93214,5701,479,725 4,779,867 4.9 31 918,285 195.5626201.23-2.99200114,321,418 68,708,685 3,05014,6321,752,882 5,078,230 3.6 35 966,847 205.9026208.44 3.58200214,836,081 70,292,190 3,16014,9701,939,754 5,021,989 4.5 39 944,305 20

316、1.1026211.06 1.26200315,372,544 71,927,655 3,27415,3182,144,012 5,199,466 4.8 41 981,546 209.0325213.72 1.26200416,125,629 74,512,493 3,43415,8682,444,427 5,589,078 5.0 44 1,214,261 258.5928216.42 1.26IISD.org 36Comprehensive Wealth Report IndonesiaFiscal yearProduced capital(billion IDR)Produced ca

317、pital per capita(IDR)Produced capital(USD billion)Produced capital per capita(USD)Nominal GDP(GDP at current market prices)in IDR billionReal GDP(GDP at constant market prices)in IDR billionReal GDP growth(%)Consumer Price Index(CPI),2017=100Gross fixed capital formation in IDR billionGross fixed ca

318、pital formation in USD billionGross fixed capital formation as%GDPPopulation in millionsPopulation growth rate(%)200517,040,843 78,156,478 3,62916,6442,953,850 6,114,675 5.7 48 1,398,983 297.9329218.03 0.75200618,049,217 81,030,159 3,84417,2563,555,352 6,506,862 5.5 55 1,519,599 323.6228222.75 2.162

319、00719,254,582 85,332,437 4,10118,1734,206,620 7,235,255 6.3 58 1,746,841 372.0129225.64 1.30200820,880,895 91,373,158 4,44719,4595,268,999 8,221,707 6.0 64 2,203,951 469.3631228.52 1.28200922,941,332 99,154,521 4,88621,1165,969,072 8,922,710 4.6 67 2,686,863 572.2030231.37 1.25201025,278,507 106,372

320、,523 5,38322,6536,864,133 9,759,590 6.2 70 3,025,415 644.3031237.64 2.71201127,829,113 115,000,754 5,92724,4917,831,726 10,569,243 6.2 74 3,308,961 704.6932241.99 1.83201230,642,507 124,854,769 6,52626,5898,615,705 11,150,087 6.0 77 3,648,267 776.9433245.43 1.42201333,434,374 134,372,755 7,12028,616

321、9,546,134 11,609,735 5.6 82 3,711,142 790.3333248.82 1.38201436,359,996 144,191,403 7,74330,70710,569,705 12,081,942 5.0 87 3,928,654 836.6632252.16 1.35201539,333,683 153,894,932 8,37732,77411,526,333 12,387,222 4.9 93 4,064,486 865.5832255.59 1.36201642,347,757 163,823,329 9,01834,88812,401,729 12

322、,874,085 5.0 96 4,194,085 893.1832258.50 1.14201745,447,899 173,893,027 9,67937,03313,589,826 13,589,826 5.1 100 4,370,575 930.7733261.36 1.11201848,727,183 184,459,752 10,37739,28314,838,756 14,378,870 5.2 103 4,642,721 988.7333264.16 1.07201952,082,043 195,128,216 11,09241,55515,832,535 14,890,578

323、 5.0 106 4,816,675 1,025.7733266.91 1.04202055,039,154 203,694,878 11,72143,37915,434,152 14,242,306-2.1 108 4,519,572 962.5032270.20 1.23Source:Authors calculation based on data from BPS-Statistics Indonesia and the World Bank DataBank.IISD.org 37Comprehensive Wealth Report IndonesiaTable A2.Produc

324、ed capital by asset type in billions of IDRBuildingMachines and equipmentVehiclesOthersTotal200010,367,0031,232,069840,5391,327,98813,767,599200110,766,9811,278,658888,7151,387,06414,321,418200211,151,9351,327,808925,8281,430,51014,836,081200311,594,5151,363,345940,8521,473,83215,372,544200412,141,8

325、551,447,558978,0521,558,16416,125,629200512,789,6811,563,1371,039,6441,648,38117,040,843200613,548,3351,645,6241,103,1961,752,06218,049,217200714,451,4281,764,4161,160,2721,878,46519,254,582200815,623,8081,945,5371,260,0012,051,54920,880,895200917,164,3172,141,5561,376,9342,258,52622,941,332201018,9

326、00,7932,382,5641,512,3612,482,78925,278,507201120,746,5632,682,7001,669,7612,730,08927,829,113201222,762,5343,024,2831,860,4592,995,23030,642,507201324,792,8983,352,1782,030,4613,258,83733,434,374201426,944,2593,671,3972,189,1303,555,21036,359,996201529,157,0273,981,0842,341,5753,853,99839,333,68320

327、1631,418,4454,254,6952,509,2214,165,39642,347,757201733,747,4524,546,8752,687,0054,466,56645,447,899201836,173,5154,905,4612,878,6664,769,54148,727,183201938,684,4925,273,9183,053,3215,070,31152,082,043202040,937,6545,568,3443,186,6245,346,53255,039,154Source:Authors calculation based on data from B

328、PS-Statistics Indonesia.IISD.org 38Comprehensive Wealth Report IndonesiaTable A3.Produced capital by sector in billions of IDR201020112012201320142015201620172018Agriculture,forestry,and fishing3,061,4243,220,3283,434,2163,616,1993,782,8274,036,1014,267,8764,501,5934,724,544Mining and quarrying2,356

329、,4802,465,7042,590,4602,729,4402,911,8373,134,8473,283,0073,423,2093,576,246Manufacturing5,539,2785,873,0116,208,5216,560,3876,875,3987,096,7657,503,2237,918,0148,364,045Electricity and gas786,910846,227919,142960,1961,000,8871,036,8771,078,8701,166,4541,269,003Water supply,sewerage,waste management

330、,and remediation activities140,393148,012159,115165,002169,982180,038200,076218,161240,646Construction1,476,9521,536,9471,604,7421,731,6341,865,6441,945,2781,993,0052,088,7922,139,187Wholesale and retail trade,repair of motor vehicles and motorcycles1,487,4961,581,6161,709,1391,774,1671,833,8461,939

331、,8352,051,8432,181,5442,350,919Transportation and storage2,039,0992,165,1502,256,9242,380,1892,518,2652,651,1652,745,4882,859,3863,012,080Accommodation and food service activities594,495625,618657,116694,712746,580786,682820,811849,578882,958Information and communication844,804879,852933,754990,8771

332、,056,2391,128,1741,202,2811,260,8671,365,948Financial and insurance activities398,599422,647441,942470,894499,335538,147573,859603,453632,916Real estate activities4,364,2724,589,3744,862,3065,144,7275,438,9445,747,1166,083,1266,462,6086,910,015IISD.org 39Comprehensive Wealth Report Indonesia20102011

333、2012201320142015201620172018Business activities354,598375,246399,239409,247445,949481,040515,531551,673584,845Public administration and defence,compulsory social security1,997,3472,107,9632,223,9872,374,2202,500,6152,673,0402,829,1893,024,9193,187,161Education885,731927,201968,8921,034,8811,103,0661,176,8711,236,9121,264,6961,288,741Human health and social work activities487,579512,490538,959566,0