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The First Southeast Asian Country to Join the Trillion Dollar GDP Club - Can You Guess Who?

The First Southeast Asian Country to Join the Trillion Dollar GDP Club - Can You Guess Who?
Credit: Afif Ramdhasuma on Unsplash

The Trillion-Dollar Club, a term used to describe countries with a nominal Gross Domestic Product (GDP) exceeding $1 trillion annually, has become a hallmark of global economic achievement. As of 2023, only 19 countries have managed to join this exclusive list, showcasing their economic strength and resilience.

However, Southeast Asia is not one to be left behind. One country from this region has already made history as the first to enter the prestigious club. Which nation is it?

Indonesia

In 2022, Indonesia's GDP was recorded at $1.29 trillion, with projections suggesting it will grow to $1.86 trillion by 2027. As an archipelagic nation rich in diversity, Indonesia holds the title of the largest economy in Southeast Asia.

With an economic growth rate projected to exceed 5% annually, Indonesia ranks among the fastest-growing trillion-dollar economies in the world.

Indonesia's contribution to the regional economy is equally remarkable, accounting for over one-third of ASEAN’s total GDP. This positions Indonesia not only as the largest economy in Southeast Asia but also as the only ASEAN member in the prestigious G20 group.

Despite being classified as a lower-middle-income country by the World Bank, Indonesia has made substantial progress in poverty reduction. Since 1999, the poverty rate has been cut by more than half, dropping to 9.8% in 2018.

As a major player in global markets, Indonesia is a leading exporter of thermal coal, refined tin, and nickel ore. Additionally, the country exports gold, bauxite, lead, zinc, and copper.

Indonesia also stands as the world's largest producer and exporter of palm oil. However, in recent years, several of its key commodities have been subject to export restrictions to prioritize domestic needs.

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