Prabowo: People's Economy Must Return as Direction of Development

President Prabowo Subianto has emphasised that a people’s economy must return as the direction of national development, in accordance with the mandate of the 1945 Constitution, to achieve more equitable welfare. “We have struggled long enough to return the direction of economic development to what was designed by our nation’s founders, namely a familial economy, a people’s economy, an economy where all elements must play a role and be given opportunities,” Prabowo said at the peak of the 79th National Cooperative Day commemoration at the Indonesia Arena, Gelora Bung Karno, Jakarta, on Sunday. The President stated that the economic concept designed by the nation’s founders provides opportunities for all economic actors to develop so that the results of development can be felt more evenly. However, he assessed that decades of experience have shown that neoliberal capitalist theory has failed to create equitable welfare. “I am perhaps one of those who from the beginning warned that neoliberal capitalism would not succeed and would not bring welfare to the people,” he said. Prabowo also noted that several Western countries, which were previously pioneers of neoliberal policies, are now beginning to abandon that approach and prioritise policies that protect their own national interests. He said strengthening cooperatives is part of the effort to build a fairer economic system while ensuring the benefits of development can be enjoyed by all levels of society. “I will not hesitate, I will continue to defend and strengthen the Indonesian nation and the Indonesian people. I ask for your patience,” Prabowo said. The President affirmed he will continue to carry out the mandate given by the people by prioritising policies that favour the interests of the community and strengthening the foundations of the national economy for the greatest prosperity of the people.