SBY warns that economic growth alone is no longer sufficient

Jakarta (ANTARA) - The 6th President of Indonesia, Susilo Bambang Yudhoyono (SBY), believes that high economic growth is no longer a sufficient measure of development success amidst increasing global uncertainty.

In his speech at The 2026 Asia Grassroots Forum by Amartha in Jakarta on Thursday, SBY stated that the current challenge for developing nations is not merely pursuing rapid economic growth, but rather building growth that is resilient, inclusive, and sustainable.

“Because growth alone is no longer enough. A country can record impressive economic growth, yet still face widening inequality, declining public trust, and social fragmentation,” said SBY.

He added that the current development challenge is not only to drive economic growth but also to strengthen societal resilience amidst geopolitical tensions, climate change, and rapid technological advancements.

SBY also emphasised the importance of expanding economic participation and ensuring that the benefits of growth are felt equally by all members of society. According to him, the empowerment of micro, small, and medium enterprises (MSMEs) is a vital instrument for strengthening economic resilience while expanding inclusion.

Furthermore, SBY assessed that the Asian economic growth model also needs to transform. He stated that the region cannot continue to rely on low-cost labour, commodities, and domestic consumption as its primary engines of growth.

In his view, growth in the region must be supported by increased productivity, entrepreneurship, innovation, digitalisation, and the strengthening of human resource quality.

“In the future, competitiveness will no longer depend solely on who can produce more cheaply. Competitiveness will depend on who is able to adapt quickly, continue to innovate, and invest in people,” he said.