SBY reminds that economic growth alone is no longer enough

The 6th President of the Republic of Indonesia Susilo Bambang Yudhoyono/DOK ANTARA FOTO/Fakhri Hermansyah/foc/aa.

JAKARTA - The 6th President of the Republic of Indonesia Susilo Bambang Yudhoyono (SBY) assessed that high economic growth is no longer enough to measure the success of development amid increasing global uncertainty.

In his speech at The 2026 Asia Grassroots Forum by Amartha in Jakarta, SBY said that the current challenges of developing countries are not merely pursuing rapid economic growth, but building resilient, inclusive, and sustainable growth.

"Because growth alone is no longer enough. A country can record impressive economic growth, but still face widening inequality, declining public confidence, and social fragmentation," said SBY as quoted by ANTARA, Thursday, June 4.

He added that the current development challenge is not only to encourage economic growth, but also to strengthen community resilience amid geopolitical tensions, climate change, and rapid technological developments.

SBY also emphasized the importance of expanding economic participation and ensuring that the benefits of growth can be felt evenly by the community.

According to him, empowering micro, small, and medium enterprises (MSMEs) is one of the important instruments to strengthen economic resilience while expanding inclusion.

SBY assessed that the Asian economic growth model also needs to be transformed.

He said the region could not continue to rely on low-cost labor, commodities, and domestic consumption as the main engine of growth.

According to him, growth in the region needs to be supported by increased productivity, entrepreneurship, innovation, digitization, and strengthening the quality of human resources.

"In the future, competitiveness will no longer depend on who produces cheaper. Competitiveness will depend on who is able to adapt quickly, continue to innovate, invest in people," he said.