Economic policy and macroeconomic consequences of ageing The above calculations treat economic growth as exogenous: public pension systems, financed by taxlike pension contributions, redistribute income but do not affect economic activity. This is, of course, unrealistic.
As we might be aware, the unprecedented global financial turmoil from 2007 to 2009 was a big shock to the global economy, and represented the deepest deterioration since the 1930s. Thus far, Indonesia’s economy has weathered the global storm well. Indonesia has continued to record strong macroeconomic performance with sustained high economic growth.