**** Bank of Indonesia (BI)
Even though Indonesia's economic performance during the New Order is impressive but if compared with South Korea this was not miraculous enough. Korea's achievements are widely recognized as a miracle (Lucas, 1993). Since the inception of the initial nationwide economic plan in 1962, the Korean government has consistently prioritized economic growth above all other national agendas. Based on export-oriented economic development strategy, Korea has attained notable economic success. South Korea joined the OECD in 1996, and in 2021, the UNCTAD designated Korea as a developed country. This marks the first instance of the UNCTAD making an upward classification since its establishment in 1964 (Ko, 2022).
However, Indonesia and Korea have a similar GDP around USD 9 billion until 1970 as shown Table 2, starting from 1970s, the gap of GDP between both countries was widening. GDP per capita of Korea has exploded since the mid of the 1970s (Wardhana, 2016). The value increases dramatically from hundred dollars in 1965 to more than USD 10,000 in the 1990s. During development era, South Korea experienced an authoritarian system with a development state model (Yoon, 2019) as well as Indonesia but with different results (Winanti, 2002).
Table 2. Indonesia-South Korea Economic Comparison in 1965 -- 1997
Indicator
Year
1965
1970
1985
1997
RoI
