Jakarta (ANTARA) - Indonesian President Prabowo Subianto introduced the term “Greedonomics” or an economy driven by greed in illegal business practices at the World Economic Forum (WEF) 2026 in Davos, Switzerland, on Thursday.In his speech, President Prabowo revealed that early in his administration, the government uncovered corruption cases involving the mismanagement of fuel and crude oil. In his first year at office, his governance have already confiscated 4 million hectares of illegal palm oil plantations and illegal mines.
“It is amazing, I call this not free enterprise, I call this not the free market, I call it openly ‘Greedonomics’ the economics of greed, the economics of rapacious practices,” Prabowo said, as reported from Jakarta.
Prabowo referenced the term ‘robber barons’, which was popular in several countries in the 19th century, but noted that it is essentially the same as ‘Greedonomics’, in front of the forum attendees.
According to Prabowo, no investment climate can be created without certainty in the fair enforcement of the law. He reaffirmed that no one would invest in a country that does not uphold the rule of law.
For this reason, Prabowo is determined to ensure that law enforcement takes precedence over personal or corporate interests.
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Prabowo continued, saying that the businessmen he described rapacious feel no need to recognize the sovereignty of the Indonesian government and even believe they can buy government officials.
“I have reports that some of these people in their meetings say, Oh, it's okay, there is no government official that cannot be bought. Well, I challenge them to try to buy officials from my administration. They will come to find themselves a big surprise,” he stated.
He detailed that, in addition to seizing 4 million hectares of illegal palm oil plantations, the government has also closed 1,000 illegal mining sites and decided to revoke permits for 28 companies with a total of 1.01 million hectares for establishing plantations in protected forests.
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Prabowo also stated that his administration will confront corruption directly, firmly and openly, acknowledging that corruption is a disease that Indonesia suffers from.
“We are determined directly to fight against this corruption. It is challenging, not many people believe we can do it, but we have no choice. I have no choice. I have been inaugurated, I have sworn to uphold the constitution and the rule of law,” Prabowo said.
