WASHINGTON, D.C. — The U.S. Chamber of Commerce’s Global Initiative on Health and the Economy released its new study today in Jakarta, Indonesia, which estimates the economic cost of ill health related to lost productivity.
The report, “Economic Costs of Absenteeism, Presenteeism and Early Retirement Due to Ill Health: A Focus on Indonesia,” calculates that the Indonesian economy lost 6.5 percent of GDP in 2015, with projected losses of 7.2 percent by 2030, due to an aging workforce and the high burden of adult chronic disease.
“In Indonesia and other economically vibrant countries across the world, costs related to lost productivity as a result of health issues are significant and rising,” said Myron Brilliant, executive vice president and head of International Affairs at the U.S. Chamber. “Rising incidences of non-communicable diseases like diabetes, cardiovascular disease and cancers are creating significant challenges to these nations. In order to succeed in achieving economic growth and prosperity, the public and private sectors must take action in partnership to promote health and workforce productivity.
“Today’s event challenges the importance of innovation and cost effectiveness of new technology, as well as the role of the employer in promoting prevention and healthy habits,” Brilliant added. “We look forward to continuing this important work in partnership with the Indonesian government and the private sector.”
The study was compiled by the Victoria Institute of Strategic Economic Studies.
A full copy of the study on Indonesia can be found here.
From shipping to staffing, the Chamber and its partners have the tools to save your business money and the solutions to help you run it more efficiently. Join the U.S. Chamber of Commerce today to start saving.