Economic Evaluation of Toll Roads: A Systematic Review of Financial Studies and Socio-Economic Benefits

Toll roads are infrastructure projects that aim to support a country's economic mobility. Toll roads are built with the hope of improving access for people's daily activities. In Indonesia, toll road development has been carried out extensively and is often considered by the government as a promising investment. However, its effectiveness, both financially and socio-economically, requires more in-depth evaluation due to several challenges that can actually cause problems from the existence of toll roads. While many studies have examined toll roads from an economic perspective, especially regarding investment returns such as ROI, fewer have explored the social impacts. This research employs a Systematic Literature Review (SLR) to assess both financial feasibility and the broader socio-economic implications of toll road development. The findings reveal that although toll road projects tend to carry high risks and may initially appear financially unfeasible, their long-term potential remains significant. In particular, the benefits to small communities and local socio-economic conditions are still limited due to weak integration and management strategies. However, with better planning, affordable access, and community participation, toll roads can become more inclusive and beneficial to wider segments of society. These insights suggest that toll road development should not only be guided by economic metrics but also take into account social dynamics and the needs of vulnerable groups to ensure sustainable and equitable infrastructure outcomes.