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Indonesia’s economy is on track for significant growth in 2024, with a predicted rate of 5.2%, supported by essential sectors and strategic investments.

• Domestic Consumption: The main engine of Indonesia’s economic expansion in 2024 is expected to be the domestic market, especially consumer spending. This will be supported by an 8% pay raise for 3.7 million civil servants and increased spending due to election-related activities, as outlined by PwC Indonesia.
• Investment: The Indonesian government has set a target of Rp1,650 trillion in investment for 2024, with at least 50% expected to come from foreign direct investment (FDI). Priority investments include the development of Special Economic Zones, the Batam, Bintan, and Karimun areas, and the capital relocation megaproject.
• Services and Tourism: The services sector, particularly tourism, is expected to contribute significantly to Indonesia's economic growth in 2024. As noted by the World Bank, rising tourism revenue has been helping to offset the decline in goods exports due to falling commodity prices, highlighting the sector's importance.

By emphasizing domestic consumption, strategic investments, and the expansion of the services sector, Indonesia is set to meet its economic objectives in 2024, offering a promising landscape for businesses and investors.