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Investing.com -- Indonesia’s economy experienced a growth of 5.03% in 2024, a similar rate to the previous year and in accordance with predictions, but it marked the slowest pace in three years, according to official data released on Wednesday.
The largest economy in Southeast Asia, Indonesia, has seen its growth remain around 5% since the onset of the COVID-19 pandemic.
This rate is steady, yet it falls short of the new President Prabowo Subianto’s goal of 8% within his term, which ends in 2029. In 2023, the economy grew at a slightly higher rate of 5.05%.
In 2024, the economic growth was supported by political campaign and election expenditures, coupled with an increase in investment.
This balance compensated for the decline in net exports, as per the data from Statistics Indonesia. The investment growth in 2024 stood at 4.61% year-on-year, marking the highest rate in six years.
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