Indonesian Economy Outlook 2024, talents forecast, and employment opportunities.

Jan 18, 2024 | General

Indonesia has enter first month of 2024 with various news and upcoming events in 2024. Welcoming the hottest year of Indonesian politics, we may see a bunch of news that could affect the economy and talent recruitment Industries. We try to summarise it under 2 crucial highlights

Tiktok and GoTo merger

Indonesian e-commerce sector ending 2023 with pretentious closing. Under Bytedance, Tiktok plans to invest 1.5 Millions USD to one of the most Indonesian big E Commerce platform Tokopedia in the month of December. By this amount of cash, Tiktok will hold 75% percent of the company while Gojek holds the rest. Therefore, there might be various potential massive changes in regulations that could impact talents and employees inside this merger. 

Not only impacting internal companies, this tremendous investment is a breath of fresh air for the Indonesian Economy entering 2024 since they are planning to reopen Tiktok Shop since it was turned down in October. Tiktok Shop was a hotline back then especially for SME merchants. 

This reopen Tiktok shop benefits issuers of GoTo such as Bank Jago, GoPay, Gojek, and any other GoTo groups companies. While on the other hand, competitors might need to tight their seat and brainstorm their business strategies to adapt with this merger. This issue brings a lot more approaches by GoTo groups and their competitors to rethink their strategy, that could include managing talents inside their company. Do they have to unemploy, or look for a new talent? Whatever it is, it’s an opportunity for a recruiter since the market would be more fluid. 

Source BBC Indonesia
Source Market Indonesia

IKN (Ibu Kota Nusantara) 

On the other hand, the last year of Jokowi’s period of ruling would still focus on building a new Capital City in IKN Borneo Kalimantan. The government targeted in 2024, IKN will be finalized. This means all Government Buildings will be moved to the core area in East Borneo Kalimantan. The Second Phase already started in May of 2023, and in 2024 infrastructure such as connectivity and clean water will be fully installed. 

The infrastructure to apply connectivity includes a bunch of highways that connect Balikpapan to Samarinda with 3 sections each. The government also planned to build Sarana Jaringan Utilitas Terpadu (SJUT) so all utility cables will be built underground. This mega project consists of many sub projects that might need manpower to make sure that it will be done according to the timeline. This is definitely the highlight for recruitment agencies and HR provider to pursue in 2024. 

Source PUPR