Indonesia has a mixed economy, characterized by a combination of large private conglomerates and state-owned enterprises. It is part of the CIVETS group of countries, along with Columbia, Vietnam, Egypt, Turkey and South Africa, which is expected to account for half of all economic activity by 2020.Know More
With a population of nearly one-quarter billion people, Indonesia has the largest economy in Southeast Asia and is a member of the G-20, a forum of the world's 20 largest economies. Its strengths are its plentiful and diverse natural resources, young and large population, relative political stability, sound fiscal management, proximity to the burgeoning economies of China and India, and low labor costs.
The industrial sector is the country's largest in terms of output, followed by the service and agricultural sectors. Since 2012, the service sector has been the country's largest employer, overtaking the agricultural sector, which had been the country's employment leader for centuries. Tourism is also a major industry, with Singapore, Malaysia, Australia, China and Japan providing the largest portion of visitors.
Indonesia's major export markets are Japan, Singapore, the United States and China. Its major exports include oil, natural gas, tin, copper, plywood, rubber and gold. It imports most from Singapore, Japan and China. Major imports are machinery, chemicals, fuels and foodstuffs.Learn more about Economics
Turkey's economy is mostly a free-market economy that is driven by its industry, service and agriculture sectors. Its estimated gross domestic product GDP purchasing power as of 2013 is 1.167 trillion.Full Answer >
Indonesia is famous for its great vacation destinations, among which are Jakarta, Krakatau, Bali and Borneo. Jakarta, the colossal capital of Indonesia, is home to 10 million people as of 2014. This is the economic hub of the country, featuring remnants of Old City Jakarta, interesting museums and world-renowned shopping centers.Full Answer >
The colonization of Indonesia started with the Dutch in the early 17th century. The Japanese came to occupy Indonesia from 1942 to 1945. Indonesia declared its independence on Aug. 17, 1945.Full Answer >
Since a mixed economy includes a mix of both private and government control, it reflects characteristics of both capitalism and socialism. The balance between the two ideals can vary greatly between countries, sometimes leading to a lack of consensus on whether the economy is capitalist, socialist or mixed.Full Answer >