The Nation, Thailand
“Indonesia was once a top investment destination in the region, but last year, it lost its appeal among global investors at an alarming rate. Under President Prabowo Subianto, the government has made steep budget cuts across critical sectors, such as higher education funding slashed by 39%, healthcare spending reduced by 18.5% and public infrastructure projects cut by a staggering 73%”
“The impact of these factors has become increasingly evident as foreign investors continue to withdraw their capital. On March 18, the Jakarta Stock Exchange Composite Index (JCI) plummeted by 7.1%, marking its steepest drop in 14 years. Trading had to be halted for the first time, and the index has fallen over 12% this year. Meanwhile, global funds have offloaded more than $2 billion worth of Indonesian stocks in 2024.”
“Adding to the turmoil, the Indonesian rupiah depreciated to IDR 16,642 per US$, its lowest level in 27 years, dating back to the 1998 financial crisis. The currency has weakened by over 3% this year, making it one of the worst-performing emerging market currencies in 2024.”
https://www.nationthailand.com/blogs/news/world/40047953