JakartaPost-Feb 17
The Prabowo presidency could be different for Southeast Asia’s largest economy, with some analysts pointing to speeches he has made backing protectionism and indicating a penchant for big government, including populist policies that require large fiscal expenditure. In the three occasions that Prabowo Subianto has run for the Indonesian presidency, the former special forces commander has maintained a consistent policy message. He is no fan of economic neo-liberalism and favors a big role for government. But despite the defense minister’s qualms about market-oriented policy, Indonesia’s stock market surged on Thursday after Prabowo appeared to have secured a comfortable win in this week’s election to replace President Joko “Jokowi” Widodo later this year. Rather than focus on his earlier pronouncements, investors cheered the expected continuity of the policies fostered by Widodo, popularly known as Jokowi, who had given Prabowo his tacit backing during the campaign. Jokowi’s decade in office has been a period of steady economic growth and low inflation. It has been underpinned by efforts to cut red tape and attract foreign investment, seeking to position Indonesia as a key player in the global electric vehicle supply chain. However, a Prabowo presidency could be different for Southeast Asia’s largest economy, with some analysts also pointing to speeches he has made backing protectionism and indicating a penchant for big government, including populist policies that require large fiscal expenditure. Read more at: https://www.thejakartapost.com/business/2024/02/17/prabowo-faces-policy-scrutiny-after-free-market-comments.html.
