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Since President Prabowo Subianto took office in October, Indonesia's stock market has declined, and the rupiah has reached its lowest point since the 1997-1998 financial crisis. Despite his promises to boost economic growth to 8%, investors are worried about the country's fiscal health and signs of democratic regression.
Indonesia is facing a significant economic crisis, highlighted by a 20.2% increase in mass layoffs across various sectors, resulting in 78,000 job losses in 2024 alone. The manufacturing sector, once a cornerstone of the economy, has seen its contribution to GDP plummet from 32% in 2002 to just 18% in 2024, signaling a troubling trend of premature deindustrialization. Analysts urge the government to implement swift fiscal and monetary incentives to combat the economic downturn.
Indonesia's President Prabowo Subianto announced a mandatory Eid holiday bonus for online motorcycle taxi and delivery drivers during a press conference on March 10. The bonuses, which will be determined by the Ministry of Manpower, are to be distributed in cash and reflect drivers' activity levels. This announcement comes amid discussions of a potential merger between Gojek and Grab.
Apple and Indonesia have reached an agreement to lift the sales ban on the iPhone 16, concluding a five-month standoff. The deal includes a US$1 billion investment from Apple focused on local research and development, with a memorandum of agreement set to be signed this week. While Apple will support innovation programs to develop local talent, there are no plans for iPhone manufacturing in Indonesia, and the deal's finalization remains uncertain.
Grab is making significant strides in the autonomous vehicle (AV) sector, with plans for a hybrid AV-human fleet and a focus on AI to enhance its advertising business. Despite a revenue increase in its financial services, the segment remains unprofitable, raising concerns among analysts. Meanwhile, Indonesia has launched a Temasek-like investment arm, Danantara, with an initial funding of $20 billion aimed at driving economic growth through large-scale projects.
South Africa's investment plan focuses on electricity, new energy vehicles, and green hydrogen, but skills development remains a low priority. Concerns arise in coal-reliant communities about future employability as coal plants decommission, with slow progress in reskilling initiatives. The Just Energy Transition Partnerships (JETPs) face challenges, including limited grant funding and delays in project implementation, raising skepticism about their effectiveness and commitment to a people-centered approach.
Indonesia is set to discuss reviving its tax amnesty program next year as the government aims to enhance state revenue and expand the tax base. The newly-appointed parliament has prioritized a revision of the Tax Amnesty Law, with discussions expected to lead to implementation as early as next year.
President Prabowo Subianto has sought Indian Prime Minister Narendra Modi"s assistance in addressing Indonesia"s doctor shortage, requesting Indian doctors to teach at local medical schools. With a gap of 160,000 physicians, Prabowo plans to open more medical colleges and enhance health cooperation, including inviting Indian specialists. Meanwhile, Apollo Hospitals is set to invest in a health tourism project in Batam, expected to commence operations in 2026.
Indonesia's President Prabowo Subianto has acknowledged China's claims in the South China Sea, facilitating a diplomatic win for Beijing. In a joint statement with Xi Jinping, both leaders agreed to collaborate on developing areas of overlapping claims, despite the invalidity of these claims under international law.
Chinese President Xi Jinping and Indonesian counterpart Prabowo Subianto signed multiple cooperation agreements, as reported by Chinese state TV CCTV. The deals aim to enhance partnerships between the two nations in key areas, reflecting a commitment to strengthen bilateral relations.
Prabowo Subianto
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