Country Analysts

Cyrillus Harinowo
Former Director Central Bank

Recent Country Insights

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​Indonesia: Arguing the accuracy of the national account statistics
INDONESIA - Report 28 Feb 2019
The Indonesian Central Board of Statistics released in early February the national accounts data for the Q4 2018 performance of the economy. As predicted in our earlier report, in Q4 2018 the economy was reported to have grown at the rate of 5.18%, which led to overall growth of 5.17% for the ent...

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Improving investors’ confidence
INDONESIA - Report 01 Feb 2019
In the last quarter of 2018 and in January 2019, we have seen the return of investors’ appetite to invest in Indonesia. The Indonesian stock market has been surging on the back of improved capital inflows. As of this writing, the Jakarta Composite Index, the country’s main stock market index, has...

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Ending 2018 with confidence
INDONESIA - Report 28 Dec 2018
The month of December 2018 is set to end with greater confidence. Indonesian President Joko Widodo inaugurated the last stretches of the Trans Java toll road on December 20, 2018, and on the following day holiday travelers started to utilize the road happily. Many Indonesians celebrate Christmas ...

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Has the rupiah started to rebound?
INDONESIA - Report 29 Nov 2018
The Indonesian economy has recently enjoyed some small relief because of the “rebound” of the rupiah, after it depreciated continuously over the past several months. Having fallen to more than Rp.15,000 per greenback, the Indonesian currency gained a bit of strength in November. As of this writin...

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The success of international events in the midst of disaster recovery
INDONESIA - Report 29 Oct 2018
In the month of September 2018, disasters hit the area of Central Sulawesi, especially in Palu, Donggala and Sigi. A huge earthquake created deadly tsunamis and flooding, which especially hit Palu just shortly after the earthquake. That earthquake followed another large earthquake that hit Lombok...

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Good economic news in the midst of uncertainty
INDONESIA - Report 02 Oct 2018
This publication reports on developments in September prior to the tragic earthquake over the past weekend. We will keep you apprised of that situation in coming reports. The month of September 2018 brought several pieces of good economic news. The first was the report of the Minister of Finan...

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The Allure of Bread and Circuses
INDONESIA - Report 03 Sep 2018
The 2018 Asian Games began a few days ago, and the headlines have been filled with stories of the athletes’ heroic achievements. Just as in the Roman Empire, this grand event has managed to draw public attention away from various problems, such as the heated preparations for the presidential elec...

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The return of optimism
INDONESIA - Report 30 Jul 2018
After displaying some pessimism, Kompas Daily, the most prestigious and credible newspaper in Indonesia, reported the return of optimism in the FMCG (fast-moving consumer goods) industries. A number of retailers gave testimony to the optimism they shared. The FMCG industries also reported better-...

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Annual exodus
INDONESIA - Report 02 Jul 2018
The month of June was full of interesting economic activity. In the first half of the month, the majority of Indonesians were finishing their fasting month. The peak was the big holidays, similar to the Christmas holidays in western countries. This year, the holidays lasted for around 10 days, wh...

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