It also comes just three months after President Prabowo Subianto took office with an ambitious goal of boosting growth to 8 per cent in the next five years. Indonesia has been growing at a steady rate of 5 per cent over the previous decade, except for during the Covid pandemic.

Indonesia unexpectedly reduced its key interest rate in its first monetary policy decision this year, moving to bolster economic growth even after the local currency recently weakened beyond the key level of 16,