According to unofficial figures, voters from Indonesia decided on February 14 that Prabowo Subianto will likely replace President Joko “Jokowi” Widodo. This means short-term security risks and a more complex business environment going forward.
Indonesia held its elections on 14 February 2024. Exit polls, quick counts and media predictions showed that Defence Minister Prabowo Subianto will get far more than 50% of the votes, preventing the need for a run-off in June.
If confirmed, the landslide victory will defy previous predictions that Prabowo would need two rounds before winning the presidency. We explain what happened leading up to this point.
Indonesia will vote for its new president next year. With 3 potential candidates, we discuss how businesses can be prepared for whomever comes into power.
Presidential election frontrunner Prabowo Subianto has named President Joko “Jokowi” Widodo’s eldest son as his running mate. However, voter sentiments will need to be delicately managed.
Business risks in a post-Jokowi Indonesia
While Jokowi’s reforms have brought about positive change to operating environments for businesses, multiple risks still remain.
There is only one Jokowi
President Joko Widodo has reached an approval rating of 82%, almost right before he finishes his term. He is well connected both with the masses and the political top brass, making his position hard to replicate.
Regardless of who wins the presidential election, lawmakers are unlikely to pass the Asset Forfeiture Bill into law before 2025.
The 2024 presidential race frontrunner Prabowo Subianto was dealt a blow on 2 September after an ally was unveiled as the dark horse candidate’s running mate. We examine the impact this will have on the race and Prabowo’s chances of winning.
There are currently 3 possible presidential candidates to replace Joko Widodo. Each of them bring different offers to the table, and also have varying attitudes towards businesses. N.B. This video was recorded before Ganjar Pranowo completed his tenure as central Java governor on 5 September 2023.
Our Indonesia analyst, Achmad Sukarsono, explains what the end of President Joko Widodo’s term means for foreign investors in the country. Joko Widodo, more commonly referred to as “Jokowi”, has implemented sweeping economic reforms and has maintained high approval ratings throughout his two five-year terms. Stepping into his shoes will be no easy task.