Q4 GDP growth in Indonesia surprised on the upside at 5.4% y/y, the fastest pace since 2022 and a rare break from the strikingly narrow growth range seen over the past two years. However, given Indonesia’s exposure to swings in global commodity prices and the new administration’s shift towards more populist measures, the figures warrant some scepticism - particularly as our Indonesia Activity Tracker suggests that growth actually eased slightly at the end of the year.
Meanwhile, the coming week will be dominated by elections in Japan, Thailand and Bangladesh. We will discuss the implications of Japan’s election in a Drop-In on Monday. You can register by clicking here.
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