Indonesia’s presidential elections

2 min read –

Who secured 60% of the votes in the first round?

Prabowo killed the game off – read more below 👇

On Feb 14th, 204 million Indonesians went to vote.

800 000 polling stations were spread across the archipelago of some 15 000 islands.

At about 8 pm Western Indonesian Time on Feb 14th, the quick counts

(unofficial vote counts based on sampling combined by pollsters)

indicated, at about 90% completion, that

➡ the Prabowo-Gibran pair candidate had secured nearly 60% of the votes.

The real vote counts are underway and are available in real-time on the government website : www.pemilu2024.kpu.go.id

A Prabowo landslide victory is expected to be officially announced soon, while official results may not be published before March 20th, 2024.

As for Jokowi, the incumbent president, he will step down in October 2024, after serving the maximum of two five-year terms.

😀 Prabowo’s victory is good news for the Indonesian economy.

And good for Business in Indonesia because Prabowo ran his campaign on continuity, promising to

➡ build on Jokowi’s signature policies
➡ and to embrace “Jokowinomics” which includes :

⏩ massive infrastructure spending, which includes the construction of Indonesia’s new capital Nusantara.

⏩ metal-centric industrial policy requiring foreign firms to process and manufacture raw ore in Indonesia, especially nickel.

⏩ turning the country into an Asian hub for manufacturing electric vehicles.

😞 Not everybody cheers.

Indonesia is a democracy, opposition is present and vocal.

Prabowo is a controversial former general.

There are claims and allegations of political patronage, conflicts of interest, past human rights abuses, and fear of authoritarianism comeback.

For some analysts, Prabowo’s victory casts a shadow over Indonesia’s young democracy, in a regional neighbourhood dominated by juntas and autocrats.

According to the Economist Intelligence Unit (EIU), democracy is losing ground worldwide.

The EIU released a comprehensive report on democracy showing that the global average democracy Index score drastically fell by 60% between 2015 and 2023.

So this democracy decline is not specific to Indonesia.

In any case, Indonesian stock markets 💲have cheered 🎉 at Prabowo’s likely victory ✌

The Jakarta Composite Index hit a one-month peak, not far from the record high of 7403 points in Jan 2024, compared to 6542 points one year ago.

On our 20 Dec 2023 post we stated “Continuity is Coming”, we can now say that “Continuity is Here” 👍 🚀

Presidential Elections in Indonesia : Continuity is Coming – Cintasia

Is this election important for your business? Yes? Maybe? Not at all?
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Sources: The Economist, CBC News, Reuters.
Picture: Channel News Asia.