• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 30
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

    May 29, 2025

    ‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

    May 29, 2025

    DeSantis Signs Bill Making Gold And Silver Legal Tender

    May 28, 2025

    John Deere Announces $20 Billion Plan To Build Up American Manufacturing

    May 28, 2025

    EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

    May 27, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Finance»Will Jokowi’s Economic Legacy Survive Beyond Indonesia’s Election?
Finance

Will Jokowi’s Economic Legacy Survive Beyond Indonesia’s Election?

May 22, 2023No Comments5 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Will Jokowi’s Economic Legacy Survive Beyond Indonesia’s Election?
Share
Facebook Twitter LinkedIn Pinterest Email
Advertisement

There should be no surprise that the summit of the Association of Southeast Asian Nations (ASEAN), hosted by Indonesia last week, was branded with the slogan “Epicentrum of Growth.” President Joko “Jokowi” Widodo is well known for his focus on infrastructure and living standards and he views ASEAN first and foremost as a forum for trade and investment.

This economy-centric approach has proved popular at home, winning Jokowi reelection in 2019, while his high popularity ratings today reflect Indonesia’s continued strong growth in the face of a global recession. Indeed, with most of the world beset by stagflation, Jokowism has become a point of keen interest for the economic commentariat.

Even a cursory glance at his record since 2014 demonstrates a pragmatic but populist economic policy that favors state guidance over privatization and liberalization.

The prominence of Indonesia’s state-owned enterprises (SOEs) epitomizes this approach. They have consistently served as the driving force behind infrastructure development and other social welfare initiatives – and that is by design.

As international economist Kyunghoon Kim argued in a recent paper, Jokowi and his SOE Minister Erick Thohir have been deliberate in shifting the focus of state enterprises from profit generation to domestic development in sectors such as banking, mining, and construction. Thohir was cherry-picked for the ministry in 2019, after having run Jokowi’s successful reelection campaign, and Kim notes how he has leveraged his private sector expertise to ensure that foreign investment falls into line with the national interest.

Enjoying this article? Click here to subscribe for full access. Just $5 a month.

See also  Musk to ‘Consider’ Opening Battery Plant in Indonesia, Senior Official Says

Putting Indonesia first is also at the heart of Jokowi’s downstreaming policy, a post-2018 innovation under which the country’s significant natural resources are manufactured into products at home rather than exported abroad as raw materials.

The government-owned Indonesia Battery Cooperation, for example, combines mining, smelting, and production capabilities, delivering high-value finished products to international markets, on top of supplying Indonesian nickel to a handful of distributors. This has helped the country to gain a foothold in the lucrative and booming electric vehicle (EV) market, and its benefits are being applied to other industries, from energy to consumer goods.

And while “resource nationalism” may go against the Western neoliberal consensus, Indonesia’s mineral wealth gives it the power to dictate terms to the benefit of government revenues, and to newly upskilled workers in the form of higher wages.

Advertisement

Jokowism, therefore, is deliberately populist yet pragmatic and even committed free traders have admitted its success.

However, with elections on the horizon in February 2024 and the Indonesian leader reaching the end of his two-term limit, there are questions as to how long it will remain the status quo. Given that Jokowi remains the country’s most popular politician – and may do so for some time yet – his successor is likely to want to pick up his economic legacy.

The ruling PDI-P party’s presidential nominee, Ganjar Pranowo, and Defense Minister Prabowo Subianto (who is also chairman of the Gerindra Party) are the two frontrunners to replace Jokowi. Neither has indicated a change in approach to Indonesia’s economy.

See also  China’s Shipping Giant Gets Foothold in South America With New Multipurpose Port in Peru

To the contrary, both men have benefitted from aligning closely with the president, Ganjar as a fellow PDI-P man and Prabowo as a foe-turned-friend, having lost to Jokowi in 2014 and 2019 but serving loyally in his cabinet since then.

If Ganjar and Prabowo are neck and neck in the race to win Jokowi’s endorsement, then their choice of running mates could prove crucial.

In terms of signifying their commitment to the president’s economic philosophy, Economy Minister Airlangga Hartarto is thought to be a shrewd VP pick, as is the aforementioned SOE boss, Erick Thohir.

Hartarto, as chairman of the Golkar Party , is fairly well positioned in Prabowo’s “Grand Alliance,” while Thohir is polling strongly as a running mate for both Prabowo and Ganjar.

Enjoying this article? Click here to subscribe for full access. Just $5 a month.

Speaker of Indonesia’s House of Representatives Puan Maharani has also been touted for the Ganjar ticket. Her legislative nous and political capital – Puan is the eldest daughter of PDI-P leader Megawati Sukarnoputri – would certainly be of value in executing on the economy.

The tickets are clearly still in flux and running mates likely won’t be chosen until October. That said, there is little doubt that economic issues such as consumer prices and employment will dominate Indonesia’s 2024 elections.

No candidate is going to break comprehensively with the past nine years of policy under Jokowi – the political and economic risk is simply too high. Instead, they will surely be focused on building a team that can take up the mantle of Jokowism in his absence.

See also  Dow Jones Futures Due As Market Rally Powers Higher; Apple, Tesla Lead Stocks To Watch
Advertisement

And because Indonesians won’t settle for the same for long, any viable ticket will need to have the ideas and experience to take the country forwards – and to do so in an era of even greater economic and geopolitical upheaval than was experienced in Jokowi’s tenure.

Economic Election Indonesias Jokowis Legacy Survive
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Trump’s Tariffs Trigger Turmoil In China As Country’s Economic Tailspin Intensifies Per New Data

May 6, 2025

Ending China’s De Minimis Exception Brings 3 Benefits for Americans

April 17, 2025

The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

April 17, 2025

Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

April 17, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Have China hawks flown the coop?

February 14, 2023

SolarWinds executives receive Wells notice from US SEC

June 24, 2023

Texas Rangers Accomplish All-Star Feat Not Seen Since 1951

July 12, 2023

SAG-AFTRA to Extend Health Care Coverage for Some Members

August 31, 2023
Don't Miss

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

Business May 29, 2025

Consumers’ Research issued a “Woke Alert” on Thursday warning American shoppers that three European companies…

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,136)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,645)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Police Enter Joe Mixon’s Home After Neighborhood Shooting

March 15, 2023

U.S. opens safety probe into Tesla that struck student in North Carolina

April 8, 2023

Blinken Roasted Over Statement Condemning Russia Convicting Opposition Leader Navalny on “Politically Motivated Charges” While Biden Admin Persecutes Trump | The Gateway Pundit

August 6, 2023
Popular Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.