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Elections cloud business outlook, dampening investment
Political uncertainty both within and outside of the country is casting a long shadow over Indonesia’s business and investment climate, employers say.
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Indonesian Employers Association (APINDO) chairwoman Shinta Kamdani (third left), accompanied by deputy chairman of labor Darwoto (left to right), deputy chairman Sanny Iskandar, public policy head Sutrisno Iwantono, transportation and logistics head Carmelita Hartoto and international relations deputy chair Didit Ratam, speak to reporters on Dec. 21, 2023, at the Apindo 2024 Economy and Business Outlook event held at the association’s office in Kuningan, Jakarta. (JP/Ruth Dea Juwita)
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ndonesia’s upcoming presidential election and elections in other countries are casting a long shadow over the business and investment climate, prompting many firms to wait for clarity that may only emerge halfway into 2024.
“Next year’s investment and export growth will be subpar,” Indonesian Employers Association (Apindo) chairwoman Shinta Kamdani said on Thursday.
Speaking at the Apindo 2024 Economic and Business Outlook briefing at the association’s Jakarta office, Shinta attributed the slowdown to waning investor confidence, export woes and possible commodity price drops in the global market.
To tackle this, she urged the government to be “precise and strategic” in the disbursement of budget funds in order to revive investor sentiment, boost productivity and stabilize the business climate amid election jitters.
“Timely, targeted spending is key to navigating these headwinds and keeping the economy on track,” Shinta said.
Read also: Analysis: Survey suggests presidential debates can change electoral landscape
Indonesians are slated to choose between three presidential tickets in the world’s largest single-day of voting on Feb. 14.
