Key facts
- Indonesia's next presidential election is scheduled for 2029.
- President Prabowo Subianto faces scrutiny over the economy, state spending, cost of living, and declining foreign investor confidence.
- The Indonesian rupiah has become the worst-performing currency in Asia.
- The Jakarta Composite Index has fallen to its lowest levels since May 2021.
- Anies Baswedan, who came second in the 2024 presidential election, has become more vocal on economic issues.
- Former president Joko Widodo is planning a nationwide tour to support his son and the Indonesian Solidarity Party.
Indonesia's next presidential election is not due until 2029, but the political landscape is already shifting as rivals to President Prabowo Subianto increase their public profiles. Prabowo is facing sustained scrutiny over the economy, state spending, the cost of living, and declining foreign investor confidence.
Several prominent political figures are stepping back into the spotlight. Presidential hopeful Anies Baswedan, who secured nearly 41 million votes in the 2024 election, has become more vocal on economic and government policies after a period of relative silence. He has criticized the administration's spending and emphasized the need for certainty and transparency.
Senior minister Agus Harimurti Yudhoyono is also building his profile by speaking out on various issues, even indirectly criticizing Prabowo. Former president Joko Widodo, known as Jokowi, is preparing a nationwide tour intended to support his elder son, incumbent Vice-President Gibran Rakabuming Raka, and boost the electability of the Indonesian Solidarity Party (PSI), which his younger son Kaesang Pangarep chairs.
These political maneuvers coincide with mounting domestic economic anxieties. The Indonesian rupiah has recently plummeted, becoming the worst-performing currency in Asia. The Jakarta Composite Index has also taken a severe hit, falling to its lowest levels since May 2021 as foreign investors pull back. Critics attribute much of this financial strain to inefficient state spending, including the flagship free nutritious meal program and the import of Indian-made trucks.