3 min read.Updated: 28 Aug 2022, 09:20 PM ISTShuli Ren, Bloomberg
Jokowi’s policies have helped the country remain a haven of calm
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Call it a taper tantrum, times 10. Developing nations are reeling from the double whammy of Federal Reserve interest-rate hikes and China’s economic slowdown. They are burning through foreign reserves at the fastest pace since 2008 to defend their currencies and cover higher import bills for food and fuel. Foreign investors are heading for the exits, while frontier economies such as Sri Lanka and Bangladesh have sought bailouts from the International Monetary Fund. The picture is not pretty. Amid the chaos is a surprise winner. Indonesia, singled out as a one of the ‘fragile five’ less than a decade ago for its vulnerable currency and reliance on hot foreign money, has been a haven of relative calm.
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