While the economy of Indonesia can be labelled “healthy” in 2018 as the country’s slow process of accelerating economic growth continued amid very challenging external conditions (albeit it needs waiting for the Q4 GDP growth data  to confirm this statement), not everything went rosy for Southeast Asia’s largest economy in 2018. In fact, for Indonesia, 2018 is characterized by a multitude of devastating and fatal disasters.

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About one month after the devastating earthquakes that hit the island of Lombok and killed nearly 500 people, disaster has now struck at coastal cities and villages in Central Sulawesi. On Friday 28 September 2018 a big 7.5-magnitude earthquake (followed by numerous aftershocks) triggered a massive tsunami that hit at least two cities: provincial capital Palu and Donggala.

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At least 100 people were killed in a 6.4-magnitude (undersea) earthquake in Aceh (Sumatra) at 05:03 am local time on Wednesday morning (07/12). Besides casualties, local media report that numerous houses and buildings have been destroyed. The epicenter of the quake was centered about ten kilometers north of Reuleut (northern Aceh) and is believed to occurred at a depth of 17.2 kilometers. There is no potential for a tsunami according to Indonesia's Climate, Meteorology and Geophysics Agency (BMKG).

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There is plenty of news that is impacting on Asia's financial markets this morning: a big earthquake (as well as tsunami alert) occurred in Japan's Fukushima, the crude oil price surged to a three-week high, US stocks touched record high levels overnight, while Indonesian authorities officially banned another "anti-Ahok protest" rally. Most Asian stocks are rising on Tuesday morning (22/11) although Indonesia's benchmark Jakarta Composite Index started in the red. However, the index quickly entered green territory some time later. Meanwhile, the rupiah remains under pressure. Lets take a closer look.

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A massive earthquake off the west coast of the Indonesian island of Sumatra occurred on Wednesday evening (02/03) in the Indian Ocean. The latest news reports claim the earthquake had a 7.8 magnitude. Its epicenter was around 800 kilometers southwest of Padang, the capital city of West Sumatra. Indonesian authorities quickly issued a tsunami alert. Reportedly, it was a shallow quake, about 10 kilometers deep (shallow earthquakes are more likely to cause damage than deep ones).

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Today, exactly ten years ago, Indonesia and 13 other countries were struck by a devastating tsunami resulting in the deaths of 230,000 people and displacement of 1.7 million people. In Aceh (the northern tip on the island of Sumatra), the main point of impact in Indonesia, more than 167,000 people died as a result of the tsunami (caused by a submarine earthquake in the Indian Ocean). According to the World Bank, Aceh is now better prepared to face such a natural disaster after a long reconstruction period.

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Bill Clinton, the former president of the USA (1993-2001), visited the Indonesian province of Aceh (on the northern tip of Sumatra) on Saturday (19/07) to see recent developments in the region. Clinton was joined by several US college students as well as members of the Clinton Foundation. Apparently Aceh is a special region for the former president as this is his fourth visit to the region after two visits in 2005 (in the aftermath of the vicious 2004 tsunami) and one in 2006.

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After the devastating 6.9 and 7.4-magnitude earthquakes in Lombok and Central Sulawesi in August and September, local people and businessmen have again been made aware of the risks involved when living, working and investing in Indonesia, a country that is located on the notorious Ring of Fire. This Ring of Fire is a major area in the basin of the Pacific Ocean, a center of seismic activity - triggered by tectonic movements - and thus prone to frequent earthquakes, tsunamis, and volcanic eruptions.

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The Regional Investment Coordinating Board said that Aceh (Sumatra), known for its strong Islamic identity, expects to receive IDR 5 trillion (USD $438.6 million) in foreign and domestic investment in 2014. In the first quarter of 2014, Indonesia's western-most province already saw IDR 2 trillion (USD $175.4 million) worth of investments. Aceh, a resource-rich province (in particular oil and natural gas), is one of the more mysterious Indonesian provinces and has had to deal with considerable negative publicity throughout its modern history.

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In recent years, the Japanese economy has experienced significant hardships, generated largely by the aftermath of the hurricane and tsunami that hit the country in 2011. But newly adapted stimulus programs (the much-discussed programs of Abenomics) have boosted economic growth rates since that period. As a result, annual GDP is expected to rise to 1.8% for 2014, and these improvements are expected to have a supportive on the performances seen in surrounding economies in the Asia-Pacific region.

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