The biggest story in our April 2023 report involves Indonesian women (related to Kartini Day that is celebrated every 21 April). We discuss the role of Indonesian women in education, politics and business. Considering women are a very valuable asset to the economy, does Indonesia trully tap this potential?

We also take another look at nickel smelting after Indonesian government officials said they are studying whether a moratorium should be imposed on the construction of new nickel smelters to prevent excessive nickel ore mining.

As usual, our monthly report also includes an in-depth analysis of the Indonesian economy by taking into account a range of macroeconomic data. Our forecast for Indonesia's economic growth was kept at 5.0 percent (y/y) both in Q1-2023 and full-year 2023. And, indeed, one day after our report was released, Indonesia's Statistical Office (BPS) announced that the national economy had expanded by 5.03 percent (y/y) in Q1-2023.

Sooner-than-expected we needed to write an update on Indonesia's 2024 legislative and presidential elections as PDI-P leader Megawati Soekarnoputri announced she endorses Central Java Governor Ganjar Pranowo as her party's presidential candidate. So, the biggest political party teams up with the most popular presidential candidate (based on surveys). It seems a ticket to victory. Now the PDI-P has announced its candidate, we also expect to see more activity in terms of political party coalition-forming and talks about the vice-presidential candidates.

It probably will be a race between three presidential candidates (Ganjar Pranowo, Prabowo Subianto, and Anies Baswedan), something we haven't seen since 2009. Possibly, the presence of three candidates will prevent too much polarization in Indonesian society (a scary phenomenon we witnessed in 2014 and 2019 when only two pairs competed).

Other updates in the April 2023 report include the rupiah, trade (export and import), inflation, and manudacturing.

Take a glance inside the report here!

The April 2023 report (an electronic report) can be ordered by sending an email to or a message to +62.882.9875.1125 (including WhatsApp).

Price of this report:

Rp 150,000
USD $10,-
EUR €10,-