This story is part of Forbes’ coverage of Indonesia’s Richest 2022. See the full list here.
Amid intensifying geopolitical tensions, Indonesia is getting a fresh look from the global investment community. International funds have helped make the Jakarta stock market among Asia’s top performers this year. And while listing activity has been muted in 2022 overall, Indonesia leads its Southeast Asian peers by deal count as of mid-November. The rupiah also has held up well against the U.S. dollar. Robust demand for Indonesia’s coal underpinned exports, and with strong domestic consumption, Southeast Asia’s largest economy is set to expand by 5.3% this year.
The country’s much-touted transition to renewable energy is expected to drive future growth, paced by Indonesian President Joko Widodo’s climate goal to reach net-zero emissions by 2050. To help Indonesia reduce its reliance on coal, a group of governments and lenders announced $20 billion to support the shift at the G20 summit, which Widodo hosted in Bali in November. High inflation, however, is also a major worry, and consumer prices are running at a multiyear high.