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Asian takeaways: Rendang Review

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by  Mayur Nallamala Feb 10, 2025

We’re proud to present the latest in our ‘Asian takeaways’ series, where we share local insights on what’s happening across Asia-Pacific. From India to Indonesia, from Taiwan to Thailand, we give our views on the dynamic changes across the region, while showcasing our learnings from being ‘on the ground’ at company and site visits. 

Our latest research trip to Indonesia has left us with mixed feelings about the country’s economic landscape. While we see fresh hope with the new president assuming office this past October, we also have concerns about the underlying economy. It faces weak consumption, a shrinking middle class, and slow economic growth in Java, the heart of Indonesia’s economy and politics. So, what gives, Indonesia?

Indonesia has always been a market of potential for foreign investors and has been hailed as a potential future powerhouse in the ASEAN region, driven by its rich natural resources, large labor pool, and an expanding middle class. However, despite these promising factors, the country’s equity market performance has not met expectations.

 In our full piece, we discuss:

  • Indonesia President Prabowo’s policy initiatives aimed at massive infrastructure development and industrial downstreaming.

  • The emergence of significant challenges to growth, including a shrinking middle class and economic disparities amid fiscal challenges.

  • Lofty growth targets set by leadership that are essential to avoiding the middle-income trap before the demographic bonus diminishes.
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RBC GAM is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc. (RBC GAM Inc.), RBC Global Asset Management (U.S.) Inc. (RBC GAM-US), RBC Global Asset Management (UK) Limited (RBC GAM-UK), RBC Global Asset Management (Asia) Limited (RBC GAM-Asia) and RBC Indigo Asset Management Inc. (RBC Indigo), which are separate, but affiliated subsidiaries of RBC.

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