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Ghosts of ’97 haunt Prabowo as MSCI eyes Indonesia’s exit

Rating agencies are spooked, the rupiah is in a death spiral and Prabowo’s team shoots the messenger as MSCI demotion looms

by William Pesek October 20, 2026October 23, 2026

Indonesian President Prabowo Subianto has stirred the ghosts of 1997. Image: YouTube Screengrab

2026, it is learning how quickly an index provider can show Southeast Asia’s biggest economy the exit, wreaking havoc on its stock market. The provider is MSCI, which may be about to follow through on its threat to downgrade Indonesian stocks to “frontier” status, or to something worse: a standalone market category. President Prabowo Subianto’s […]