Indonesia’s Victory Lap on Growth Is Hard to Watch

Indonesia is patting itself on the back for a respectable economic start to the year. But President Prabowo Subianto’s team would be wise not to overdo it. Markets aren’t expressing anywhere near the same comfort with the country’s trajectory.

There’s little room for complacency, let alone self-congratulation. The rupiah is regularly hitting record lows against the dollar. Only muscular intervention by the central bank is getting in the way of a sharper slide than the 3% tumble since the Iran war began. If the economy really was in fine shape, a 24/7 campaign to shore it up wouldn’t be required.