Indonesia's slowdown belies Jakarta's reform spin

Tokyo

FEW central banks have been busier over the last 22 months than Indonesia's. Despite eight easing moves, however, growth in South-east Asia's largest economy is stuck at 5 per cent, lagging China, India, the Philippines and Vietnam. Consumer spending was down an average 1.1 per cent in July and August year-on-year.

Foreign investors are heading for the door, dumping more than US$2 billion of shares in the third quarter - the biggest ejection of foreign funds from Indonesian stocks since the 2013 Federal Reserve "taper tantrum".