The 2024 General Election in Indonesia is scheduled to take place on February 14, 2024. At the same time, the Presidential Election, known as PILPRES, will also be held simultaneously. The Indonesian constitution limits an individual to serving as President for only two terms. The current President, Joko Widodo, will soon be stepping down, and the people of Indonesia will witness a new president taking the helm of the world's third-largest democracy.
Image: Buletin TV3
The upcoming election will see competition from three major candidates: Anies Baswedan, Ganjar Pranowo, and Prabowo Subianto. This is the first time that I, as a writer, have taken such a keen interest in Indonesian politics. Perhaps it is because I am curious to see how the next president and vice president will ensure the continued development of Indonesia's new capital city, known as Nusantara.
While almost all presidential candidates promise to continue the project of building Indonesia's new capital city, there are differing perspectives among the candidates and their running mates.
The Impact of the Indonesian Presidential Election
According to Susiwijono Moegiarso, Secretary of the Coordinating Ministry of Economic Affairs, the 2024 General Election will act as a positive driver for Indonesia's economic growth. Looking at past election records, it has successfully stimulated domestic economic activity through government spending and other factors. Additionally, election periods can boost the Gross Domestic Product (GDP) and accelerate the circulation of money.
Image: Harian Metro
You may be interested to know how the stock market reacted to previous Indonesian presidential elections. Let's take a look at the "Jokowi Effect" in the recent elections.
During the 2014 Presidential Election, the Indonesian stock market witnessed a surge of over 2% to its highest level within a year after Joko Widodo's victory. This phenomenon, known as the "Jokowi Effect," had a significant impact on the stock market's performance.
The Timeline of the General Election
Based on the timeline provided, on February 14, 2024, Indonesians will head to the polls, and preliminary results can be obtained by late afternoon on the same day. However, Indonesians have until March 20, 2024, for the official vote count. If no candidate secures more than 50% of the votes, a second round of voting will be held on June 26 between the top two candidates.
The new President of Indonesia will be inaugurated on October 20, 2024, regardless of whether the elections are held once or twice.
Image: CGS-CIMB
The various candidates vying for the seat of President and Vice President have put forward their respective manifestos. Anies and Cak Imin, for example, intend to ensure equal economic growth across all regions. Another significant concern is the allocation of the budget for the construction of the new capital city.
The second pair, Prabowo and Gibran, promise to continue the policies initiated by President Jokowi. Gibran, being Jokowi's son, has a strong desire to carry forward his father's efforts. This reflects the continuing influence of Jokowi in Indonesian politics, even as he prepares to step down.
The third pair, Ganjar and Mahfud, are focused on increasing GDP growth to 7% and providing free education up to the elementary level. This pair shows a deep commitment to education and healthcare for the Indonesian people.
CGS-CIMB Indonesia's Stock Picks
Analysts from CGS-CIMB Indonesia have selected five stocks as their top recommendations for the remainder of 2024. These stocks have been chosen based on their fundamental company analysis and overall outlook. Three of the stocks are Sharia-compliant: Telekomunikasi Indonesia (TLKM), Indosat (ISAT), and Ciputra Development (CTRA).
For those interested in venturing into the stock market, the book "Malaysia Melabur Saham" has recently been published.
Why You Should Own This Book?
Not everyone can learn through videos, so reading this book during your leisure time is a suitable alternative. It is concise, packed with examples in the form of graphs, and easy to understand.
- You want to start investing in stocks but need to grasp the basics first.
- You don't have the opportunity for face-to-face learning, so why not begin by reading this book?
- The book is filled with images and examples, making it easy to comprehend.
- It is written by experienced individuals, allowing us all to learn and understand together.
Get Your Copy of "Malaysia Melabur Saham" Now!
Not everyone can learn through videos, so you can read this book during your leisure time. Googling articles can be time-consuming.
If you are interested in starting your stock investment journey but need to grasp the basics first, this book is a perfect choice.
It is easy to understand as it is filled with images and examples. Written by experienced individuals, we can all learn together.
