Indonesia faces MSCI downgrade risk after market rout; Prabowo leans on nationalism

Indonesia's stock market suffered its worst selloff since 1998, prompting President Prabowo to appeal to economic nationalism and promise reforms to avert a potential MSCI downgrade from emerging-market to stand-alone status. The government's patriotic messaging may provide short-term support, but analysts question its effectiveness without concrete structural reforms. The outcome hinges on MSCI's review and the credibility of policy actions.

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