In Markets

Indonesian consumer confidence slumps, says survey

Indonesia’s consumer confidence faced an "extreme deterioration" in the first half, falling the most in Asia as the outlook for the economy and stock market worsen, according to a MasterCard Inc survey.

The 25.8-point slide from the second half last year to 64.3 on the MasterCard index was the steepest among 17 markets in the region, the credit card company said. Three other Southeast Asian nations – Thailand, Myanmar and Malaysia – are also among the top five decliners, according to the survey that also tracks employment, income and quality of life.

While expectations were perhaps unrealistically high, Indonesians and foreign investors have been disappointed with the slow pace of change following President Joko "Jokowi" Widodo’s election victory last year.

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