Research & Stock Picks

Economic Reports

12 October 2026

By

Samuel Morning Macro – Weekly Wrap 28 September 2026

■ **WB upgrades 2026 GDP growth to 5.2%, but Indonesia's underlying economic weaknesses remain a concern:** The World Bank upgraded its 2026 GDP growth forecast to 5.2% from 4.7%, although the revision does not necessarily indicate a meaningful improvement in domestic economic fundamentals. Weak household purchasing power, uneven industrial activity, and limited productivity gains continue to constrain growth quality. Indonesia also remains behind faster-growing regional peers such as Vietnam, highlighting persistent shortcomings in competitiveness and investment efficiency. SSI maintains its 2026 growth forecast at around 5.3%, with downside risks stemming from softer consumption and external uncertainties.

■ **FX reserves fell and external vulnerabilities are increasingly more difficult to overlook:** Indonesia's FX reserves declined from USD 146.5bn in August to USD 146.3bn in September, remaining above SSI's USD 144.3bn forecast. However, the reserve position masks persistent pressure from external debt repayments, currency stabilization measures, and ongoing IDR weakness. With the current-account deficit remaining elevated and global financing conditions tightening, maintaining reserve adequacy could become increasingly challenging. Continued reliance on foreign capital inflows also leaves Indonesia exposed to sudden reversals in global risk sentiment.

■ **Persistent IDR depreciation highlights growing monetary policy constraints:** The IDR remained under pressure near IDR 17,900/USD during the week, reflecting elevated US Treasury yields, higher energy prices, and deteriorating external conditions. Despite adequate FX reserves, continued currency weakness increases imported inflation risks and raises financing costs for businesses dependent on foreign inputs. BI consequently faces rising difficult trade-off between supporting economic growth and preserving currency stability. We expect BI to maintain its benchmark rate at 5.75% in the near term, although prolonged IDR depreciation could further restrict monetary flexibility and weaken domestic demand.

■ Higher FDI has yet to translate into meaningful recovery in household purchasing power: FDI reached approximately USD 30.8bn in 1H26 versus USD 27.0bn in 1H25, up 13.8% YoY growth. Although total investment generated approximately 1.45mn jobs, broader economic benefits remain uneven. September’s Consumer Confidence Index edged down to 118.1 from 118.5, suggesting continued household caution. Higher investment figures offer limited reassurance without improved employment quality, stronger wage growth, and sustained domestic consumption. Achieving the government’s ambitious 6% growth target in 2027 would require investment growth of 8–9%, alongside stronger productivity and purchasing power—a demanding combination while household demand remains subdued.

■ **Digital transformation and renewable energy ambitions face significant execution and financing risks:** Indonesia's digital economy is projected to reach USD 180–340bn by 2030, while the proposed development of 100 GWp of solar capacity could potentially reduce electricity subsidies by up to IDR 73tn. However, these projections remain highly dependent on substantial capital investment, infrastructure readiness, and regulatory consistency. High financing costs, electricity grid limitations, and continued dependence on imported technology could delay implementation and reduce economic benefits. Without meaningful improvements in execution efficiency and domestic industrial capabilities, these initiatives risk delivering slower productivity gains and more limited fiscal savings than currently anticipated.

Share This:

Highlights

Download PDF

Download PDF

1st Week Report of October_Macro Economics_12102026_EN
1st Week Report of October_Macro Economics_12102026_ID

Download PDF

1st Week Report of October_Macro Economics_12102026_EN
1st Week Report of October_Macro Economics_12102026_ID

More Related

Company Reports

Oct 30, 2026

JCI: Improved Performance & Lower Valuations Without HSC Stocks

Morning Briefs

Oct 30, 2026

Samuel Daily Research 30 October 2026

Morning Briefs

Oct 29, 2026

Samuel Morning Macro – Weekly Wrap 26 October 2026

laba ISAT

Company Reports

Oct 29, 2026

ISAT: BUY (Maintained), TP at 2,500 – 3Q26 Results

Economic Reports

Oct 29, 2026

Samuel Economic Update Fed Rate Meeting 29 October 2026

Morning Briefs

Oct 29, 2026

Samuel Daily Research 29 October 2026

brms

Company Reports

Oct 28, 2026

BRMS: BUY (Maintained), TP at 500 – 3Q26 Results

Company Reports

Oct 28, 2026

SIDO: BUY (Maintained), TP at 400 – 3Q26 Results

pertumbuhan arto

Company Reports

Oct 28, 2026

ARTO: BUY (Maintained), TP at 650 – 3Q26 Results

pendapatan aneka tambang antm

Company Reports

Oct 28, 2026

ANTM: BUY (Maintained), TP at 4,000 – 3Q26 Results

Morning Briefs

Oct 28, 2026

Samuel Daily Research 28 October 2026

laba bank bca

Company Reports

Oct 27, 2026

BBCA: BUY (Maintained), TP at 5,800 – 3Q26 Results

laba unvr

Company Reports

Oct 27, 2026

UNVR: BUY (Maintained), TP at 4,200 – 3Q26 Results

Company Reports

Oct 27, 2026

RESULTS ROUND-UP: 3Q26

Kinerja BBNI

Company Reports

Oct 27, 2026

BBNI: BUY (Maintained), TP at 4,200 – 3Q26 Results

Morning Briefs

Oct 27, 2026

Samuel Daily Research 27 October 2026

Morning Briefs

Oct 26, 2026

Samuel Daily Research 26 October 2026

laba bank mandiri 2024

Company Reports

Oct 23, 2026

BMRI: BUY (Maintained), TP at 4,900 – 3Q26 Results

Morning Briefs

Oct 23, 2026

Samuel Daily Research 23 October 2026

Morning Briefs

Oct 22, 2026

Samuel Daily Research 22 October 2026

Economic Reports

Oct 21, 2026

Samuel Economic Update: Bank Indonesia’s 7-Day Reverse Repo Rate 21 October 2026

Morning Briefs

Oct 21, 2026

Samuel Daily Research 21 October 2026

Morning Briefs

Oct 20, 2026

Samuel Daily Research 20 October 2026

Morning Briefs

Oct 19, 2026

Samuel Daily Research 19 October 2026

Economic Reports

Oct 19, 2026

Samuel Morning Macro – Weekly Wrap 19 October 2026

Morning Briefs

Oct 16, 2026

Samuel Daily Research 16 October 2026

Morning Briefs

Oct 14, 2026

Samuel Daily Research 14 October 2026

Company Reports

Oct 13, 2026

Equity Strategy: Unloved, Underowned, Undervalued

Morning Briefs

Oct 13, 2026

Samuel Daily Research 13 October 2026

Morning Briefs

Oct 12, 2026

Samuel Daily Research 12 October 2026

Morning Briefs

Oct 9, 2026

Samuel Daily Research 9 October 2026

Economic Reports

Oct 8, 2026

Samuel Economic Update: Indonesia Consumer Confidence Index 8 October 2026

Morning Briefs

Oct 8, 2026

Samuel Daily Research 8 October 2026

Economic Reports

Oct 7, 2026

Samuel Economic Update: Foreign Reserves Indonesia : 7 October 22026

Morning Briefs

Oct 7, 2026

Samuel Daily Research 7 October 2026

Morning Briefs

Oct 5, 2026

Samuel Daily Research 5 October 2026

Economic Reports

Oct 5, 2026

Samuel Macro – Quarterly Quicktake 28 September 2026

Morning Briefs

Oct 2, 2026

Samuel Daily Research 2 October 2026

Economic Reports

Oct 1, 2026

Samuel Economic Update: Balance of Trade 1 October 2026

Economic Reports

Oct 1, 2026

Samuel Economic Update :Indonesia September Inflation 1 October 2026

Economic Reports

Oct 1, 2026

Samuel Economic Update :Indonesia Manufacturing PMI 1 October 2026

Morning Briefs

Sep 30, 2026

Samuel Daily Research 30 September 2026

Morning Briefs

Sep 28, 2026

Samuel Daily Research 28 September 2026

Economic Reports

Sep 28, 2026

Samuel Macro – Weekly Wrap 28 September 2026

Morning Briefs

Sep 25, 2026

Samuel Daily Research 25 September 2026

Morning Briefs

Sep 24, 2026

Samuel Daily Research 24 September 2026

Economic Reports

Sep 23, 2026

Samuel Economic Update: Bank Indonesia’s 7-Day Reverse Repo Rate 23 September 2026

Morning Briefs

Sep 23, 2026

Samuel Daily Research 23 September 2026

Morning Briefs

Sep 22, 2026

Samuel Daily Research 22 September 2026

Company Reports

Sep 21, 2026

Company Corner ULTJ NOT Rated: 21 September 2026

kenaikan harga emas

Company Reports

Sep 21, 2026

AMMN 2Q26 Results Round-up

Morning Briefs

Sep 21, 2026

Samuel Daily Research 21 September 2026

Morning Briefs

Sep 21, 2026

Samuel Morning Macro – Weekly Wrap 21 September 2026

Morning Briefs

Sep 18, 2026

Samuel Daily Research 18 September 2026

Economic Reports

Sep 17, 2026

Samuel Economic Update Fed Rate Meeting: 17 September 2026

Morning Briefs

Sep 17, 2026

Samuel Daily Research 17 September 2026

Company Reports

Sep 16, 2026

POWR: AI Power Play – Not Rated

Morning Briefs

Sep 16, 2026

Samuel Daily Research 16 September 2026

Company Reports

Sep 15, 2026

TOTL: Building AI Backbone – Not Rated

Morning Briefs

Sep 15, 2026

Samuel Daily Morning Sunburst 15 September 2026

Morning Briefs

Sep 14, 2026

Samuel Daily Morning Sunburst 14 September 2026

Economic Reports

Sep 14, 2026

Samuel Morning Macro – Weekly Wrap 14 September 2026

Morning Briefs

Sep 14, 2026

Samuel Sunburst Fixed Income 14 September 2026

Economic & Fixed Income

Sep 11, 2026

Samuel Sunburst Fixed Income 11 September 2026

Morning Briefs

Sep 11, 2026

Samuel Daily Morning Sunburst 11 September 2026

Morning Briefs

Sep 10, 2026

Samuel Daily Morning Sunburst 10 September 2026

Economic Reports

Sep 9, 2026

Samuel Economic Update Indonesia Consumer Confidence Index : 9 September 2026

Company Reports

Sep 9, 2026

JPFA: BUY (Maintained), TP at 2,800 – 2Q26 Results

Morning Briefs

Sep 9, 2026

Samuel Daily Morning Sunburst 9 September 2026

Morning Briefs

Sep 8, 2026

Samuel Daily Morning Sunburst 8 September 2026

Economic Reports

Sep 7, 2026

Samuel Economic Update: Indonesia Foreign Exchange Reserves 7 September 2026

Morning Briefs

Sep 7, 2026

Samuel Daily Morning Sunburst 7 September 2026

Sep 4, 2026

Samuel Daily Morning SunBurst 26 August 2026

Morning Briefs

Sep 4, 2026

Samuel Daily Morning SunBurst 4 September 2026

Morning Briefs

Sep 3, 2026

Samuel Daily Morning SunBurst 3 September 2026

Morning Briefs

Sep 2, 2026

Samuel Daily Morning SunBurst 2 September 2026

Economic Reports

Sep 1, 2026

Samuel Economic Update: Balance of Trade 1 September 2026

Economic Reports

Sep 1, 2026

Samuel Economic Update: Indonesia August Inflation 1 September 2026

Economic Reports

Sep 1, 2026

Samuel Economic Update: Indonesia Manufacturing PMI 1 September 2026

Morning Briefs

Sep 1, 2026

Samuel Daily Morning SunBurst 1 September 2026

Economic Reports

Aug 31, 2026

Samuel Monthly Macro Monitor 31 August 2026

Morning Briefs

Aug 31, 2026

Samuel Daily Morning SunBurst 31 August 2026

Morning Briefs

Aug 28, 2026

Samuel Daily Morning SunBurst 28 August 2026

laba bris

Company Reports

Aug 27, 2026

BRIS: BUY (Maintained), TP at 2,250 – 2Q26 Results

Morning Briefs

Aug 27, 2026

Samuel Daily Morning SunBurst 27 August 2026

Morning Briefs

Aug 24, 2026

Samuel Daily Morning SunBurst 24 August 2026

Aug 24, 2026

Morning Macro – Weekly Wrap 24 August 2026

Economic Reports

Aug 21, 2026

Samuel Economic Update: Current Account Balance 2Q26 21 August 2026

Morning Briefs

Aug 21, 2026

Samuel Daily Morning SunBurst 21 August 2026

Economic Reports

Aug 21, 2026

Morning Macro Monitor 21 August 2026

Company Reports

Aug 20, 2026

KLBF: Attractive Buying Opportunity – BUY with IDR 950 TP

laba ISAT

Company Reports

Aug 20, 2026

ISAT: One-off Gain from FiberCo Transaction – BUY with IDR 3,200 TP

Morning Briefs

Aug 20, 2026

Samuel Daily Morning SunBurst 20 August 2026

Economic Reports

Aug 20, 2026

Morning Macro Monitor 20 August 2026

Economic Reports

Aug 19, 2026

Samuel Economic Update: Bank Indonesia’s 7-Day Reverse Repo Rate 19 August 2026

Company Reports

Aug 19, 2026

DEWA: Operating Earnings Inflection Ahead – BUY with IDR 600 TP

ICBP laba

Company Reports

Aug 19, 2026

Samuel Company Corner: INDF IJ 19 August 2026

laba indofood cbp

Company Reports

Aug 19, 2026

Samuel Company Corner: ICBP IJ 19 August 2026

tren harga CPO

Company Reports

Aug 19, 2026

CPO: Godzilla El Niño: Coming Soon!