INDONESIA’S economy was truly fortunate throughout 2022. The chaos of the global economy, strangled by high inflation and interest rate hikes, was virtually invisible here. As of the end of Q3 2022, the Indonesian economy even grew 5.72 percent year-on-year.

The source of this good fortune was the massive trade surplus of US$50.59 billion in the first 11 months of 2022. The support of this surplus, which had served as the safety cushi