Goldman Turns Bearish on Indonesian Stocks, Cites Fiscal Risks

Indonesia’s stock market has been under pressure over the past month amid concerns over global trade tensions and a weakening local economy.

Bisnis.com, JAKARTA — Goldman Sachs Group Inc. has followed Morgan Stanley’s bearish pivot in downgrading Indonesia’s stock market rating from overweight to market weight, according to a Bloomberg report on Monday (10/3/2025).

This decision was made as Goldman Sachs revised its projection for Indonesia’s budget deficit, increasing it from the previous estimate of 2.5% to 2.9% of GDP in 2025.

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