Indonesia Infrastructure Report Q2 2014 - New Market Report
As expected, quarterly data on Indonesia's construction sector supported our view that there is limited scope for construction growth in 2013 and 2014 to outperform growth seen in 2012. Furthermore, the downside risks we had previously highlighted - namely a deepening deficit (brought on by ballooning subsidies), higher borrowing costs, declining purchasing power for companies, the 2014 elections and bottlenecks in project execution - are manifesting and are set to adversely affect near-term construction activity. As such, we maintain our...
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