KKR’s global macro team have published a new report on their outlook and investment case for Indonesia. They say the country “has emerged as somewhat of a pure-play on [their] thesis that large, domestic economies will prosper in a world that now favours domestic agendas over global ones.”

Back in 2013, KKR noted Indonesia’s favourable demographic trends but felt the country needed to do more to clean up its finances, improve its infrastructure and diversify its economy. Today, their outlook for the country is far more positive – in their own words, “deficits are more balanced, the currency is more stable and infrastructure outlays are accelerating.”

It’s certainly an interesting read but, having lived in the region for a long time, I feel as if the excitement about Indonesia’s macro story comes and goes – something to keep in mind.