'Quick counts' tallied by private pollsters based on samples of actual votes showed that Indonesia's incumbent President Joko Widodo is set to beat former army general Prabowo Subianto.
Indonesian financial markets jumped on Thursday after unofficial election results showed incumbent President Joko Widodo — popularly known as Jokowi — winning a second term in office.
"A fragmented parliament and external vulnerabilities have held back Jokowi's ambitious reforms and infrastructure spending plans over the last five years," said Priyanka Kishore, head of India and Southeast Asia economics at research firm Oxford Economics. But the early vote counts also showed that Prabowo's Great Indonesia Movement Party, or Gerinda, may beat PDIP's coalition partners to be the second-largest party in parliament — which could increase frictions in the chamber and stall the passing of legislation, Kishore said.
"He doesn't need to worry whether he will get reelected again by 2024 so he could do something more, but we have to wait ," former Indonesian Finance Minister Muhamad Chatib Basri told CNBC's Martin Soong in Jakarta on Thursday.
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