IndonesiaIndonesia’s trajectory since the 1997–98 Asian Financial CrisisAsian Financial Crisis represents one of the most significant economic and political realignments in contemporary Southeast AsiaSoutheast Asia. The crisis marked a dramatic rupture from the decades-long stability of SuhartoSuharto’s New OrderNew Order, which had been sustained by centralized authorityCentralised authority, patronage-based development, and controlled markets. The collapse of this system laid bare the institutional fragilities underpinning Indonesia’s political economyIndonesia’s political economy, most notably, its dependence on politically connected conglomerates, opaque fiscal management, and a brittle banking sectorBanking sector exposed to unhedged foreign debt.