MSCI said on October 15, local time, that Indonesia is no longer suitable for being listed as an emerging market, and the country may be evicted from the global stock index as a result. MSCI is consulting on a proposal to reclassify Indonesia as an “independent market.” MSCI said that downgrading Indonesia to a “frontier market” did not reflect the severity of the country's market problems. Unless it sees clear evidence of substantial improvements in market governance and market performance, MSCI is expected to push ahead with this adjustment.

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