— This is the script of CNBC's news report for China's CCTV on October 20, Monday.
Fomer Jakarta Governor Joko Widodo was officially sworn in as Indonesia's 7th President.
He'll be walking into a tough job there --
With an economy that's slowing, a rich-poor gap that's at record levels, and terms of trade deteriorating...
Analysts told CNBC that Jokowi will have to act fast to turn around his struggling economy.
[MEDHA SAMANT / Investment Director - Asian Equities, Fidelity Worldwide Investment] "What really needs to be done is two things. One is that we need to see the formation of a strong cabinet. And by that I mean a good mixture of technocrats, professionals, etc that would strengthen Jokowi's election manifesto. And at the same time, yes the fuel price subsidy. Because on one hand, you do have an environment where oil prices are falling, and it's positive for Indonesia right now in terms of its deficit. But you also have other commodity prices falling. So they really need to get their act together at this point."
The other spotlight will be on him making tough decisions on fuel subsidies.
Indonesia's been enjoying among the cheapest fuel in Southeast Asia.
The cost of fuel subsidies have long weighed heavily on the country's current account deficit.
According to Reuters, a cut in the subsidies could save Indonesia $13 billion in 2015.
Analysts tell CNBC the likely timeline, and repercussions, they're expecting Jokowi to pull the trigger -- if at all.
[FAUZI ICHSAN / Indonesia Managing Director, Standard Chartered] "It's very likely he'll have to do it by the end of 2014. Because the only way that he can ensure fiscal deficit is below 3% of GDP, and furthermore, the only way he can realise ambitious infrastructure program in fiscal 2015 is by cutting fuel subsidy. Indonesia has 6 to 9 months window of opportunity before the Fed starts hiking short term interest rates to shrink its current account deficit so that by the time the Fed's start hiking, the financing requirements for Indonesia is less."
[RADEN PARDEDE / Former Vice Chairman, National Economic Committee] "I think the main reason why the subsidy has to be cut this year is because if you go to propose this next year, there is a potential the parliament may hamper the program. So it has to be this year within one or two months. Because this year, you don't have to go to parliament. It's already been approved."
[WELLIAN WIRANTO / Economist, OCBC] "In many ways he has to because not just from the economic perspective he needs to cut deficit before he can spend on other stuff, the healthcare, the road building etc but he also.. the very fact that he does not need parliamentary approval for that, means that he has to come up with gun spacing for something that he does not need the parliamentary to be friendly to him for. I think if he does not do it, then it says a lot about his reformist credential, markets will quickly dial down in terms of what they expect of him"
I'm Qian Chen, reporting from CNBC's Asian headquarters.