Thailand was not the only former Southeast Asian star that drew Goldman’s ire. Downtrodden Indonesia did as well. The bank “also cut Indonesia from marketweight to underweight, citing high inflation and the significant current account deficit, even though Indonesia’s valuations have fallen to around historical averages. Goldman said it expected “significant downside risks” to consensus earnings forecasts for Indonesia,” CNBC reported.

The factors mentioned by Goldman have sent the Market Vectors Indonesia ETF (NYSEArca: IDX) down nearly 23% year-to-date and almost 25% in just the past 90 days. [Indonesia, India ETFs Hardest Hit in Emerging Markets Sell-Off]

iShares MSCI Thailand Capped ETF

ETF Trends editorial team contributed to this post.