This issue vexed me for some time. I was using reactive forms and I fixed it using this method. PS. Using Angular 9 and Material 9.
In the "ngOnInit" lifecycle hook
1) Get the object you want to set as the default from your array or object literal
const countryDefault = this.countries.find(c => c.number === '826');
Here I am grabbing the United Kingdom object from my countries array.
2) Then set the formsbuilder object (the mat-select) with the default value.
this.addressForm.get('country').setValue(countryDefault.name);
3) Lastly...set the bound value property. In my case I want the name value.
<mat-select formControlName="country">
<mat-option *ngFor="let country of countries" [value]="country.name" >
{{country.name}}
</mat-option>
</mat-select>
Works like a charm. I hope it helps