Finance Minister Declares Indonesian Economy Safe from Recession Following Tanah Abang Market Inspection

Finance Minister Purbaya Yudhi Sadewa stated that consumer purchasing power remains intact and the national economy is far from crisis following a surprise inspection at Tanah Abang Market in Jakarta. Speaking to journalists in Jakarta on Monday, 9 March, Purbaya said his visit to Tanah Abang Market was prompted by hearing speculation that the national economy was heading towards recession, with the apparent quietness of the market cited as one indication.

However, according to Purbaya, various economic indicators actually demonstrate that the national economy remains in good condition. “It turns out to be true—consumer purchasing power is still there, people are still shopping, and the market is still busy. I went there and suddenly many people gathered. This means around us there are still many people shopping,” he said.

The state treasurer considered the bustling shopping activity at the market as one signal that public economic conditions remain sound. He therefore expressed confidence that Indonesia’s economy is far from potential recession. “This means consumer purchasing power appears to be improving and we are not in recession, let alone crisis. We are far from crisis. So our economy is doing well,” Purbaya stated.

He also assured that the government will implement policies to mitigate the impact of oil price surges should their movement exceed the capacity of the State Revenue and Expenditure Budget (APBN). According to him, the APBN will be prepared maximally to serve as a shock absorber for economic volatility.