Finance Minister Purbaya Dismisses Claims of Economic Collapse, Demands Criticism Based on Data
JAKARTA — Finance Minister Purbaya Yudhi Sadewa has responded to criticism from several economists and commentators who claim Indonesia’s economic condition has deteriorated.
Purbaya believes that much of the criticism circulating, particularly on social media, lacks sufficient data and merely generates negative sentiment towards the economy.
According to him, the government is open to criticism if it is based on clear data. However, he stressed that the current state of the national economy remains in fairly good condition.
“If it’s really bad, we’ll fix it, but if it’s already good, what am I supposed to fix?” said Purbaya when met at the Ministry of Economic Coordination on Monday (16 March 2026).
“They never studied economics, never attended economics university — where’s the debate in that? I’m debating with people off the street who don’t know what they’re talking about,” Purbaya said.
According to him, discussion will not be productive unless it is grounded in economic understanding and adequate data.
Purbaya also alluded to the proliferation of commentary from observers on social media platforms such as TikTok, which he claims often only highlight negative sentiment towards the economy.
“If there are economists saying the economy is ruined, I don’t know about it. There are plenty on TikTok. Look at the proper data, get proper education,” he said.
On this occasion, Purbaya presented several economic indicators that he believes still show positive performance.
Indonesia’s economic growth in the previous quarter was recorded at approximately 5.39 per cent. He estimates that in the next quarter, economic growth could reach around 5.5 per cent or even higher.
Additionally, Indonesia’s Manufacturing Purchasing Managers’ Index (PMI) is also at around 53.9, indicating that the industrial sector is still in an expansion phase.
From the consumption side, the Retail Sales Index released by Bank Indonesia also showed an increase. Meanwhile, automobile sales according to data from the automotive industry association grew by approximately 7 per cent after experiencing contraction in the previous year.
Additionally, the Mandiri Spending Index was also recorded as increasing, reflecting that the level of public consumption activity remains quite strong.
Purbaya believes that the various indicators come from different institutions, thus providing a consistent picture regarding the state of the national economy.
“The data comes from many places, so if they all point in the same direction, it means the economy is doing well,” he said.