Finance Minister Visits Tanah Abang Market, Purbaya: We Are Not in Recession

Finance Minister Purbaya Yudhi Sadewa monitored transactions ahead of Ramadan at Tanah Abang Market in Central Jakarta on Monday, 9 March 2026. The state treasurer wanted to verify claims by economists that public purchasing power is weakening.

“So many economists have said that we are already in recession, purchasing power has been destroyed, traditional markets have been destroyed, no one is coming. I wanted to check,” Purbaya said when explaining his visit to Tanah Abang on Monday, 9 March 2026.

Purbaya stated that based on government data and several indicators, the domestic economy is performing well. Therefore, sales at Tanah Abang Market should show normal visitor numbers from shoppers.

According to Purbaya, from his observations at Block A of Tanah Abang Market, buyers were still crowded. “This means many people are shopping, which means public purchasing power appears to be good, and we are not in recession,” he said.

In addition to verifying commercial transactions, Purbaya also shopped at several textile stores. He also listened to complaints and suggestions from market sellers.

Purbaya asked the public not to worry about economic conditions amid geopolitical conflicts. Despite current soaring global oil prices, the government will take preventive measures to address the impact of rising oil prices by using the State Budget (APBN).

Global oil prices have exceeded the US$100 per barrel level on Monday, 9 March 2026. Concurrently, during early trading, the Jakarta Composite Index (IHSG) fell 2.79 percent to 7,374. This decline was in line with the rupiah falling to Rp 17,000 per US dollar at the opening of Monday’s trading.