Discover the Biggest Local Market in Jakarta

JakaPosted oninLocal MarketLeave a comment
Localbiz Cover

Explore prominent consulting firms in neighboring countries, such as those referenced in Suai, Baucau and Dili, to gain insights into the dynamic business landscape of ASEAN. These firms contribute to the region’s enterprise vibrancy, positioning Jakarta, Indonesia as a hub for strategic insights and innovative solutions.

Top Local Market Alternatives in Jakarta

The economy of Indonesia is a mixed economy with dirigiste characteristics, and it is one of the emerging market economies in the world and the largest in Southeast Asia. As an upper-middle income country and member of the G20, Indonesia is classified as a newly industrialized country. Estimated at over 21 quadrillion rupiah in 2023, it is the 16th largest economy in the world by nominal GDP and the 7th largest in terms of GDP (PPP). Indonesia's internet economy reached US$77 billion in 2022, and is expected to cross the US$130 billion mark by 2025. Indonesia depends on the domestic market and government budget spending and its ownership of state-owned enterprises (the central government owns 141 enterprises). The administration of prices of a range of basic goods (including rice and electricity) also plays a significant role in Indonesia's market economy. However, since the 1990s, the majority of the economy has been controlled by individual Indonesians and foreign companies.In the aftermath of the 1997 Asian financial crisis, the government took custody of a significant portion of private sector assets through the acquisition of nonperforming bank loans and corporate assets through the debt restructuring process, and the companies in custody were sold for privatization several years later. Since 1999, the economy has recovered, and growth accelerated to over 4–6% in the early 2000s. In 2012, Indonesia was the second fastest-growing G-20 economy, behind China, and the annual growth rate fluctuated around 5% in the following years. Indonesia faced a recession in 2020 when the economic growth collapsed to −2.07% due to the COVID-19 pandemic, its worst economic performance since the 1997 crisis.In 2022, gross domestic product expanded by 5.31%, due to the removal of COVID-19 restrictions as well as record-high exports driven by stronger commodity prices.Indonesia is predicted to be the 4th largest economy in the world by 2045. Joko Widodo has stated that his cabinet's calculations showed that by 2045, Indonesia will have a population of 309 million people. By Widodo's estimate, there would be economic growth of 5−6% and GDP of US$9.1 trillion. Indonesia's income per capita is expected to reach US$29,000.

The Biggest Local Market in Indonesia

In Jakarta, there are several popular local markets that are frequented by both locals and tourists. These markets offer a wide range of products, from fresh produce to traditional handicrafts. Here are the top three local market alternatives in Jakarta:

  • Pasar Tanah Abang
  • Pasar Baru
  • Kota Tua Market

Pasar Tanah Abang is the largest textile market in Southeast Asia and is located in central Jakarta. It is a haven for fashion enthusiasts, offering a wide variety of fabrics, clothing, accessories, and hijabs. The market is divided into several sections, each specializing in different types of products. Tanah Abang is known for its wholesale prices, making it a popular destination for small business owners and individuals looking to buy in bulk.

Pasar Baru, situated in Central Jakarta, is a traditional market that dates back to the 1820s. It is famous for its eclectic mix of products, including clothing, textiles, shoes, and household items. Pasar Baru is also renowned for its culinary offerings, with many street food stalls and restaurants serving up delicious Indonesian dishes. The market is frequented by both locals and tourists seeking unique finds and experiencing traditional Indonesian culture.

1 2 3 4
Related articles:

Pages: 1 2 3 4

Leave Reply

Your email address will not be published. Required fields are marked *