The 7 Biggest Local Market in Yogyakarta

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

Top Local Market Alternatives in Yogyakarta

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

Yogyakarta, also known as Jogja, is a vibrant city in Indonesia known for its rich cultural heritage and bustling local markets. These local markets offer a wide range of products, from traditional handicrafts to fresh produce and street food. Here are the top three local market alternatives that are very popular in Yogyakarta:

  • Beringharjo Market: Located in the heart of Yogyakarta, Beringharjo Market is one of the oldest and busiest markets in the city. It offers a wide variety of products, including batik fabrics, traditional clothing, jewelry, souvenirs, and fresh vegetables. The market is a great place to experience the vibrant atmosphere of Yogyakarta and to bargain for unique local products.
  • Alun-Alun Market: Situated near the famous Sultan Palace, Alun-Alun Market is a popular destination for tourists looking for local handicrafts and traditional Javanese batik. The market is known for its intricate batik designs, which are made by skilled artisans using traditional techniques. Visitors can also find a wide range of souvenirs, such as wooden carvings and silver jewelry, as well as traditional snacks and spices.
  • Malioboro Street: Malioboro Street is not technically a market, but it is a must-visit shopping destination in Yogyakarta. This bustling street is lined with shops, stalls, and street vendors selling a wide range of products, including batik clothing, handicrafts, accessories, and street food. Visitors can also find traditional Javanese performances and cultural shows along this street, making it a vibrant and lively place to explore.
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