Fadli Zon, deputy chairman of the Gerindra Party and Minister of Culture, said the recent slide in the Jakarta Composite Index (IHSG) reflected problems in the stock market rather than the wider economy. He made the remarks at a media briefing in Jakarta on Thursday, 22 October 2026, and argued that the exchange itself needed reform.
What the index did
The IHSG fell 678.67 points, or 11.57 percent, on Friday, 16 October 2026, closing at 5,185.11. The previous trading day it had closed at 5,863.78. Fadli Zon tied the decline to the exchange, not to the broader economy.
He pointed to growth figures of around 5.4 to 5.6 percent year on year, saying the economy’s fundamentals remained strong and inflation was well controlled.
Reform and the wider critique
Fadli Zon went further than the index. He said the economic reality had become overly liberal and capitalistic, and that its benefits reached only a few people and certain parties. He gave no detail on which reforms he had in mind.
