Open AccessThe Usage of Economic Position in Understanding Indonesia’s Economy and the Pandemic Effects
Author(s) -
Kiki Verico
Publication year - 2021
Publication title -
jurnal ekonomi indonesia
Language(s) - English
Resource type - Journals
ISSN - 2721-222X
DOI - 10.52813/jei.v10i2.152
Subject(s) - economics , pandemic , hyperinflation , inflation (cosmology) , position (finance) , aggregate demand , monetary economics , covid-19 , descriptive statistics , aggregate data , monetary policy , economy , development economics , finance , medicine , physics , disease , pathology , theoretical physics , infectious disease (medical specialty) , statistics , mathematics
Before the global pandemic hit the economy in 2020, Indonesia had experienced two contractions in 1963 and 1998. These contractions come with hyperinflation, while the recent contraction of 2020 has not. This paper attempts to analyse the C-19 pandemic 2020 effects on the economy, which generates contraction but has a low inflation rate. On the opposite, the Asian Financial Crises (AFC) of 1998 caused negative economic growth andskyrocketing inflation. This paper applied descriptive data analysis and showed that the AFC affected the aggregate supply while the pandemic impacted the aggregate demand. This paper offers the usage of the proportion of inflation rate and economic growth rate and the annual sectoral growth rate comparison to describe Indonesia’s economic position and the pandemic effects.