Jurnal Ilmiah Bisnis, Manajemen dan Akuntansi Vol 3 (No.

1) Januari 2023

http://jibaku.unw.ac.id

2022: INDONESIA'S ECONOMIC RECOVERY

Anisa Dewi Arismaya
State Islamic University Of Salatiga

Info Article Abstract

_______________ ____________________________________________________________
History Article: The world's economic condition was made into a crisis due to the
Submitted : 01 November effects of the Covid-19 pandemic, including in Indonesia. Indonesia is one of
2022
the countries that has experienced the impact of a decline and economic
Revised : 15 November
slowdown from 2019 to 2021. The Covid-19 pandemic has not only had an
2022
economic impact but also has an impact on health, social and education due to
Accepted : 30 Januari
the government Lockdown which requires all people to be active. inside the
2023
house. Policies continue to be carried out to improve the economy Back to
_______________ normal, one of which is the National Economic Recovery (PEN) policy by the
Keywords :
Indonesian government. Through PEN, all aspects are assisted by the
Indonesian Economy, disbursement of funds from the State Budget to assist various aspects ranging
Covid-19 Pandemic, from education, social to economic so that all economic activities continue to
National Economic run. The government divided the PEN program into three parts, namely
Recovery Stimulus 1, Stimulus 2, and Stimulus 3 and succeeded in helping Indonesia's
economic recovery until 2022.

2022: INDONESIA'S ECONOMIC RECOVERY

Abstrak
____________________________________________________________
Kondisi ekonomi dunia dibuat krisis akibat dampak pandemi Covid-
19, termasuk di Indonesia. Indonesia merupakan salah satu negara yang
mengalami dampak penurunan dan perlambatan ekonomi dari tahun 2019 ke
tahun 2021. Pandemi Covid-19 tidak hanya berdampak pada ekonomi tetapi
juga berdampak pada kesehatan, sosial dan pendidikan akibat Lockdown
pemerintah yang menuntut semua orang untuk aktif. di dalam rumah.
Kebijakan terus dilakukan untuk meningkatkan perekonomian Kembali
normal, salah satunya adalah kebijakan Pemulihan Ekonomi Nasional (PEN)
oleh pemerintah Indonesia. Melalui PEN, semua aspek dibantu kucuran dana
dari APBN untuk membantu berbagai aspek mulai dari pendidikan, sosial
hingga ekonomi agar semua kegiatan ekonomi tetap berjalan. Pemerintah
membagi program PEN menjadi tiga bagian yaitu Stimulus 1, Stimulus 2, dan
Stimulus 3 dan berhasil membantu pemulihan ekonomi Indonesia hingga
tahun 2022.
correspondence Address 2776-5865 (online)
Institutional address : Universitas 17 Agustus 1945 Jakarta DOI:
E-mail: [email protected], [email protected] http://dx.doi.org/10.3
5473/.v1i1
 Jurnal Ilmiah Bisnis, Manajemen dan Akuntansi Vol 3 (No.1) Januari 2023

INTRODUCTION areas of Sub-Saharan Africa, South Asia, and

Covid-19 hit the world since 2019 to Southeast Asia. The consequences of a pandemic
affect the global economy in three main ways, are direct and indirect losses such as the economic
namely affecting production (trade supply), impact of the tourism sector. A country needs a
disruption to financial markets, and disruption of policy mechanism to deal with future risks,
the supply side of goods and services in the macro especially economic risks (Noy et al., 2020).
economy. These three things can worsen inflation Ali et al., 2020 explained that the
because they have a direct impact on employment, community and business units feel economic
a decrease in gross domestic product (GDP), an vulnerability due to the Covid-19 pandemic from
increase in unemployment, and an increase in raw the macroeconomic and microeconomic indicators
material prices (Shlomo,2020). Noy et al., 2020 of a country. Some of the influencing factors are
explained that the impact of the Covid-19 declining state income, increased spending on
pandemic was not only on global trade flows, health, low productivity, fiscal policy disturbances,
decreased income from the tourism sector, monetary policy disturbances, and global capital
unstable labor flows, but also had an impact on market conditions. There are many causes that
consumer behavior, namely decreased consumer make the economic situation of a country shaken,
confidence due to the dissemination of unreliable one of which is because the Lock Down imposed
information through social media is widespread. by a country causes many business units to close
This can have an impact on the loss and their businesses resulting in a reduction in
vulnerability of a country's economy. Consumers employees and an increase in unemployment.
and companies have become less optimistic, There needs to be a framework for developing
thereby reducing consumption, investment, economic development that is in accordance with
employment, and production levels so that the the conditions of a country for economic recovery.
government must pursue expansionary policies Countries in the world that have experienced the
and recovery of economic activity while economic impact of Covid-19, one of which is
implementing measures to minimize the spread of Indonesia, until the beginning of 2021,
the virus from a health perspective (Njindan Iyke, experienced economic growth pressures of minus
2020). -6.13% in August 2020. The economic slowdown
Covid-19 hit the world until it entered has forced the Indonesian government to work
Indonesia since March 2, 2022 and hit the health extra hard so as to create several economic
resilience system to the social and economic side policies. In this study, what are the policies carried
of Indonesia. Various countries in the world hit by out by the Indonesian government for economic
the Covid-19 virus are competing to create recovery and how they are implemented for all
innovations in the health sector to prevent the Indonesian citizens, especially the business sector.
spread and treatment of the Covid-19 virus The purpose of this study is to find out what
because the spread of the Covid-19 virus has had a policies are being carried out by the Indonesian
considerable impact on the global economy government for economic recovery and their
(http://p2p.kemkes.go .id/). The National Police, implementation for the business sector.
in 2021 explained that the impact of the Covid-19
virus has a direct impact on health aspects, Covid-19 Pandemic
namely the increasing number of deaths due to In 2021 explained that the World Health
the rapid transmission of the Covid-19 virus and Organization (WHO) gave news that an
occurs in the central government area which is extraordinary event occurred, namely the Covid-
close to the economic center so that it directly has 19 virus that hit the world as a global pandemic
an impact on the decline and slowdown. economy. which was first discovered in Wuhan, China. The
Not only the high mortality rate, but also an rapid spread of the epidemic with a high number
increase in unemployment, especially in small of cases has had a negative impact on the whole
industries such as Micro, Small and Medium world in terms of health, social, welfare and
Enterprises (MSMEs). And the third impact is the economy. The very impact that Covid-19 has given
social impact due to an increase in poverty that from the health side is the high number of deaths
occurred in the Pati Regency, Central Java. and infectious cases at all ages, while from the
Indonesia is not the only country that has had the economic side is the weakening of the global
impact of losses caused by the Covid-19 virus, but economy due to the implementation of the Lock
the global impact has occurred in all countries that Down. In Indonesia, the first case of Covid-19
have very high economic risk, occurring in most occurred since March 2020. This requires changes

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and adjustments so that people take precautions numbers in contributing to the increase in
so as not to contract Covid-19. One of the policies Indonesia's economic growth. Government
made by the Indonesian government is to oblige policies continue to be taken in an effort to
people to do activities at home so that economic overcome macroeconomic problems during the
support activities weaken because they do not Covid-19 pandemic, namely the Social Safety Net
work as they should. The Indonesian government and support for APBN financing and the Economic
is confused because the government does not only Safety Net by providing fiscal and non-fiscal
think about the health aspect but also the incentives. In addition, policies from the financial
economy so that the wheels of the Indonesian sector and taxation policies also contribute to
economy do not stop. The government spends a Indonesia's economic growth.
lot of state budget funds for the provision of PPE Year State Revenue
and medical equipment as much as 75 trillion.
2019 1,960,633.60
Apart from the health side, the government must
also think about policies to help the economy and 2020 1,647,783.34
society continue to survive in the midst of the 2021 1,735,742.80
Covid-19 pandemic, which is not yet known when
2022 1,846,136.70
it will end.
Susilo et al., 2020 explained that Covid-19
is a disease that has turned into a pandemic Table 1. www.bps.go.id, 2022 State Revenue Data
because its spread is quite fast and wide. The (in billion Rupiah)
Covid-19 disease is wary of because it has a fairly Table 1 is data on Indonesia's state revenues from
high mortality rate and there is no specific therapy the economic side, showing that state revenues
for its cure. Covid-19 is a newly discovered will decline in 2020 to 2021 compared to 2019.
disease so knowledge about its prevention, Sources of state revenue consist of tax and non-tax
transmission, and cure is still in the research revenues and grants. The indicators of tax revenue
stage. Over time, the prevention of Covid-19 has consist of Domestic Taxes, Income Taxes, PPN and
begun to be widely implemented by the wider PPNBM, PBB, Customs on Acquisition of Rights on
community and has become a policy for the Land and Buildings, Excise, Other Taxes,
government, among others, by maintaining International Trade Taxes, Import Duties, Export
distance and self-isolation when infected and the Taxes. Meanwhile, non-tax indicators come from
mandatory vaccination policy given to all Natural Resource Revenue, Separate Revenue
Indonesian people so that the spread can be from State Assets, Other Non-Tax Revenues,
reduced. Covid-19 data as of April 4, 2022 Revenue from Public Service Agencies. From table
accessed from the official website 1 it can be seen that in 2022 state revenues began
https://covid19.go.id/peta-sebaran shows that to grow. This shows that Indonesia is starting to
although Indonesia has Covid-19 cases and a fairly improve economic conditions in line with the
high death rate of 155,626, the Indonesian reduced cases of Covid-19 in Indonesia.
government continues to carry out various
policies for recovery are not only in terms of RESEARCH METHODOLOGY
health but also various economic policies such as This study uses a qualitative method of
the Cash Assistance Program for street vendors, phenomenology with research methods to reveal
stalls, and fishermen. phenomena that occur naturally by a group of
individuals (Cresswell: 1998). The data used uses
The Impact of Covid-19 on Economic Growth secondary data taken from several official
Fahrika & Roy, 2020 explained that websites to reveal the Covid-19 phenomenon and
Indonesia experienced economic growth of 2.97% economic policies by the Indonesian government
due to the impact of handling the Covid-19 virus whose data is downloaded on the following
because it affected aspects of life and economic website page:
activities of all countries, not only in Indonesia but 1. https://ekon.go.id/
also in the world. However, despite experiencing 2. https://ekon.go.id/
the impact due to the spread of the Covid-19 virus, /www.djkn.kemenkeu.go.id/
the decrease in inflation, the increase in the 3. https://www.kemenkeu.go.id/
manufacturing industry, the increase in 4. https://www.kominfo.go.id/
investment value, the decrease in the number of 5. https://www.bps.go.id/
imported goods in the first quarter gave positive 6. https:// /www.bi.go.id/

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DISCUSSION The National Economic Recovery

important role that boosted economic Program (PEN) is a program from the Ministry of
growth, which had fallen due to the Covid-19 Finance which was ratified as PP 23/2020 with
pandemic, came from government consumption, the main objective of reducing the impact of
namely household components and investment. Covid-19 on the economy as a response to the
Several factors driving economic improvement decline in community activities that have an
were also supported by various business sectors, impact on formal and informal business units. The
including the manufacturing, trade, construction, capital of the PEN Program comes from State
transportation and warehousing sectors to Expenditures, Fund Placements, Guarantees, State
increase economic activity. Apart from the role of Equity Participation, and Government
the government, the community also plays an Investments. The form of activities of the PEN
important role because with the maintenance of Program is support for the business world which
people's purchasing power during the Covid-19 is divided into three, 1. MSMEs with an interest
pandemic, inflation can be suppressed at a low subsidy of Rp. 34.15 T, tax incentives of Rp. 28.06
level. It was proven that inflation in September T consisting of PPh 21 DTP, Final PPh of DTP
2021 was stable at the level of 1.60% (yoy). The MSMEs, and guarantees for new working capital
government continues to improve policies from credit for MSMEs amounting to Rp. 6 T. 2.
various sectors to improve the country not only in Corporations with tax incentives of Rp. 34.95 T
terms of the economy but in terms of health, the (free of import PPh 22, reduction of PPh 25
distribution of vaccinations 1 and 2 will continue installments, preliminary refund of VAT), and 3.
to be carried out until April 2022, it is recorded SOEs in the form of state capital participation,
that 162 million Indonesians have been fully compensation payments, bridging (investment)
vaccinated with doses 1 and 2. for working capital, and other support in the form
of optimizing BMN, settlement of bills, deferral of
The Covid-19 Handling Committee and dividends, Loss limit guarantees, government
National Economic Recovery guarantees, payments for national strategic
The national economic recovery was project (PSN) tanak bailouts. The PEN program is
strengthened at the national level by the to support the existence of MSMEs in Indonesia
establishment of a special committee that was with a credit stimulus policy for MSMEs
formed for the handling and recovery of the amounting to Rp 34.15 T which is divided into
Indonesian economy and health. The government three distribution methods namely through
established a Task Force for the Acceleration of banking, through pawnshops, and finally through
Handling Covid-19 through Presidential Decree online, cooperatives, farmers, LPDB, LPMUKP, and
No. 7 of 2020 which has several tasks, namely MSME Regional Government.
increasing national resilience from the health
aspect, expediting the handling of Covid-19 by Fiscal Policy and State Budget
synergies between regions and institutions, The government establishes various
increasing anticipation of the development of policies by collaborating with various agencies
escalation in the spread of Covid-19, increasing including the Financial System Stability
synergy in policy-making related to operations, Committee consisting of Bank Indonesia, the
increasing the ability to prevent, detect, and Financial Services Authority, the Deposit
response to Covid-19 and its readiness. Since the Insurance Corporation to optimize policies in
Task Force was created for health-focused overcoming the health crisis and economic crisis
treatment, the government then established the that occurred in Indonesia. The government is
Covid-19 Handling Committee and National responsive to ensure that the policies taken can be
Economic Recovery (KPCPEN) because economic implemented properly. The government and
problems during the pandemic had to be resolved authorities in Indonesia carry out stimulus in
before economic conditions worsened. The two various sectors such as tourism and encourage
institutions have the right and authority to make labor-intensive activities.
decisions that bind government agencies as well Fiscal policies made to deal with Covid-19 are:
as communicate and coordinate policies related to 1. Refocusing and reallocating the budget
handling Covid-19. 2. STIMULUS I: Strengthening the domestic
economy through accelerated spending
National Economic Recovery Program and policies to encourage labor-intensive
and spending stimulus.

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3. STIMULUS II: Maintaining people's 20, 2020, namely the Minister and Head of
purchasing power and facilitating the Institutions in Indonesia prioritizing the budget
export and import of goods and services for handling Covid-19 with the following
through fiscal stimulus, non-fiscal instructions: 1) Budget allocation for activities
stimulus, and policies in the financial that accelerate the handling of Covid-19. 2)
sector. Refocusing on activities and budget reallocation
4. STIMULUS III: Saving health and the with budget revisions and immediately submitting
national economy and maintaining budget revisions to the Minister of Finance. 3)
financial stability, namely state financial Procurement of goods and services in the context
policies (health, social safety net, business of handling Covid-19 in order to facilitate access.
support, financing support for economic 4) Procurement of goods and services by involving
recovery) and policies in the financial the Government Goods and Services Procurement
sector. Policy Institute and the Financial and
Development Supervisory Agency. 5)
Monetary and Financial Policy : Procurement of goods and services for medical
a. Monetary : Lowering the Bank Indonesia devices and medical devices according to the
7DRR interest rate, increasing the standards of the Ministry of Health to accelerate
intensity of triple intervention, lowering the handling of Covid-19. Local governments also
the Statutory Reserves (GWM). focus on health and meeting the basic needs of the
b. Banking: Relaxation of credit people. The Ministry of Finance encourages local
requirements/providing of funds for governments to refocus their budgets and obtain
MSMEs, restructuring of MSME Transfer Funds for handling Covid-19.
loans/financing.
Stimulus Package
The refocusing/reallocation of the provides a stimulus for handling Covid-
APBN budget provides a quick response 19, which is prioritized to improve the economy in
to the sharply increasing need for health budgets terms of households, health and finances. The
through refocusing and reallocation. This step is stimulus series was launched since February 2020
used to deal with Covid-19 according to as follows:
Presidential Instruction No. 4 of 2020 on March

Program Stimulus Package II Stimulus Package III

The Stimulus Package I was issued by Stimulus Package II is a package The Stimulus Package III
the government through policies to designed to maintain people's is a government policy by
strengthen the Indonesian economy purchasing power and consists of: increasing the
through state spending, namely 1. Fiscal stimulus in the form of expenditure and financing
accelerated spending and encouraging tax reductions from April- of the State Budget,
labor-intensive policies. September 2020. namely:
1. Acceleration of spending and 2. Non-fiscal stimulus in the 1. Health by 75 T
incentives for labor intensive, form of reducing export bans 2. Expand the safety
namely: and restrictions with code 749 network by 110 T
a. Acceleration of working and simplifying and reducing 3. The economy and
capital disbursement, import restrictions and the business
acceleration of tender restrictions, accelerating world by 70.1 T
implementation, acceleration export and import processes 4. PEN 150 T
of revisions, acceleration of and improvement of export
strategic budgets, anticipation and import services with the
of cash availability. National Logistic Ecosystem.
b. Accelerate the disbursement 3. Financial sector policies by
of social assistance spending, providing support to banks for
namely the National Health customers affected by Covid-
Insurance Contribution 19, especially MSMEs through
Assistance Recipients, namely MSME financing loans and the
spending from February to relaxation of the

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April will be disbursed in BPJAMSOSTEK program.

February.
c. Encouraging the
implementation of village
activities by transferring to
blood and village funds with
activities aimed at absorbing
labor.
2. Protection for community groups
affected by Covid-19 with a
shopping stimulus. The spending
stimulus program is implemented
through the following programs:
a. Protecting the purchasing
power of the people with the
lowest income as much as
40% with the basic food card
program, housing interest
subsidies and increasing the
volume of houses around 175
thousand housing units.
b. Support for the tourism
sector that has a direct impact
by providing incentives for
travel agents who bring in
foreign tourists and
marketing personnel.
c. Protect the workforce with
digitized pre-employment
cards for training programs.

The PEN program is a policy program that

involves all levels of the central and local The employment sector shows that in
government, government institutions and 2021 there will be a recovery of a group of
agencies, supervisors, the private sector and workers and continuous improvement. This is in
cannot be separated from the support of the line with the economic recovery from the PEN
community as economic actors. Evaluation for the program by creating job opportunities from
PEN program continues to be carried out to manufacturing, services, food and beverage, and
maximize the output of the PEN program through agricultural trade. The education sector is also the
monitoring and evaluation by KPC PEN so that focus of the PEN program because the education
supervisors can assess the effectiveness of the sector is directly impacted by the spread of Covid-
PEN program. In the health sector, a fund 19. Gradually the government distributes internet
allocation of Rp 87.55 T was launched to fulfill the quota subsidies for students, students, teachers,
handling of Covid-19 for health workers, including and lecturers so that they can be used for all
incentives given to ASN, Non ASN and Covid-19 groups because distance learning is still being
volunteers. Incentives are given to health workers implemented until early 2022. MSMEs in
due to the high risk and workload in handling Indonesia contribute 60% to Gross Domestic
Covid-19 cases. The social protection sector Product (GDP) and 97 % of the national
received funds of Rp. 203.9 trillion by focusing on workforce. The government cannot ignore the
the poor and vulnerable. There are various forms importance of the existence of MSMEs in
of social protection assistance, ranging from Pre- contributing to national economic income.
Employment Cards, Internet Quota Subsidies from Support for MSMEs in the PEN program
the Ministry of Education and Culture and amounting to Rp 123.46 T in the form of interest
Ministry of Religion, Ministry of Manpower Salary subsidies, GENERAL credit guarantees, Final
Subsidy Assistance, to Honorary Teacher BSU. Income Tax, Placement of Funds, Investment

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Financing, and Banpres for Productive Micro Https://ekon.go.id/ (2022)

Businesses. Https://ekon.go.id/ /www.djkn.kemenkeu.go.id/
(2022)
CONCLUSION Https://www.kemenkeu.go.id/ (2022)
The Covid-19 outbreak that has hit the Https://www.kominfo.go.id/ (2022)
world has become a challenge for various Https://www.bps.go.id/ (2022)
countries because it has changed the global Https:// /www.bi.go.id/ (2022)
economy, including Indonesia. The significant Keuangan, K. (2021). Merekam Pandemi Covid-19
increase in cases paralyzed economic activity due dan Memahami Kerja Keras Pengawal APBN.
to global activity restrictions. Indonesia is one of Njindan Iyke, B. (2020). Economic Policy
the countries that suffer losses from various Uncertainty in Times of COVID-19
sectors including the economic sector. In the Pandemic. Asian Economics Letters, 1(2),
midst of these dynamics and challenges, the 2–5.
Indonesian government launched the PEN https://doi.org/10.46557/001c.17665
Program to overcome and anticipate state losses Noy, I., Doan, N., Ferrarini, B., & Park, D. (2020).
from various sectors such as the economic, health, Measuring the Economic Risk of COVID-
education and social sectors. State budget support 19. Global Policy, 11(4), 413–423.
for the PEN program amounting to RP 744.75 https://doi.org/10.1111/1758-
helps various affected communities. 5899.12851
Polri, L. (2021). Jurnal Litbang Polri. Polri, 24(1),
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