COVID-19 and Economic Policy Options: What Should the Government do?

Abstract

The Coronavirus disease (COVID-19) continues to grow rapidly from day to day in every part of the world and it is uncertain when this pandemic will decline. The world economy is experiencing a hard blow from COVID-19 both directly and indirectly, which is reflected in the many industrial sectors of many countries that have struggled to recover. This paper tries to map the economic impacts that are generally experienced by countries in the world affected by the pandemic, then formulates some recommendations related to the government's response in dealing with the COVID-19 pandemic as an option in effort to minimize wider economic impacts. This paper can contribute to policymakers in every government in the world and provide action options in dealing with the shock of the COVID-19 pandemic.

The Socio-economic Implications of COVID-19: A Mini Systematic Review

“…This directly leads to the social crisis. (Faisal & Nirmala, 2020, Mandel & Veetil, 2020, economic costs (Mandel & Veetil, 2020), financial markets (Abubakar, 2020, Zeren & Hizarci, 2020, and economic uncertainties (Eichenbaum, Rebelo, & Trabandt, 2020, Baker et al, 2020. In general, the socio-economic impacts of COVID- To analyze and explain the effects of COVID-19 on social behavioral reactions.…”

“…Restrictions on societal actions, unemployment, and overall social disruptions has contributed for the reduction of household's income. Particularly, this pandemic affects highly the socio-economic disadvantaged (Ginsburgh et al, 2020) including, ethnic minorities (Yaya et al, 2020), those from lower socioeconomic strata and retired people (Faisal & Nirmala, 2020;Rudnick, 2020). Besides, places exhibiting the greatest inequalities and disparities in income as well as significant concentrations of marginalized, stigmatized, and disempowered populations, regardless of their geographic location, are also disproportionately at risk (Santiago & Smith, 2020).…”

MSMEs Understanding of Taxation During the COVID-19 Pandemic

“…Therefore, the government has taken a strategy to maintain business in various industries which affected by COVID-19 pandemic by providing economic stimulus in the form of tax incentives. (Faisal & Nirmala, 2020) Taxes are the largest main source of national financing in Indonesia, accounting for 80%. With such a large proportion, unfortunately most MSMEs entrepreneurs still do not know the tax system or have never fulfilled their tax obligations.…”

Kebijakan Pajak Indonesia Menanggapi Krisis COVID-19: Manfaat bagi Wajib Pajak

“…Virus ini terus menyebar ke negara diluar Tiongkok, seiring banyak negara yang melaporkan kasus wabah COVID-19. Hanya ada sedikit negara telah berhasil mengimplementasi kebijakannya untuk membuat penyebaran COVID-19 dapat terkendali, tetapi itu tidak dapat secara efektif menjamin bahwa sebaran COVID-19 akan hilang dengan cepat (Faisal & Nirmala, 2020). Mulai menyebarkan dampak ke negara-negara lain pada bulan Januari 2020 dan awal mula masuk Indonesia setelah diumumkan bahwa ada laporan kasus COVID-19 dibulan awal bulan Maret 2020, lebih tepatnya pada hari Senin, 2 Maret 2020 yakni dua warga Indonesia telah terjangkit Virus Corona, tepatnya di kota Depok, Jawa Barat.…”