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Jakarta, CNBC Indonesia – Recently Finance Minister, Sri Mulyani Indrawati The prediction of the economy in the third quarter will again be negative. Indonesia’s economy from July to September will be in the range of minus 2.9% to minus 1%.
This means that the national economy contracted for two consecutive quarters after contracting 5.32% in the second quarter. Sso Indonesia is legally and convincingly on the brink of recession.
As for the whole year or Whole year The economy is also expected to remain between minus 1.7% and minus 0.6%. This is because the contraction due to the Covid-19 pandemic will continue in the second half of this year.
“This means that negative territory can occur in the third quarter and may still be ongoing during the fourth quarter. We are trying to be close to zero or positive,” he told a virtual press conference early last week.
Since panorama Ministry of Finance, almost all sectors that support economic growth have contracted this year. Only government consumption has grown positively due to the assistance provided during the Covid-19 pandemic.
Based on household consumption from -3% to -1.5%, government consumption from 9.8% to 17%, investment from -8.5% to -6.6%, export from -13.9 % to -8.7% and Imports -26.8% to -16%.
On the other hand, the coordinating Minister of Economy, Airlangga Hartarto, even projects that economic growth in the third quarter of 2020 could be up to 3% less. This forecast is lower than Sri Mulyani, who forecast minus 2.9 percent.
According to him, the pressure from the Covid-19 pandemic will continue to be felt in the third quarter, although not as deep as in the second. Where in the second quarter of 2020 the Indonesian economy fell to minus 5.32%.
“Rank economic growth in the third quarter was -3 percent to -1 percent, “he said in a virtual webinar.
Looking at the above statements, it seems certain that a recession will occur in the country and there is nothing you can do to change this. But of course there are important things you can do to help you and those closest to you emerge from an economic downturn and become a better person both professionally and financially.
Quoted from Forbes Here are some powerful strategies to combat the recession.
1. Pay off all your debt
Debt is a problem when the economy is in recession or at times booming. However, of course, the debt problem will get worse in the middle of a recession, especially when there is also the possibility that you will lose your job and lose the value of your investment.
Any debt, be it credit cards, studies, hospitals, the more types of debts you pay, the lower the monthly payments. So even if you’ve lost your job for several months, you can still manage your debt payments,
2. Cash is king
There are two reasons to save money cash Bulk is a good idea in the middle of a recession.
The first is emergency preparedness. An emergency situation can happen at any time, but of course, the possibility of it happening will be even greater in the middle of a recession. Having a large emergency fund is one of the best ways to combat a recession.
If you didn’t have time to raise funds before the recession, there are some tips from Forbes. Stop buying things and start selling things you don’t need and cancel all the subscriptions you don’t need.
The second reason is to save cash it’s a good idea related to the third suggestion which is …
3. Keep investing
When financial markets shake, people panic. It is not uncommon for this panic to cause investors to sell all their investments to make it possible shock it will even increase.
This, of course, you can take advantage of because you have saved cash in bulk, until you have the purchasing power to eliminate cheap stocks that are reduced as a result panic sale and got a big discount price.
Because in the history of the capital market, after the market crash, there will be a market recovery phase where stock prices will go up a lot when the market has calmed down.
Four. Keep learning to develop
One of the things you can do during a recession is to continue learning and improving your skills and qualifications to remain relevant in your career path and minimize the chance of becoming a victim of termination.
5. Cari Side Business
This side business can increase your income while you work as usual. This business can be done both online and offline, the important thing is that this business can diversify your sources of income.
Maybe at the beginning of the business I can only get change, But it is not impossible that over time your income can increase, even if later you are forced to lose your job, this side business can be the main source of income
conclusion
When a recession really does strike, this is not the time to panic, but rather to focus your time and energy on doing things that can make you win even if the economy is down.
In the end, a recession is only temporary and will not last forever. So it’s best if you ignore the news that Indonesia is going into recession and start planning what is good to do.
CNBC INDONESIA INVESTIGATION TEAM
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