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Finance Minister Sri Mulyani Indrawati confirmed that the national economy will enter a recession in the third quarter of 2020. This was broadcast after the Finance Ministry revised the estimated economic growth figure this year to minus 1.1 percent. at 0.2 percent positive to minus 1.7 percent to minus 0.6 percent.
“The Ministry of Finance is doing a review forecast, previously for this year minus 1.1% to 0.2% positive, the last minus 1.7% to minus 0.6%. This means negative territory it happened in the third quarter and is likely to continue into the fourth quarter where we are trying to be close to zero or positive, “Sri said at a virtual KiTA State Budget press conference on Tuesday (9/22/2020).
Given that a recession is definitely on the way, what should people do to deal with it?
According to an economist from the Indonesian Center for Economic Reform (CORE), Yusuf Rendy Manilet, the most important thing for people to do is stay calm in dealing with this situation. This is because if you worry too much, you will worsen the impact of the recession that will come later.
“People don’t panic in a recession, community panic can worsen conditions in a recession,” Yusuf said. detikcom, Tuesday (9/22/2020).
However, in addition, people need to reduce binge-drinking activities. The goal is in case the recession continues until the end of the year.
“A recession is inevitable in the middle of the COVID-19 case. For this reason, reduce unnecessary consumption activities as a way to prepare if the recession continues,” he added.
Another thing that can be done is to reactivate social activities in their respective neighborhoods to help each other if there are residents who are in trouble amid the pandemic.
Activate community organizations or social activities in the smallest area, such as RT and RW, whose function is to be the first guard if there are people who need help in the middle of a recession ”, he appealed.
The same was expressed by an economist from the Institute of Economic and Financial Development (INDEF) Bhima Yudhistira. The community is obliged to have an emergency fund in case of layoffs and to bear medical expenses if they suddenly fall ill.
“Prepare an emergency fund to anticipate the loss of income and even jobs due to the recession, which means that companies in almost all sectors will work on the efficiency of employees. Emergency funds are also related to funds from health in case of sudden illness amid the COVID-19 pandemic, “Bhima said.
People are also asked to cut down on unnecessary expenses so money can be saved as an emergency fund.
“Delaying the purchase of secondary goods, such as new vehicles, Fashion, and accessories that are not so necessary, “he added.
Finally, you will grow the spirit of help among residents by buying daily products from neighbors, friends or close people in advance instead of imported products.
“Communities are advised to show solidarity with each other or to help each other to ease the burdens of others. This can be done by buying products from friends or local communities rather than buying imported products. It is the easiest thing to do.” said.
So what should the government do to reduce the impact of the recession on the popular economy?
