"A Comparative Study of Indonesia and Malaysia's Economic Resilience in" by Muhammad Nur Abdul Latif Nur Latif Al Waroi
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Jurnal Kajian Stratejik Ketahanan Nasional

Abstract

This study analyzes the economic resilience of Indonesia and Malaysia during the COVID-19 pandemic, focusing on economic stability. The research explores pre-pandemic economic conditions, the impact of COVID-19 on GDP, inflation, unemployment, and government debt, as well as recovery efforts through fiscal and monetary policies. Data from Statistics Indonesia, Department of Statistics Malaysia, World Bank, and IMF were used. Results indicate that Indonesia experienced a faster economic recovery, with GDP growth returning to pre-pandemic levels quicker than Malaysia. The economic impact of the pandemic in Indonesia is lower, supported by the National Economic Recovery Program (PEN) and Bank Indonesia's monetary policy. Malaysia experienced a slower recovery despite fiscal stimulus and monetary intervention from Bank Negara Malaysia. The findings show Indonesia has better economic resilience with a quick recovery on key economic indicators, providing important lessons for policymakers. Economic diversification, efficient government spending, sustainable debt management, flexible monetary policy, and appropriate fiscal policy are key to economic resilience and stability. Future research can focus on the long-term impact of COVID-19 on economic structure and labor market to improve the understanding of economic resilience.

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Bahasa Abstract

Studi ini menganalisis ketahanan ekonomi Indonesia dan Malaysia selama pandemi COVID-19 dengan fokus pada stabilitas ekonomi. Penelitian ini mengeksplorasi kondisi ekonomi pra-pandemi, dampak COVID-19 terhadap PDB, inflasi, pengangguran, dan utang pemerintah, serta upaya pemulihan melalui kebijakan fiskal dan moneter. Data dari Badan Pusat Statistik, Departemen Statistik Malaysia, Bank Dunia, dan IMF digunakan. Hasil penelitian menunjukkan bahwa Indonesia mengalami pemulihan ekonomi yang lebih cepat, dengan pertumbuhan PDB kembali ke tingkat pra-pandemi lebih cepat daripada Malaysia. Dampak ekonomi pandemi di Indonesia lebih rendah, didukung oleh Program Pemulihan Ekonomi Nasional (PEN) dan kebijakan moneter Bank Indonesia. Malaysia mengalami pemulihan yang lebih lambat meskipun ada stimulus fiskal dan intervensi moneter dari Bank Negara Malaysia. Temuan menunjukkan Indonesia memiliki ketahanan ekonomi yang lebih baik dengan pemulihan cepat pada indikator ekonomi utama, memberikan pelajaran penting bagi pembuat kebijakan. Diversifikasi ekonomi, pengeluaran pemerintah yang efisien, manajemen utang yang berkelanjutan, kebijakan moneter yang fleksibel, dan kebijakan fiskal yang tepat adalah kunci ketahanan dan stabilitas ekonomi. Penelitian di masa depan dapat berfokus pada dampak jangka panjang COVID-19 terhadap struktur ekonomi dan pasar tenaga kerja untuk meningkatkan pemahaman tentang ketahanan ekonomi.

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