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EnglishPandemic, Economic Forecast and Jokowi’s Wrath

Pandemic, Economic Forecast and Jokowi’s Wrath

During his speech, which lasted 10 minutes and 20 seconds, President Joko Widodo emphasized that the country was in crisis mode and consequently, all members of his Cabinet must develop a collective sense of crisis.

Oleh HENDRIYO WIDI/KARINA ISNA IRAWAN/AGNES THEODORA
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KAZUHIRO NOGI/AFP

A man wearing a face mask walks past the Bank of Japan headquarters in Tokyo on May 22, 2020. - Japan's central bank on May 22 offered hundreds of billions of dollars in additional lending to help small firms in the world's third-largest economy struggling with the economic devastation wrought by coronavirus.

The COVID-19 pandemic has spelled uncertainties in the national and global economy. The sturdy walls of a nation, even superpower ones, have been easily infiltrated by the disease, which then wreaks havoc inside. Unsurprisingly, many have their own analyses regarding the economic crisis brought forth by the novel coronavirus.

At the outset of the pandemic, capital market economists called the crisis a shock that creates uncertainties or a “black swan” event. The terminology refers to unprecedented occurrences with huge impacts. In an economic perspective, shocks that disrupt perceptions and create negative sentiments can lead to tumults and even crises.

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