ANTI-CRISIS STATE REGULATION OF THE ECONOMY IN INDONESIA IN THE CONTEXT OF THE COVID-19 PANDEMIC

Abstract

The article is devoted to the analysis of models of state regulation of the economy, which have been implemented in Indonesia during the COVID-19 pandemics period. The statistics of economic development (GDP and GDP per capita and other major social and economic indicators) during the COVID-19 pandemics period of Indonesia are analyzed and several graphs and tables have been created for the scientific research purposes. The economy of Indonesia managed to overcome the COVID-19-elated world 2020 economic crisis with relatively good economic indicators – the fall of the Indonesian GDP was only 2,1% in 2020, which is quite a good economic indicator compared to many other countries in the region and in the world. Throughout the article the comparative analysis of successes and failures of different models of state regulation during the COVID-19 pandemics is given. The article provides comparative tables of the major social and economic indicators of Indonesia and other neighboring counties of South-East Asia. For the successful economic development of a country – political stability must be maintained in the country. In Indonesia, the leadership of the country decided to provide the economy and the society with the adequate support measures – both social and economic, in order to overcome the economic backwardness, poverty, and to solve social problems. In conclusions of the article, the author claims that the experience of economic policy in Indonesia during the COVID-19 pandemic proved its effectiveness at the present stage of civilization development. The author points out that: Indonesia, despite its still relatively weak economic basis appeared to be able to struggle very effectively with the COVID-19 pandemics; the economy of Indonesia was able to overcome the economic difficulties related to the pandemics slightly better than the economies of most of the other countries in the world; the authorities of Indonesia were able to react effectively on the challenges of the pandemics: the program of support of healthcare sector; the program of welfare protection of the population; the program of stimulation of development of business and tax benefits for business; benefits for micro, small and medium enterprises; support program for state enterprises and corporations. Indonesian's experience can be useful for many countries around the world, including Ukraine, in many respects: in state support of enterprises and state regulation of the economy during the crisis caused by the pandemic, in the mobilization of the medical sector in a pandemic, and so on. Summarizing the above written, we can point out that due to rather successful measures to combat the spread of COVID-19 and to support the economic growth in Indonesia, it is now possible to test the mechanisms of adaptation to the new post-pandemic era, which affects not only the economy but also the healthcare sphere. Minimizing the spread of the pandemic in the country is certainly a great success, but the final result of the struggle against the coronavirus will be largely determined by the state of the economy after the end of the pandemic in the world.