The current world economic crisis is one of the most significant impacts of the COVID-19 pandemic. This crisis not only affects the health sector, but also pushes various economic sectors into deep uncertainty. Several key indicators such as a decline in gross domestic product (GDP), an increase in unemployment, and disruptions in the supply chain are in the main spotlight. One of the most visible impacts of this crisis is the drastic increase in unemployment rates. According to a report by the International Labor Organization (ILO), millions of people lost their jobs suddenly, exacerbating existing social inequalities. Sectors such as tourism, hospitality and retail experienced a sharp decline in income, which had a direct impact on household incomes. Additionally, the sustainability of global supply chains was disrupted, causing delays in the delivery of goods and significant price fluctuations. Production of daily necessities has been disrupted due to factory closures and travel restrictions in many countries. This delay creates fears of higher inflation in the future. Recovery steps taken by various countries globally vary. Many governments responded with massive fiscal stimulus efforts, which included direct cash transfers to individuals, support for small and medium-sized businesses, and investment in infrastructure. These programs are designed to stimulate demand and protect jobs. On the other hand, a monetary approach is also taken by many central banks. Interest rates were lowered to their lowest levels, and massive asset purchases were made to maintain liquidity in the market. However, these steps are not without risks. The potential for rising inflation is a concern, and some economists warn that a recovery that is too rapid could lead to overheating of the economy. Apart from that, four important aspects that need to be considered in post-pandemic recovery are digital innovation, sustainability and social inclusion. Digital transformation accelerated during the pandemic must be integrated into recovery strategies to ensure efficiency and long-term sustainability. Sectors such as education and health are becoming increasingly dependent on technology. Concern for the environment is also increasingly dominating discussions of economic recovery. Many countries are starting to adopt sustainability principles and green investments as part of their recovery strategies. This is not only to combat climate change, but also to create new jobs and support a more resilient economy. Overall, the world economic crisis caused by the pandemic is a big challenge but also an opportunity to build a more resilient, inclusive and sustainable economy in the future. The success of this recovery will depend on collaboration between government, the private sector and civil society to achieve common goals in facing this crisis.
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