COVID-19’s significant impact on the global population is common consensus by now. Some of the most visible impacts can be seen in economic and financial aspects. The Indonesian population has not been spared from the impact. At the end of Q3 2020, Indonesia’s Minister of Finance Sri Mulyani has announced that Indonesia would most likely enter an economic recession in Q4 2020 – the first since Indonesia’s 1998 financial crisis.
Economic recession is an economic downturn caused by GDP decline for two consecutive quarters. On that note, it is important to understand how the society has been managing their spending during this pandemic.
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