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Assessing The Impact of The Lockdown in Jakarta on The Economy: An Input–Output Approach

In: Macroeconomic Risk and Growth in the Southeast Asian Countries: Insight from Indonesia

Author

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  • Achmad Rifa’i

Abstract

With the outbreak of COVID-19 at the beginning of 2020, many countries attempted to control the spread of the virus by implementing a lockdown policy. This study investigates the impact of the lockdown in Jakarta in 2020 on the economy. The database used the Input–Output (IO) 2015. We employed a bottom-up approach by selecting Jakarta to generate the shock on the economy since only Jakarta constantly applied the lockdown policy named Large-Scale Social Restriction (PSBB) policy in 2020. We earned some useful information on whether the shock in Jakarta significantly impacted the national economy as well as other provinces. Our empirical results revealed that the PSBB policy reduced output in Jakarta by 7.20%, value-added declined by about 8.04%, income waned by 8.08%, and labour shrank by 7.68%. We also found that national output decreased by 1.30% in other provinces, especially those depending on the agricultural sector.

Suggested Citation

  • Achmad Rifa’i, 2023. "Assessing The Impact of The Lockdown in Jakarta on The Economy: An Input–Output Approach," International Symposia in Economic Theory and Econometrics, in: Macroeconomic Risk and Growth in the Southeast Asian Countries: Insight from Indonesia, volume 33, pages 93-105, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:isetez:s1571-03862023000033a007
    DOI: 10.1108/S1571-03862023000033A007
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    More about this item

    Keywords

    COVID-19; lockdown; input–output; PSBB; Jakarta; Indonesia; E01; E61; H12; P16; L38;
    All these keywords.

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • L38 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Public Policy

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