Restructuring the Production Process: Improving the Economic Competence of Riau Province after COVID-19

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B. Isyandi

Résumé

This study seeks to analyze the impact of Covid-19 on the conjunction of the regional economy that has caused consumer declining purchasing power, weak business investment, and falling prices of export commodities. Synchronization between government policies and public behavior is needed to maintain the resilience and sustainability of the real and financial sectors to avoid recession. Descriptive statistics were used for the research method. Primary and secondary data were utilized as the sources of the analysis on the quantification and description of the study. The results of the qualitative analysis were interpreted to build macroeconomic theories and conceptions related to business policies in post-Covid-19 economic recovery. The results of the study concluded that the sector that most affected by Covid-19 in Riau province was corporate services with a decline of 47.28%. In addition, government consumption expenditure and Gross Fixed Capital Formation contracted by 0.17% and 5.62%, respectively. Economic growth in the last 10 years has not been able to increase the capacity of the employment opportunities; even the average length of schooling is fewer than 9 years.  The research findings contribute to the expansion of the theories of economic development and public economics. Practically, it has implications for macroeconomic management as well as being a reference for the central government.

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