As people’s mobility around the world was restricted, the global economy had also been upended The global growth was projected: Principle of Management Case Study, TCD, Ireland

Learning Outcomes:-

• Explain the functions of management in an organization’s management process, historical perspective, types of decision-making, fundamentals of planning, organizing and types of organizational structures, leading, and controlling.
• Apply the problem-solving process to find innovative solutions for management issues that have been identified.

2020 Economic Overview

As people’s mobility around the world was restricted, the global economy had also been upended. The global growth was projected to contract between 4% and 4.3%, with a slowdown, which was also experienced by developed countries such as the United States, the European Union region, and Japan.

According to Statistics Indonesia (BPS), Indonesia grew by minus 2.07% throughout 2020. Year on year, the growth in quarter IV of 2020 stood at minus 2.19%. This reflected a direct impact of restrictions of activities in all aspects of life, be it work, school, daily household activities, or leisure activities.

Nevertheless, Indonesia has shown signs of improvement. The National Economic recovery Program received substantial funding from the state budget to help the recovery of the most affected sectors. Under PEN, the government among others imposed credit relaxation and increased the realization of state spending, which in the fourth quarter of 2020 reached Rp732.74 trillion, up from the same quarter of the previous year at Rp704.22 trillion. Thanks to government stimulus, household consumption growth improved in the fourth quarter of 2020, at -3.61% (YoY) from -4.05% (YoY) in the previous quarter.