Averting recession in Indonesia with penta-helix collaboration
6 February 2023
The pandemic in 2020 brought a turmoil of policy changes for many countries. With the world economy becoming increasingly unstable, a world economic recession has been predicted for 2023.
In Indonesia, sectors that support industries catering to basic needs dominate the distribution of its GDP. The Indonesians were quick to adapt and innovate. Several sectors that saw increase in volume and value were the health and social sectors, followed by the information and communication sector and the electricity and gas procurement sector. The economic adaptation indirectly implemented a penta-helix collaboration system in stabilizing the domestic economy during the pandemic.
A penta-helix collaboration system is a five-party model involving academics, business, government, media, culture and lifestyle, and the environment.
In Indonesia, the environmental aspect of the penta-helix is still in the development process. An optimization strategy is required at production, distribution, and consumption to achieve sustainable development. Once successfully implemented, penta-helix will make Indonesia a strong role model and a play maker in the world economy.
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