June 23, 2020, 09.32 PM
The economic impact of the coronavirus pandemic has been disastrous and industries across all sectors have felt the brunt of it. KOMPAS.com/GARRY LOTULUNGThe economic impact of the coronavirus pandemic has been disastrous and industries across all sectors have felt the brunt of it.

JAKARTA, KOMPAS.com – Innovation is the secret to the resilience of Indonesia’s industries amid trying times like the coronavirus pandemic.

The rapid spread of the Covid-19 virus has paralyzed the Indonesian economy and weakened consumer spending.

The economic impact of the coronavirus pandemic has been disastrous and industries across all sectors have felt the brunt of it.

Read also: Indonesia’s Economy to Grow 0.1 Percent This Year, Says Economist

However, innovation can stimulate efficient production processes.

Innovation provides companies the opportunity to present new products that are better for the environment and consumers.

The availability of capital and organizational transformation is integral to driving innovation.

Yet these factors are even more difficult to obtain during such uncertain economic times.

Read also: Bali Strives to Diversify Its Economy and Rely Less on Tourism

Support from the government through effective policies are necessary to address these challenges.

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