Rethinking Informal Economy Resilience during Crisis: Experience from COVID-19 Pandemic

IF 1 Q3 ECONOMICS
Bagas Aditya, Ikhwan Amri
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Abstract

Abstract The COVID-19 pandemic has disrupted the public health system and socioeconomic sector, one of the worst being the impacts on the informal economy. Despite their past survival, the current pandemic-induced crisis has cast doubt on informal economy resilience. This study aims to capture the informal economy resilience facing the unprecedented economic crisis triggered by the COVID-19 pandemic. We reviewed 42 selected peer-reviewed journal articles to synthesise a general concept of informal economy resilience during pandemic-induced crisis. We found that strict lockdown during a pandemic becomes the main driver that exacerbates the vulnerability of informal economy. The impacts are spatiotemporally varied, different within the group, and have multilevel characteristics (from individual to society). This vulnerable condition has triggered the informal economy to conduct several coping mechanisms to face economic disadvantages. Both individual coping mechanisms and government intervention have altered the informal economy's resilience throughout time. The current combination of defense mechanisms results in four possibilities: bounce back better, bounce back, recover but worsen, and collapse. This review offers valuable insights into the appropriate actions that governments should undertake in response to economic downturns resulting from pandemics. It highlights the importance of considering vulnerable groups when formulating policy during a crisis.
重新思考危机期间的非正规经济复原力:来自COVID-19大流行的经验
2019冠状病毒病大流行给公共卫生系统和社会经济部门造成了破坏,其中最严重的是对非正规经济的影响。尽管它们过去生存了下来,但目前大流行引发的危机使人们对非正规经济的复原力产生了怀疑。本研究旨在捕捉面对COVID-19大流行引发的前所未有的经济危机的非正规经济复原力。我们审查了42篇经同行评议的期刊文章,以综合流行病引发的危机期间非正规经济复原力的一般概念。我们发现,大流行期间的严格封锁成为加剧非正规经济脆弱性的主要驱动因素。这些影响具有时空差异、群体内部差异和多层次特征(从个体到社会)。这种脆弱的状况促使非正规经济采取若干应对机制来面对经济不利条件。长期以来,个人应对机制和政府干预都改变了非正规经济的弹性。目前防御机制的组合导致四种可能性:反弹得更好,反弹,恢复但恶化,崩溃。这一审查为各国政府应对流行病造成的经济衰退应采取的适当行动提供了宝贵的见解。它强调了在危机期间制定政策时考虑弱势群体的重要性。
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来源期刊
Indian Journal of Labour Economics
Indian Journal of Labour Economics Economics, Econometrics and Finance-Economics and Econometrics
CiteScore
3.20
自引率
6.70%
发文量
48
期刊介绍: Indian Journal of Labour Economics (IJLE) is one of the few prominent Journals of its kind from South Asia. It provides eminent economists and academicians an exclusive forum for an analysis and understanding of issues pertaining to labour economics, industrial relations including supply and demand of labour services, personnel economics, distribution of income, unions and collective bargaining, applied and policy issues in labour economics, and labour markets and demographics. The journal includes peer reviewed articles, research notes, sections on promising new theoretical developments, comparative labour market policies or subjects that have the attention of labour economists and labour market students in general, particularly in the context of India and other developing countries.
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