Current Economic Slowdown Research Articles

PENGENALAN PEMASARAN DIGITAL PADA UMKM VEZARA DI PGC, CILILITAN JAKARTA TIMUR

Digital marketing is promotional activities and market search through online digital media by utilizing various means such as social networks. Cyberspace is now no longer only able to connect people with devices, but also people with other people throughout the world. It is hoped that the existence of MSMEs will be able to stimulate the economy amidst the current economic slowdown. The use of digital technology-based marketing concepts (digital marketing) gives hope for MSMEs to develop into economic powerhouses. MSME players collaborate on promotional media and digital-based distribution media to gain maximum profits. Currently, almost all MSME businesses or even restaurants and fast food businesses use digital marketing-based promotional media and distribution media. The aim of this PKM is to provide enlightenment for the progress of MSMEs in the field of marketing by utilizing social media as a means to increase sales

Analysing Factors that Enhance the Growth and Survival of Small and Medium Enterprises in Ghana

The economy of Ghana has been growing consistently during the recent years, and this growth has increased poverty and increased the number of middle-income countries in the region. Meanwhile, the current regional and global economic slowdown requires a new growth model for Ghana, with strengthened fluctuation for Small and Medium-sized enterprises (SMEs) to raise national productivity. Small and Medium Enterprises (SME’s) in Ghana play a dynamic role in the development of this nation, and this cannot be over- emphasized. It also serves as a means of employment in the country thus releasing the pressure on the civil and public sector in the case of employment. The study seeks to solve a problem of technology by Small and Medium Enterprises (SME’s) surveyed in Ghana by using PESTEL theory. It that painful process that Small and Medium Enterprise face to access the loan. Examine the various causes that hinder the growth and survival of small businesses in Ghana. To examine the variables that leads to the growth and survival of small businesses. To enumerate various sources of funds available to SMEs in Ghana and to ascertain the impact of hindrances by SME‟s to the growth of Ghana economy. Finally, the study also revealed that most of the entrepreneurs do not have much knowledge in using technology and it has affected the growth and the survival of SME. It is believed that if all the recommendations are taken into consideration, that entrepreneurs must regard the legal aspect of their day-to-day activities and process the necessary documents to avoid legal actions taken against them.

Strategi Pemasaran Digital Dalam Meningkatkan Usaha Kecil Dan Menengah

Cyberspace is now no longer only able to connect people with devices, but also people with other people throughout the world. It is hoped that the existence of MSMEs will be able to stimulate the economy amidst the current economic slowdown. The use of digital technology-based marketing concepts (digital marketing) gives hope for MSMEs to develop into economic powerhouses. MSME players collaborate on promotional media and digital-based distribution media to gain maximum profits. Currently, almost all MSME businesses or even restaurants and fast food businesses use digital marketing-based promotional media and distribution media. This research focuses on discussing the role of digital marketing as a marketing strategy for Micro, Small and Medium Enterprises (MSMEs) through the concept of people’s economic empowerment. This strategy is an adaptation step to be able to survive and transform into superior Micro, Small and Medium Enterprises (MSMEs) in the era of the industrial revolution 4.0.

Exploring Indicators for Sustainable Shovel-Ready Projects: A Systematic Literature Review

This paper presents a rapid systematic review of the indicators and taxonomies of the best practices and governance for construction professionals within small and medium enterprises (SMEs) concerning the management of the sustainability goals of shovel-ready projects and infrastructure stimulus packages. The literature in this field is voluminous and reasonable evidence supports its importance. However, many unknowns exist concerning the association between the sustainability agenda and indicators that are linked to stimulus objectives during the current economic slowdown. This research employed a systematic literature review of peer-reviewed articles. It analysed 660 articles and found that 186 met the study criteria. The research focused on two thematic indicators of sustainability goals in shovel-ready projects, i.e., job creation and environmental aspects. The study primarily examined practices and indicators related to small and medium enterprises (SMEs) addressing sustainability and shovel-ready project objectives. The results suggest that SMEs are more vulnerable during economic downturns and financial crises than larger enterprises. The study also argues that engaging in sustainability objectives or aspects is a competitive strategy for SMEs. Due to time constraints, the article search was limited to peer-reviewed journals published in two academic databases from 2000 to 2021, i.e., Scopus and EBSCO, and considered aspects of job creation and environmental sustainability. Important areas for further research are highlighted as part of the study outcomes. The developed indicators can be tested and verified for construction SMEs to improve sustainability practices concerning shovel-ready project goals and their implementation.

What Made Possible the Korea’s Economic Miracle? : Park Chung Hee’s Economization of Politics, Economic Discrimination and Corporate Economy

This paper attempts to dispel the myths about Korea’s development policies and achievements during the developmental era led by the late President Park Chung Hee (hereafter Park), and to learn about his political economy leadership, which made the Korean economic miracle possible. As many of his development policies were non-orthodox, mainstream economics and political science academia and the opposition political circles have heavily criticized his political economy regime. Therefore, the paper introduces a new general theory of economic development to serve as an analytical basis for objectively reevaluating Park’s policies and achievements. The new theory states that the economic discrimination policy of “rewarding high performance and penalizing low performance” is necessary for economic development, while egalitarianism, disregarding high performance, is sufficient for economic stagnation. The paper then reinterprets Korea’s development history over the last 60 years by highlighting that Korea’s Han-river miracle was led by Park’s firm adherence to the economic discrimination principle, while the current economic growth slowdown is due to the egalitarian policies rewarding the low performance. The paper then explains how Park succeeded with non-traditional approaches. Finally, the paper concludes that Park made the Korean economic miracle possible by implementing “economic discrimination” policies via adopting “economization of politics” under authoritarian democracy and thereby achieving “corporate-led growth” under the ideology of a capitalist corporate economy.

Perspective on China's commitment to carbon neutrality under the innovation-energy-emissions nexus

The changing landscape in global geopolitics of energy security coupled with post-COVID slow economic recovery has raised concerns about China's carbon neutrality commitment. This study seeks to answer the role of China's green innovation, renewables, non-renewables, and GDP for CO2 emissions using the novel Quantile Auto-regressive Distributed Lag (QARDL) model over an extended period from 1990 to 2020. The results conclude that green innovation can reduce CO2 emissions by up to three times with a 1:3 ratio while renewable energy sources are able to cut CO2 emissions with a modest rate of return at a 1:0.8 ratio. Similarly, with a 1:3.5 ratio, fossil fuels which still account for more than 83% of total energy consumption are highly emission-intensive. GDP spurs CO2 emissions but at a decreasing rate. In addition, the results also conclude the validation of the EKC hypothesis, meaning that GDP has the potential to offset environmental degradation in both short- and long-run paths. In the current situation, the renewable energy sector is environmentally inefficient and needs policy reforms. Considering the current economic slowdown and potential future challenges to energy security, the country needs to take stringent policy measures to fulfill its existing commitments in self-interest.

Discussion on the construction of a financial sharing centre for T Enterprise

With the current global economic slowdown and increased economic instability, T enterprises are facing increasingly fierce market competition and changing market environment at home and abroad, and the difficulty of maintaining market competitiveness continues to increase. The construction of a financial sharing centre is an important breakthrough in the digital transformation of T enterprises. Through process re-engineering, the centre can innovate management methods, reduce costs and expenses, improve management efficiency, promote the integration of business and finance, and continuously enhance the market competitiveness of T enterprises. This paper first briefly introduces the basic situation of financial sharing centre and T enterprises, then analyses the driving force and construction benefits of building financial sharing centre in T enterprises, and finally discusses the key construction contents of financial sharing centre in T enterprises.

The Share Price Movement Of Indian Banking Shares, can alter the GDP, based on the interest rate

The stock market is the altimeter of Indian budgeting. Trading in the Stock market is subject to market risk, and therefore returns can be affected, although it provides diversification to the portfolio of Retail investors, HNI & FII clients. The investment pattern of each category affects the growth of the country. As investments are reduced due to the risk aversion factor, the GDP fell to 6.0 percent for Q1 FY23, which is the lowest of the two years as per the economic survey of the Ministry of finance, resulting in a domestic slowdown in Q2 FY23. This research work aims to study the effects of an array of fundamental factors like – interest rate risk, counterparty risk, and regulatory risk on the share price movement of Top 5 (SBI, Canara Bank, Union Bank of India, Punjab National Bank, Bank of Baroda) performing public Banking sector stocks listed on the Indian stock exchange. So, the long-term investors should look on to the fundamentals and invest wisely to earn even in the current economic slowdown situation of FY 23. The results suggest that these three factors affect most of the share prices, namely- interest rate risk, counterparty risk, and regulatory risk and explained only interest rate risk taking into consideration.

Performance Enhancement of Hybrid Algorithm for Bank Telemarketing

Telemarketing is an interactive direct marketing system in which telemarketers encourage customers to leverage the resources by notifying, imparting knowledge of online products, latest business offers via direct interaction or through a telephone call. In the contemporary global pandemic spell telemarketing has become dominant backbone to increase the online banking business to withstand for the reducing retail business. It has gained prominance in the banking and financial sector with the enormous adoption and availability of cellular connections amongst customers. The contemporary work has scrutinized conventional classification as well as data mining methods have a problem of ill-fitting with multiple features and are prone to data leakage during re-training of the machine learning model. A local Indian bank were designated, contemplating the current economic slowdown and crisis. A discussion on three machine learning (ML) models is performed along with the Hybrid ML model, Logistic Regression ML model (LR), Naive Bayes ML model (NB), Decision Trees ML model (DTs). The three ML models were tested and analysed with proposed Hybrid ML model on an evaluation set, the data is partitioned as training, validation and test set. The hybrid model first identifies important features of subscribed customers and predicts response for a potential customer, both existing and new who will eventually subscribe again through the direct marketing campaign. The hybrid model is trained to predict the response of new customer who will subscribe to the product or service offered via a direct marketing campaign through transfer learning. The hybrid model API shows new customer response on the front-end screen. To overcome the problem of ill-fitting and data leakage, the model is trained on a large dataset and tuned on a validation set. The proposed hybrid machine learning technique presented the best results (Accuracy 98.69%). Python language is used to develop the model. Financial institutions and organizations can use the hybrid model for predictions of product direct marketing response with customer transaction information.

The role of trade narratives in poverty reduction after the COVID-19 crisis

PurposeThis paper aims to explore different possible economic narratives concerning trade, which may emerge based on lessons learned from the COVID-19 crisis and likely effects of these differing narratives would have on global poverty reduction.Design/methodology/approachThis is a conceptual paper based on original analysis of selected literature.FindingsThe global response to the COVID-19 crisis of severely restricting international travel and business operations has been accompanied by slowing economic growth and increased levels of global poverty. Due to the nature of the crisis, it is not currently clear, even with hindsight, whether the measures taken have produced more benefits than problems. However, the pace and direction of the economic recovery and the effect on future levels of global poverty will likely depend to some extent on which narratives go viral and become accepted.Social implicationsMembers of academia as well as others have a role to play in creating and spreading narratives about economic activities and focusing on narratives, which do not ignore the plight of the global poor in the aftermath of the current crisis might have a positive effect on the living standards of the hundreds of millions of people living in poverty who have been affected by the current global economic slowdown.Originality/valueThe paper uniquely links ideas associated with behavioral economics, international business theories and empirical evidence with reducing poverty as we move past the COVID-19 crisis.

Pemanfaatan Digital Marketing Pada Usaha Mikto Kecil dan Menengah (UMKM) di Kota Tangerang Selatan

Micro, Small and Medium Enterprises (UMKM) have an important role in the pace of Indonesia's economy, especially in job creation and household empowerment that supports household income. The existence of UMKM is expected to be able to spur the economy amid the current economic slowdown. Utilization of the concept of marketing based on digital technology (digital marketing) provides hope for UMKM to develop into a center of economic strength. The development of digital technology enables UMKM to market their products online and conduct transactions through the online banking system as well. This study aims to see whether the implementation of digital marketing can have an influence on the sales volume of UMKM industry results, as well as to find out whether the use of digital marketing has a large influence on the development of UMKM businesses in South Tangerang City. This research was conducted with a qualitative research method to look deeper into the influence of the use of digital marketing in the development of UMKM businesses in the eyes of UMKM managers in South Tangerang City. The results showed that the use of digital marketing can increase UMKM sales by 30-50 percent, and digital marketing is able to expand their market share and at the same time reduce the promotional costs they incur, as well as being able to shorten the distance of UMKM interaction with their consumers

CURRENT ECONOMIC SLOWDOWN AND OPPORTUNITIES FOR COST EFFECTIVE SERVICES AND PRODUCTS USING TECHNOLOGICAL INVENTIONS: AN EMPIRICAL STUDY

Technology has always played a great role in transforming economy. From computers to Internet of Things, the technology has not only supported the business and allied areas but also has revived the economy from time to time. The current economic slowdown has raised the eyebrows of all the industry experts and economics. There has been a major impact on GDP, export growth rate and many other aspects of the economy. The slowdown has come into phases, which may be considered as the result of GST (Goods and Services Tax), Demonetization and/or the current pandemic situation. The experts have observed that there are many factors that indicate about the problem in the economy. Now consumption and demand has decreased because people want to keep more money with themselves (cash or bank) so that they can meet the sudden and urgent requirements and they are not interested much in spending the money. The decreased consumption has de-motivated the industry and as a result the production has also gone down. The study also finds that how technology can play a role in the helping the economy. It was found that technology can help in cheaper products, providing best services to the customers at affordable prices and provide economical business operations. The sample size of the present study is 244 (122 economists and 144 industry experts). The sampling method was judgment sampling and data analysis tools were weighted mean and multidimensional scaling. Keywords : Economic Slowdown, Multidimensional Scaling, Technology, Cost Effectiveness . JEL Classifications: O3, O47 DOI: https://doi.org/10.32479/ijefi.10460

Rescuing human development from a lip‐service syndrome

AbstractMotivationDespite widespread acknowledgement of and praise for the Human Development Report by policy‐makers, practitioners and individual academics, the paradigm of human development has often lacked sustained academic and operational policy‐making attention.PurposeInvestigating this undesirable disconnect and discussing the possible reasons behind it, this article reveals two fundamental challenges: to make more specific the rich concepts of human development and to relate them to the dominant concepts of development, and to motivate and guide the context‐specific choices at the national and regional level.Approach and MethodsAddressing these challenges will require a more careful exploration of the theoretical and operational implications of the work of Amartya Sen and Martha Nussbaum, and of their adoption by the Human Development Report Office (HDRO) at the United Nations Development Programme (UNDP).ConclusionsTo achieve the adoption of the human development paradigm, the article makes some proposals both to the UNDP and to academia for the future directions of the Human Development (HD) approach.Policy implicationsThe proposals on HD seek to chart pathways out of the current economic stagnation and slowdown.

Official Export Credit Support: Competition and Compliance Issues

Aggressive competition in the official export credit support market has resulted in an increase in activity that lies outside of the main instruments regulating competition and sustainable development in export finance terms – the OECD Arrangement on Officially Supported Export Credits, (OECD Arrangement on Official Export Credits. TAD/PG(2019)1) and the OECD Common Approaches(OECD Recommendation of the Council on Common Approaches for Officially Supported Export Credits and Environmental and Social Due Diligence (The ‘Common Approaches’). TAD/ECG(2016)3). By default, the World Trade Organization’s Agreement on Subsidies and Countervailing Duties (SCM) is becoming the main legal deterrent, despite its weakness in not covering trade in services or the sustainable development dimensions of official export credit support. Yet the playing field is also unruly because of the apparent reluctance on the part of WTO Members to challenge these measures. Export Credit Agencies (ECAs), the OECD Arrangement, the OECD Common Approaches, the WTO SCM, International Working Group on Export Credit Support (IWG) The current economic slowdown in export growth, coupled with the rise of unruly export credit support programmes, presents a strategic dilemma for the Participants to the OECD Arrangement. They are faced with the difficult choice between taking a strong pro-competition position domestically, or by fighting fire with fire and developing their own non-Arrangement type export credit support programmes. The former option is the more preferable for economic efficiency considerations and long-term competitiveness, although it may result in a controversial reduced role for their ECAs. There is a collective interest in preventing publicly-funded, yet opaque, subsidy wars in export credit terms and conditions, with negative economic, political, social and environmental repercussions. This calls for heightened cooperation among ECA governments within international bodies such as the WTO, OECD and the International Working Group (IWG) on Export Credit Support. Export Credit Agencies (ECAs), the OECD Arrangement, the OECD Common Approaches, the WTO SCM, International Working Group on Export Credit Support (IWG)

Freight Expectations: Post-pandemic Prospects for Global Trade

The World Trade Organization (WTO) has predicted that global trade in goods will drop by between 13% and 32% in 2020 as a result of the pandemic. The last time trade volumes dropped substantially, during the financial crisis of 2008, they recovered – but not at pre-crisis rates of growth. Before the current pandemic, there had already been several other pre-coronavirus trends that undermined the global trade in goods, including concerns over the Chinese government, new technology, and environmental issues. With the exit of the relatively free-trading UK, the EU is in danger of succumbing to more protectionist voices. In the US, Donald Trump was elected on a platform that included promises to address what he saw as unfair trade practices. The current economic slowdown has also potentially exposed the fragility of global supply chains and exacerbated those concerns over trading with China. While it can be expected that global trade will bounce back in 2021, the nature of the recovery is not yet clear, but it may not recover to the same level or trajectory as seen prior to lockdown. This paper examines the factors that will determine whether the recovery in trade volumes will follow the WTO’s optimistic or pessimistic scenario.

THE USE OF RENEWABLE ENERGY SOURCES IN POLAND AGAINST A EUROPEAN UNION BACKGROUND

The purpose of the analysis was to determine the degree of use of renewable energy sources in Poland in comparison to other EU countries. The article presents the degree of use of renewable energy sources in Poland against a background of European Union countries together with the quantitative use of renewable energy sources in Poland, since 2010. Poland, like other EU countries, aims at meeting its obligations towards the energy union policy and achieving the target for energy from renewable sources by 2020, in accordance with the adopted EU strategy “Europe 2020”. The results and ways of achieving the goal by Poland were presented, as well as the breakdown of Member State contributions, which are the sum of EU-level goals by 2030. Research was based on secondary data obtained from the EU statistical agency Eurostat. The publication uses, among others: analysis of domestic and foreign literature sources and analysis of secondary data expressed in real values, the results of which are presented in tabular form. For the purposes of this publication, a method of targeted selection of quantitative parameters was used, which will allow an analysis and comparison of the degree of renewable energy development in Poland and the EU. The analyzes covered the years 2010-2017. The analyzes carried out indicate that the slowdown or growth in achieving the goal is largely influenced by current economic development or slowdown, expenditure on supporting renewable energy policy, administrative procedures and current country policy. Trends in the use of renewable energy depend on, among others the above factors.

Are Foreign Securities A Safe Haven For A Rentier Economy? An Acceptability Framework from Surveys' Perspectives

Toward answering a complicated question of considering financial low-risk and fixed income instruments a safe haven for rentier economies, this study investigates the perspectives and perceptions of policy makers and non- policy makers of a rentier economy of Saudi Arabia, the largest oil producer, towards investing its financial reserves, initially, in the financial sector and, particularly fixed-income securities. Furthermore, the study explores experts’ views in regard to the optimal alternative to the investment in an financial sector. The outcomes of this research methods: interview and questionnaire, show that, despite the uncertainty and instability featured the present financial investment scene, manifested by the current economic slowdown and financial crisis: balance sheet recession, market crunches and banking collapse in different parts of the world, the majority of the participants, trusted the financial sector as a shelter for the reserves of Saudi Arabia. They believed that government bonds and T-bills are the most secure financial instruments to invest the accumulated revenues from oil returns. Thus, from the participants responses, the financial investment sector represents the acceptability framework that can be a safe channel to maximize income for the national economy.

Job quality and poverty in Latin America

AbstractLabor market dynamics have played a significant role in the remarkable social gains experienced in the recent past across Latin America. Assessing quality of employment, beyond the perspective of income, to include other fundamental aspects of jobs – such as whether jobs are secure, provide benefits, or are satisfying – can shed light on the sustainability of these achievements. This is particularly pertinent given the region's current economic slowdown. Using harmonized data for 15 countries in Latin America, this paper connects the role of job quality with the recent process of inclusive growth across the region, and particularly with how individuals worked their way out of poverty. The paper first proposes a multi‐dimensional measure for job quality, and then uses this measure to compare job quality across countries and over time. The paper also studies correlates of job quality and the relationship between job quality and poverty. One main finding is that job quality across the region began to increase in 2003. The best predictors of job quality are age, gender, firm size, formal employment, and union membership. Benefits and job satisfaction are the dimensions of job quality that are best correlated with not living in poverty.

Multivariate filter estimation and ARDL model analysis of China’s potential output

ABSTRACTIn this article, we apply a new multivariate filter approach to estimate China’s potential output. Furthermore, we build an ARDL model to analyse the influence on potential growth caused by important factors that contribute to estimation and China’s development. Our results show that the current economic slowdown is not a cyclical phenomenon and China’s potential growth has declined since 2010. We also show that fixed asset investment and trade, which have a long-run relationship with potential output, exert negative long-run effect on potential growth justifying the implementation of China’s recent supply-side reforms.

Do China’s Shadow Banking Interest Rates Capture Its Monetary Policy Stance?

ABSTRACTThe alarming growth of China’s shadow banking since 2008 has significantly increased the difficulty of measuring and controlling monetary aggregates. Combined with the current economic slowdown and the transformation in the structure of the economy, the transition in China’s monetary policy framework is inevitable. It is interesting to see whether recent changes in monetary policy are reflected in the credit market. As the official liberalized retail interest rates are still unreliable and limited, we use the shadow banking interest rate as an alternative. We then aim to determine the extent to which market-based shadow banking interest rates can capture monetary policy intentions by estimating an EGARCH (exponential generalized autoregressive conditional heteroskedasticity) model. As the major participants in shadow banking are price-sensitive small- and medium-size enterprises, which contribute more to economic growth than price-insensitive state-owned enterprises, our results provide useful policy implications for future transition and conducting monetary policy.