Economic Recovery Strategy after the COVID-19 Pandemic

The COVID-19 pandemic has been more than one year. It was started in March 2020. All aspects of life have been changed. Almost every activity must be done at home. This causes some businesses to close. Economic flow is not good since then. An economic recovery strategy must be done to restore economic growth after the COVID-19 pandemic has subsided. Until this paper is written, the economic recovery has not been reached by Indonesia. This paper describes the strategy for economic recovery after the COVID-19 pandemic. Methods: This paper is a literature review. The literature was taken from Science Direct and PubMed databases. The inclusion criteria are research and review. Exclusion criteria are short notes and commentary. Journals were selected based on the title, abstract, and full text. After the screening, there were 24 journals. Selected journals were summarized and narrated. The results showed that the economic recovery strategy must be done gradually in all aspects. The aspects that must be developed are broadband, healthcare investment and facilities, aviation, stock markets, and transportation. Broadband is essential in online working, business, and learning. Healthcare investment is very critical to shorten the lockdown period. Those strategies can alleviate the economic crisis and increase economic growth.


A. INTRODUCTION
In December 2019, a quickly spread viral infection occurred in China. The cluster was in Wuhan, Hubei Province. The virus is called coronavirus disease 2019 .
It became a pandemic on March 11, 2020, until this paper was written. The  pandemic has had great effects on all aspects of lives, including the economy (Vidal-Tomas, 2021).
Before discussing the recovering economy strategy, we must comprehend the economic situation during the COVID-19 pandemic. The economic loss was quite large, and China's economic growth decreased by more than 6%. It was estimated that the global economy in the world would be decreased by more than 4%. The decreasing economic flow can be seen from the lowering energy demand, oil, coal, and electricity demand (Beyer et al., 2021;Wan et al., 2021).
The COVID-19 pandemic brings global health problems and economic recession. A lockdown policy makes the recession get worse. However, it is important to reduce the transmission and death tolls. The job loss rate is very high. The reduced working hours reach more than 190 million globally for full-time workers (Wielen & Barrios, 2020). Healthcare investment is also a good strategy to reach a quick economic recovery condition (Coccia, 2021). Multidimensional cooperation is suggested to increase recovery speed (Fakhruddin et al., 2020).
China is the first country to show recovery after the COVID-19 pandemic.
Although the recovery is slow, it significantly The recovery phases are dominated by economics, politics, and social science.
The responses must be holistic and comprehensive. It is also an opportunity to reaffirm our commitments (Fakhruddin et al., 2020).
Although the COVID-19 pandemic has been more than one year, the economic flow hasn't been back to normal until now, even after the vaccination program is implemented. Therefore, a strategy for recovering the economy is very important. recovery. Therefore, all related articles to the recovery strategies will be included.

C. RESULTS AND DISCUSSION
Economic changes due to the COVID-19 pandemic can be seen in many indicators, such as lowering electricity usage, fuel demand, tourism, etc. Therefore, the strategies should be made specifically based on each sector's needs (Goswami et al., 2021). This paper will describe a wide range of recovery sectors' efforts because it is important to develop all of the sectors in order to gain speedy economic recovery.
There are three types of economic recovery based on the "shock geometry" concept. The first one is 'V-shaped'. It is the most optimistic one. It is the quickest recovery model.  (Goswami et al., 2021).
Growth performance, fiscal condition, and vulnerability also differ between countries.
Therefore, the recovery time will be different. Technology can be used to speed the recovery in economic flow (Goswami et al., 2021).
Reducing or closing business activities will slower economic recovery (Hitt et al., 2021). However, the important thing is the recovery must be balanced with the health strategy to maintain a healthy population (C. Zhang & Ramse, 2021).
Besides, it is also crucial to consider inequalities in long-term economic recovery (Hu, 2020

c. Investment (Assets, Cryptocurrency, Stock Market) Assets (Property)
Economic recessions are usually accompanied by decreased asset prices. The recovery will be shown by the increase in the asset price. However, the recovery can take years to resolve (Herrenbrueck, 2021).

Cryptocurrency
There has been no significant change in cryptocurrency during the COVID-19 pandemic. It was changed a bit on March 12, 2020. There was panic at that time. However, after that, the market was back to the previous conditions. The diversification benefit, efficiency, and herding were related to market conditions at that time. Therefore, dynamical analytics was more important than static ones (Vidal-Tomas, 2021).

Stock Market
Stock prices are unstable. Policymakers and hosts need to make regulations together to help regain customer confidence faster (Gerwe, 2021).

Informal Economic Sectors
The informal economic sectors are also affected by the COVID-19 pandemic.  (Gudmundsson et al., 2021).

Fuel (Fossil Fuel vs. Green Energy)
There are reducing demands for fossil fuels (coal, natural gas, and oil) during the  (Nagurney, 2021).
In the first few months of the COVID-19 pandemic, many factories closed down.
Meanwhile, the demands were increasing globally. The prices were getting up and up.
This was worsened by panic buying. The supply chain got the worse scenario.
Besides, some factories became the new clusters for virus transmission because their workers were getting infected asymptomatically, and they worked in proximity. Therefore, reallocation was needed (Nagurney, 2021).

The Phases of Recovery
There are four phases to combat a hazard's impact: preparedness, response, recovery, and mitigation. Those phases are linear, but the response and recovery phases are non-linear. The pandemic comes in a long time. Meanwhile, earthquakes or cyclones usually occur once in a while. Therefore, the responses would be slightly different. A pandemic's transition phase is associated with a disaster's recovery phase (Fakhruddin et al., 2020).
Facing the pandemic is like going through a roller coaster. There is a spiral type. It can be seen in Figure  The scales of coordination must be in (Fakhruddin et al., 2020): local/community  (Fakhruddin et al., 2020).
If many countries do multiple aspects of effective responses, the COVID-19 pandemic will very soon subside.
Vaccination speed up the recovery phase for economic growth. However, policies for recovery will be slightly different among countries. Restarting trade, services, and manufacturing will enhance the recovery phase of the economy (Fakhruddin et al., 2020).

Transitioning
After the vaccination is found, there will be a new endemic disease. It will change human society. The reaction of stakeholders due to the COVID-19 pandemic can be positive or negative. It depends on the risks, control, and decision-making. Therefore, policy consideration is important (Fakhruddin et al., 2020).  (Fakhruddin et al., 2020).

Build Recovery
There are international policy frameworks such as the Sendai Framework, Sustainable Development Goals, and climate change agreements. These policies are agreed upon by the impacted countries.
They are also already implemented in many domestic legislations. Building recovery around the frameworks can give greater cohesion among members who are in different conditions during the pandemic (Fakhruddin et al., 2020).

Invest Adequately for Preparation
Some countries reduce the funding for public healthcare systems. They focus on biological observation. However, the public healthcare systems are essential to managing the COVID-19 pandemic, and they cannot be abandoned at all.
Governments and global organizations must use the opportunity to invest in health measures to ensure future viruses or any biological threats can be identified early (Fakhruddin et al., 2020).

Investment in Multi-sector Planning
The Nations, and groupings (the G20 and G7).
Those groups can give financial support and resources to developing countries.
Strengthening the research and funding in epidemiology, laboratory, and public health measurement in low-and middle-income countries is critical to fighting against any pandemic in the future (Fakhruddin et al., 2020).

Management Cycle
The different stages in one region or country need to be taken into consideration in the management cycle. The same principles can be applied, although those countries are in different stages of crisis phases. However, sometimes one country is attacked by several types of disasters at a time. Therefore, it is essential to make plans and policies for recovery actions (Fakhruddin et al., 2020).

Design a Legal Data-Sharing System
Data is privacy. The use of data is essential for contact tracing. A system must be used in a fast and direct way (Fakhruddin et al., 2020).

Learn Lessons for our Changing Climate
The

Integrate Ecosystem Services
Accounting into Socio-Economic

Recovery and Development
Ecosystem services accounting can improve socio-economic growth.
Ecosystem services related to fertile soil, a stable climate, and clean water, a stable climate. Improving ecosystem service quality will enhance long-term socio- However, it reached a lower level during the COVID-19 pandemic (Shipton et al., 2021).

The Essentials of Economy
The economy is a designated system This type of capitalism emphasizes hierarchies in making decisions (Shipton et al., 2021).
Economic democracy guarantees the right to participate in economics, the right to govern own labor, and the right to involve in the decision-making process in the economic sectors. Planning in economic democracy must be done based on budgeting, preexisting conditions, and income quality (Shipton et al., 2021).

D. CONCLUSION
The