Facing Global Inflation: The Role of the People’s Economy in Building Economic Independence in 2025

Octaviana Arisinta, Waspodo Tjipto Subroto and Norida Canda Sakti
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Octaviana Arisinta: Faculty of Economics and Business, State University of Surabaya
Waspodo Tjipto Subroto: Faculty of Economics and Business, State University of Surabaya
Norida Canda Sakti: Faculty of Economics and Business, State University of Surabaya

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 12, 14-23

Abstract: In the face of global inflation which is expected to increase by 2025, the people’s economy is one of the strategic solutions to build people’s economic independence. The populist economy, which is based on the strength and participation of the people, prioritizes the principles of social justice and sustainability in resource management. Through the development of Micro, Small, and Medium Enterprises (MSMEs), the people’s economy is able to improve people’s welfare by creating jobs, encouraging innovation, and strengthening local competitiveness. This study aims to analyze the role of the people’s economy in building economic independence in the midst of global inflation challenges. With a theoretical approach that includes social justice theory, sustainable development, and local economics, the study identifies a range of strategies that can be applied to empower MSMEs and increase community participation in economic activities. The results of the study show that although MSMEs have great potential in supporting the local economy, they still face significant challenges such as access to capital and technology. Therefore, policies that support the development of MSMEs are needed so that they can contribute optimally to creating economic independence in Indonesia by 2025.

Date: 2024
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