Analisis Teoretis terhadap Regulasi Hukum mengenai Deflasi di Indonesia dengan pendekatan pada sektor UMKM

Abstract

Deflation is a sustained decline in the prices of goods and services that can lead to a decrease in aggregate demand, potentially impacting a country's economic growth. In 2020, Indonesia experienced deflation triggered by the COVID-19 pandemic, which impacted various sectors, particularly Micro, Small, and Medium Enterprises (MSMEs). MSMEs, as a dominant economic sector, are highly vulnerable to price fluctuations and public purchasing power. This study aims to analyze deflationary regulations in Indonesian positive law and the legal protection provided to MSMEs against deflationary risks. This study uses a normative legal method, with a descriptive-analytical approach to legal regulations governing fiscal and monetary policies, and legal protection for MSMEs. The research data consists of primary, secondary, and tertiary legal materials collected using literature studies and analyzed using qualitative normative data analysis methods. The results show that despite government policies such as the People's Business Credit (KUR) to strengthen MSMEs, their implementation has not been fully effective due to persistent obstacles to access and legal literacy. More integrative policies and stronger legal protection for MSMEs are needed to address the impacts of deflation. The research's recommendations include strengthening fiscal policy, increasing MSME digitalization, and providing better access to capital facilities to enable the sector to survive and thrive despite the economic downturn.