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Abstract
Impact of the COVID-19 pandemic on Garuda Indonesia, Indonesia's national airline. Reviews Garuda Indonesia's status before the pandemic, emphasizing its critical role in the global aviation sector and its challenges, including fluctuating jet fuel prices and environmental concerns. The onset of the COVID-19 pandemic brought unprecedented disruption, leading to a sharp decline in passenger demand, stringent travel restrictions, and a global economic downturn, all of which significantly impacted the aviation industry. This study analyzes the financial consequences for Garuda Indonesia, which are characterized by declining revenues and operational challenges, as well as the implementation of strategic measures to mitigate these impacts. The study uses a comprehensive methodology, analyzing financial statements and market data to assess the airline's resilience, financial health, and adaptation strategies during the pandemic. The study highlights the airline's shift towards financial restructuring, increasing operational efficiency, and focusing on passenger-centric services as key strategies for survival. The role of government support and policies in assisting the aviation sector during this crisis is also discussed, emphasizing the need for such interventions for the industry's recovery. The paper underlines the importance of continued innovation and adaptability in the aviation industry, particularly for airlines like Garuda Indonesia, to navigate post-pandemic challenges and sustain long-term growth and development.
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References
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References
Abate, M., Christidis, P., & Purwanto, A. J. (2020). Government support to airlines in the aftermath of the COVID-19 pandemic—Journal of Air Transport Management, 89, 101931.
Abdi, Y., Li, X., & Càmara-Turull, X. (2023). Firm value in the airline industry: Perspectives on the impact of sustainability and Covid-19. Humanities & Social Sciences Communications, 10(1), 294. https://doi.org/10.1057/s41599-023-01644-8
Abdillah, A. M. (2021). Various policies of PT Garuda Indonesia (Persero) Tbk are used to increase its productivity, efficiency, and income. Journal of Social Research, 1(1), 54-64. https://doi.org/10.55324/josr.v1i1.4
Bloomberg. (2025). Garuda Indonesia summary and financials. https://www.bloomberg.com/quote/GIAA:IJ
Crombrugghe, A. d., Al Hussami, F., Bule, T., Celani, A., Mistura, F., Montinari, L., & Roberts, B. (2020). Building a competitive and responsible investment environment in Indonesia to support a resilient COVID-19 recovery. Organisation for Economic Co-operation and Development (OECD). https://www.oecd.org/daf/inv/investment-policy/Building-a-competitive-and-responsible-investment-environment-in-Indonesia-to-support-a-resilient-COVID-19-recovery.pdf
Garuda Indonesia. (2017). Transformasi strategi finansial berkelanjutan. https://www.garuda-indonesia.com/other-countries/en/news-and-events/garuda-laksanakan-transformasi-strategi-finansial-berkelanjutan
Garuda Indonesia. (2025). Company profile. https://www.garuda-indonesia.com/id/en/corporate-partners/company-profile/about/index
Garuda Indonesia. (2025). Hubungan investor. https://www.garuda-indonesia.com/content/dam/garuda/hubungan-investor/20230612%20AR%20GARUDA%202022%20-%20FULL.pdf
Garuda Indonesia. (2025). Fleet revitalization. https://www.garuda-indonesia.com/nl/en/garuda-indonesia-experience/fleets/fleet-revitalization
International Air Transport Association (IATA). (2023). IATA annual review 2023. https://www.iata.org/contentassets/c81222d96c9a4e0bb4ff6ced0126f0bb/annual-review-2023.pdf
International Air Transport Association (IATA). 2022). Understanding the pandemic's impact on the aviation value chain. https://www.iata.org/en/iata-repository/publications/economic-reports/understanding-the-pandemics-impact-on-the-aviation-value-chain/
Macrotrends. (2025). Inflation rate CPI - Indonesia. https://www.macrotrends.net/countries/IDN/indonesia/inflation-rate-cpi
Organisation for Economic Co-operation and Development (OECD). (2020). COVID-19 and the aviation industry: Impact and policy responses. https://doi.org/10.1787/26d521c1-en
Organisation for Economic Co-operation and Development (OECD). (2021). The territorial impact of COVID-19: Managing the crisis and recovery across levels of government. https://doi.org/10.1787/a2c6abaf-en
Statista. (2023, September 19). Coronavirus: Impact on the global economy. https://www.statista.com/topics/6139/covid-19-impact-on-the-global-economy/#topicOverview
Suban, E., Kalsum, U., & Makkulau, A. R. (2022). Analisis dampak pandemi COVID-19 terhadap kinerja keuangan PT Garuda Indonesia (Tbk). Journal of STIE 66 Kendari. https://www.journal.stie-66.ac.id/index.php/sigmajeb/article/download/117/103/131
Tim. (2023). Garuda putus kontrak dan pensiunkan dini karyawan demi hemat biaya. CNN Indonesia. https://www.cnnindonesia.com/ekonomi/20230530192028-92-955968/garuda-putus-kontrak-dan-pensiunkan-dini-karyawan-demi-hemat-biaya
U.S. Government Accountability Office (U.S. GAO). (2021). Observations on the ongoing recovery of the aviation industry. https://www.gao.gov/assets/gao-22-104429.pdf
Uğur, N. G., & Akbıyık, A. (2020). Impacts of COVID-19 on the global tourism industry: A cross-regional comparison. Tourism management perspectives, 36, 100744.