The release of macroeconomic data is currently extremely interesting as it shows to what extent the novel coronavirus (COVID-19) crisis is impacting on the economy. In terms of direct investment realization in Q1-2020 we were somewhat surprised to see no significant deterioration (yet). But perhaps the reason is simple: in the first two months of 2020 the Indonesian economy was not heavily affected yet.

Still, what remains remarkable is that in terms of foreign direct investment (FDI) in Indonesia there was a not a big drop in Chinese investment in Q1-2020. Considering China was heavily affected by COVID-19 in Q1-2020 we assumed that this would lead to a hiccup in Chinese investment.

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