Why did Indonesia outperform others in the first two months?

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Indonesia's Economy Showed Resilience in Early 2020 Due to Later Lockdown Implementation

Indonesia's economy demonstrated a degree of resilience in the initial months of 2020, outperforming some other nations due to a delayed implementation of widespread economic lockdowns. This strategic timing allowed economic activity to continue for a longer period before the full impact of the coronavirus pandemic began to be felt. While the first quarter of 2020 saw overall growth slow to 2.97 per cent, the weakest since 2001, the early part of the quarter benefited from a less restrictive environment compared to countries that imposed immediate and stringent containment measures.
Delayed Lockdown Measures Provided a Buffer

The relative economic stability in the first two months of 2020 can be attributed to Indonesia's decision to delay the imposition of significant lockdown measures. Unlike many other nations that initiated comprehensive shutdowns in January and February, Indonesia's first confirmed cases of COVID-19 were reported in early March, with schools and offices closing later that month. This staggered approach meant that key economic drivers such as household consumption, investment, and commodity exports experienced a period of normal or near-normal activity before the pandemic's effects became pervasive.
Economic Activity Remained Relatively Stable Before March

Policymakers noted that the full economic repercussions of the pandemic would not be apparent until later, as economic activity had held up relatively well in January and February. This allowed for continued operation in sectors that form the backbone of the Indonesian economy. For instance, household consumption, which accounts for over half of the nation's GDP, still registered growth of 2.84 per cent in the first quarter, indicating that its impact was not immediately catastrophic. Similarly, investment and exports saw modest growth of 1.7 per cent and 0.24 per cent, respectively, during the same period, reflecting a less severe initial shock.
Broader Economic Context and Impact

While the delayed lockdowns offered a temporary advantage, the latter part of the first quarter saw a significant downturn. The pandemic's impact on consumption, investment, tourism, and commodity exports became evident as cases rose and restrictions were eventually put in place. The economic consequences were substantial, with approximately 1.7 million people losing their jobs by early May due to the pandemic. In response, the government expanded its fiscal deficit to fund healthcare and economic stimulus measures, while Bank Indonesia implemented interest rate cuts and injected liquidity into the financial system to mitigate the economic fallout.

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Why did Indonesia outperform others in the first two months?

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