This chapter presents empirical evidence that consumption drives investment in Indonesia, and not vice versa. It examines the impacts of the COVID-19 pandemic on Indonesia’s exports and imports, both in terms of volume and value. The chapter argues that the more extensive breadth and coverage of targeted welfare programmes rolled out by the government played a key role in curtailing Indonesia’s economic contraction in 2020. It argues that the COVID-19 pandemic has affected China’s foreign trade primarily through its impact on local and global supply in manufacturing production due to disruptions in transportation and lockdown measures and, to a lesser extent, swings in global demand. This chapter argues that Singapore stands out in its ability to strike the balance between minimising the impacts of the virus on human health and minimising the large-scale economic impacts on people’s livelihoods.