This report analyzes Indonesia’s economic development in the past two years from four aspects：macroeconomy，foreign trade，industrial economy and regional development. Firstly，the report points out the outbreak of COVID-19 has caused severe shocks on Indonesian macroeconomy that shows a deep “V”-shaped fluctuation. Secondly，the report finds that Indonesian economy is currently on rebounding stage as a whole，but the extent of economic recovery is different for different regions or different sectors. North Maluku and other mineral rich provinces are experiencing more rapid economic recovery then other regions，due to the soaring prices in international commodities market. As for different sectors，export-oriented industries have been rebounding faster than other sectors. However，the coexistence of high-speed inflation and high rate of unemployment，and rapid changing external environment increase the uncertainty of Indonesia macroeconomy prospect. The monetary and fiscal policies in Indonesia remains easing in order to support the economic recovery，but meanwhile triggered a notable fiscal deficit. The strong export growth has resulted a highest trade surplus in past 14 years. But for the long run，Indonesian economy needs to deal with two major issues for getting solidary growth. One is to optimize the export structure by expanding high-value industrial commodity export，and the second is to spur the manufacture sector then can reverse the de-industrialization trend. The report also suggests implementing the RCEP will help Indonesia’s manufacture sector and export structure upgrade.