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Abstract

Purpose – This study aims to analyze the dynamics of economic growth convergence and the factors influencing income per capita in BRICS 11 countries over the period 2002–2023. The main focus is to identify the existence of both absolute and conditional convergence in economic growth across countries.
Methods – This study employs a quantitative approach using dynamic panel data. The model is estimated using System GMM and Difference GMM methods to address endogeneity problems and ensure instrument validity. The variables used include GDP per capita as the dependent variable, while Human Development Index (HDI), Foreign Direct Investment (FDI), unemployment rate, and labor force participation rate are used as independent variables.
Findings – The results indicate evidence of economic convergence among BRICS 11 countries, both in absolute and conditional forms. FDI is found to have a positive and significant effect on GDP per capita, while the unemployment rate and labor force participation tend to have negative effects. Meanwhile, HDI does not show a significant impact on income per capita.
Implication – These findings suggest that policies promoting foreign investment and strengthening labor market quality are important factors in driving economic growth and accelerating income convergence in BRICS countries.
Originality – This study contributes empirically by integrating absolute and conditional convergence approaches using dynamic panel data with System and Difference GMM estimators on the updated BRICS 11 country group over the most recent observation period.



Abstrak
Tujuan – Penelitian ini bertujuan untuk menganalisis dinamika konvergensi pertumbuhan ekonomi serta faktor-faktor yang memengaruhi pendapatan per kapita pada negara-negara anggota BRICS 11 selama periode 2002–2023. Fokus utama penelitian adalah mengidentifikasi adanya konvergensi absolut maupun kondisional dalam pertumbuhan ekonomi antarnegara.
Metode – Penelitian ini menggunakan pendekatan kuantitatif dengan data panel dinamis. Estimasi model dilakukan menggunakan metode System GMM dan Difference GMM. Variabel yang digunakan meliputi GDP per kapita sebagai variabel dependen, serta Human Development Index (HDI), Foreign Direct Investment (FDI), tingkat pengangguran, dan tingkat partisipasi angkatan kerja sebagai variabel independen.
Temuan – Hasil penelitian menunjukkan adanya indikasi konvergensi ekonomi di negara-negara BRICS 11, baik secara absolut maupun kondisional. Variabel FDI terbukti berpengaruh positif dan signifikan terhadap GDP per kapita, sedangkan tingkat pengangguran dan partisipasi angkatan kerja cenderung memberikan pengaruh negatif. Sementara itu, HDI belum menunjukkan pengaruh signifikan terhadap peningkatan pendapatan per kapita.
Implikasi – Temuan ini mengindikasikan bahwa kebijakan peningkatan investasi asing serta penguatan kualitas pasar tenaga kerja menjadi faktor penting dalam mendorong pertumbuhan ekonomi dan mempercepat proses konvergensi pendapatan di negara-negara BRICS.
Orisinalitas – Penelitian ini memberikan kontribusi empiris dengan menggabungkan pendekatan konvergensi absolut dan kondisional menggunakan panel dinamis System GMM dan Difference GMM pada kelompok negara BRICS 11 terbaru dengan periode pengamatan terkini.

Keywords

Konvergensi ekonomi GDP per kapita data panel dinamis System GMM Difference GMM

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Copyright (c) 2026 Dika Bagaskoro, Aminuddin Anwar

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How to Cite
Bagaskoro, D., & Anwar, A. (2026). Analisis konvergensi pertumbuhan ekonomi Negara-Negara BRICS Periode 2002 – 2023. Jurnal Kebijakan Ekonomi Dan Keuangan, 5(1), 30–45. https://doi.org/10.20885/JKEK.vol5.iss1.art3
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