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Abstract

Purpose – This research aims to examine the determinants of economic growth in five ASEAN countries with a focus on the role of Gross Capital Formation (GCF), Foreign Direct Investment (FDI), Human Capital (HC), and Trade Openness (TO).
Methods – This research uses a quantitative approach with panel data regression analysis, using secondary data from the World Development Indicators (WDI) for the 2014–2023 period.
Findings – Empirical results show that Gross Capital Formation has a positive and significant effect on economic growth in five ASEAN countries. Likewise, Foreign Direct Investment shows a positive and significant relationship with economic growth. However, Human Capital and Trade Openness did not show a statistically significant influence on economic growth in the region during the research period.
Implication – These findings indicate that domestic and foreign capital accumulation is the main driver of ASEAN-5 economic growth. Therefore, policies need to prioritize a conducive investment climate and infrastructure development to support economic growth.
Originality – This research contributes to providing the latest empirical evidence regarding the determinants of ASEAN-5 growth using the post-pandemic recovery period (2021–2023).



Abstrak
Tujuan – Penelitian ini bertujuan untuk mengkaji determinan pertumbuhan ekonomi di lima negara ASEAN dengan fokus pada peran Gross Capital Formation (GCF), Foreign Direct Investment (FDI), Human Capital (HC), dan Trade Openness (TO).
Metode – Penelitian ini menggunakan pendekatan kuantitatif dengan analisis regresi pada data panel, dengan data yang digunakan merupakan data sekunder dari World Development Indicators (WDI) periode 2014–2023.
Temuan – Hasil empiris menunjukkan bahwa Gross Capital Formation berpengaruh positif dan signifikan terhadap pertumbuhan ekonomi di lima negara ASEAN. Demikian pula, Foreign Direct Investment menunjukkan hubungan yang positif dan signifikan dengan pertumbuhan ekonomi. Namun, Human Capital dan Trade Openness tidak menunjukkan pengaruh yang signifikan secara statistik terhadap pertumbuhan ekonomi di kawasan tersebut selama periode penelitian.
Implikasi – Temuan ini menunjukkan bahwa akumulasi modal domestik dan asing merupakan pendorong utama pertumbuhan ekonomi ASEAN-5. Oleh karena itu, kebijakan perlu memprioritaskan iklim investasi yang kondusif serta pembangunan infrastruktur guna mendukung pertumbuhan ekonomi.
Orisinalitas – Penelitian ini berkontribusi dalam memberikan bukti empiris terkini mengenai determinan pertumbuhan ASEAN-5 dengan menggunakan periode pemulihan pascapandemi (2021–2023).

Keywords

Pertumbuhan ekonomi Gross Capital Formation Foreign Direct Investment Human Development Index trade openness

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Copyright (c) 2026 Ari Rudatin, Ahmad Zikrillah

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How to Cite
Rudatin, A., & Zikrillah, A. (2026). Determinan pertumbuhan ekonomi negara ASEAN-5: bukti empiris dengan model regresi data panel. Jurnal Kebijakan Ekonomi Dan Keuangan, 5(1), 103–110. https://doi.org/10.20885/JKEK.vol5.iss1.art10
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