Abstract
This paper analyzes the determinants of economic growth acceleration in Indonesia, Thailand, and Vietnam. It aims to reveal Thailand’s plausible explanations and Vietnam’s development success compared to Indonesia during the COVID-19 pandemic. This research provides an in-depth study parallel to a case study by using comparable variables. It examines six determinants: natural resources, investment, population growth, social-culture, human resources, and political. The evidence exhibits Vietnam has better conditions in all determinants compare to Indonesia and Thailand. Lessons learned from its development experiences could improve Vietnam’s successful strategy with previous outbreaks to impact the current economic development.Keywords: COVID-19 Pandemic, Economic Growth, International Political Economic
Highlights
On 31 December 2019, the World Health Organization (WHO) China Country Office informed of cases of pneumonia of unknown etiology detected in Wuhan City, Hubei Province of China (WHO, 2020b) the WHO China Country Office was informed of cases of pneumonia of unknown etiology
A split of political and administrative factors into critical decision-making, border issues, and leadership factors to determine coronavirus containment or devastation. It comes when studying their impact on the economic growth and understanding the elements essential as government and others struggle to deal with COVID-19 and consider how to better prepare for future pandemics (Flournoy & Morell, 2020)
With about 70 million people, Southeast Asia was the first country outside China to report a case of coronavirus; on January 13 (Nytimes, 2020), Vietnam, Thailand, and Indonesia implemented mass quarantines in suspected risky spots based on evolving epidemiological evidence over time
Summary
On 31 December 2019, the World Health Organization (WHO) China Country Office informed of cases of pneumonia of unknown etiology (unknown cause) detected in Wuhan City, Hubei Province of China (WHO, 2020b) the WHO China Country Office was informed of cases of pneumonia of unknown etiology The travel and tourism industry contributed over 393 billion U.S dollars to the GDP in Southeast Asia in 2019 (Statista, 2020). Compare to the International Monetary Fund (IMF) and the World Bank on economic projections for Asia show that only three countries are estimated to grow above 0% or post positive growth, namely Indonesia, China, and India (CABINET SECRETARIAT OF THE REPUBLIC OF INDONESIA, 2020). Economic Determinants of Growth Acceleration During Covid-19 Pandemic: A Comparative Study Between Indonesia, Thailand, and Vietnam. The tourism industry has flourished and become a significant driver of the economy and a central feature of the government’s economic growth strategy, such as Bali (Indonesia), Phuket (Thailand), and Ha Long Bay (Vietnam). Each country has its policy to deal with the pandemic; the decision will impact the political and security, and economic activity
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