Abstract
This study investigates the association of macroeconomic variables with economic growth of ASEAN-5 (Indonesia, Malaysia, Singapore, Thailand and Philippines) using annual time series data over the period of 1971 to 2017. We applied Johansen co-integration and vector error correction framework to investigate the impact of energy use, trade openness, financial and infrastructure development on growth. Our empirical evidence validates energy lead growth hypothesis in all five economies. Infrastructure development impacts economic growth positively in all countries excluding Malaysia in the long-run. The impact of financial development on economic growth of Singapore was relatively greater than the rest of the ASEAN-5 countries. The association of trade openness was positive with the economic growth of Malaysia, Singapore, Philippines, and Thailand in the long-run. The maximum speed of adjustment to long-run equilibrium was recorded for Thailand.
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