Interaction Between Investment, Exports, Human Development Index, Technology, and Corruption on Economic Growth of ASEAN Countries

This type of research is quantitative descriptive. This study looks at the impact of tourism, foreign direct investment, and institutions on economic growth in ASEAN. The scope of this research is 10 ASEAN member countries from 2003-2021. This study uses five independent variables: international tourism receipts, Feign Direct Investment (FDI), the rule of law, government effectiveness, and regulatory quality. The dependent variable is GDP as a proxy for economic growth. The data used is secondary data sourced from the World Bank. The analytical method used is the panel data regression analysis method. Based on the results of this study, it was found that international tourism receipts, foreign direct investment, the rule of law, government effectiveness, and regulatory quality together affected GDP as a proxy for economic growth in ASEAN countries in 2003-2021. Partially, international tourism receipts, the rule of law, and government effectiveness positively and significantly affect economic gr. In contrast, FDI and regulatory quality have yet to influence economic growth in ASEAN countries from 2003-2021.

Research Originality: This study provides a new perspective on the dynamics between foreign direct investment (FDI), idiosyncratic risk, and economic growth in ASEAN countries using structural equation modeling (SEM). It contributes to the literature by highlighting the nuanced role of idiosyncratic risk in shaping regional economic outcomes.Research Objectives: The study aims to examine the direct and indirect impacts of FDI inflows, idiosyncratic risk, and sectoral variables (manufacturing, agriculture, and services) on economic growth in ASEAN from 2013 to 2023.Research Methods: The study uses data from the ASEAN Statistical Database and applies SEM to estimate the relationships between these variables.Empirical Result: The main findings indicate that FDI inflows have minimal impact on idiosyncratic risk, as evidenced by regression coefficients below 0.001 for inward and intra-ASEAN FDI. In contrast, idiosyncratic risk significantly impacts economic growth. The results also reveal that sectoral variables such as manufacturing, agriculture, and services exhibit weaker associations with economic growth.Implications: This information suggests that policymakers should focus on exploiting idiosyncratic risk to improve economic development, while acknowledging the limited direct impact of FDI on risk management, thereby debating more appropriate strategies to promote sustainable economic growthJEL Classification: A11, E60, H11

Purpose – The study aims to confirm a positive relationship between digitalization and economic growth in ASEAN. It seeks to provide insights into the challenges and future directions for ASEAN’s economic growth by examining the impact of digitalization through broadband penetration. Design/Methodology/Approach – This study employs regression analysis using a fixed-effect model with data sourced from World Development Indicators (WDI) and the United Nations Development Programme (UNDP), covering the period from 2008 to 2020. Its primary objectives are to offer a comprehensive understanding of the relationship between digital technologies and the economic development of ASEAN, and to identify factors contributing to economic growth in the region. The focus is on Southeast Asian countries, namely Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam Findings – The findings yield compelling evidence in support of the hypothesis, emphasizing the pivotal role of expanding broadband infrastructure in fostering economic growth across ASEAN countries. Furthermore, the study underscores the importance of enhancing broadband infrastructure and highlights the potential impact on the economic development of developing nations. It emphasizes the crucial role played by fixed-broadband, mobile-broadband, and fixedtelephone subscriptions in contributing to the economic growth of ASEAN countries. Research Implications – This study proves a significant positive relationship between digitalization and economic growth in the region. It offers a preliminary understanding of the impact of digitalization on economic growth in ASEAN, laying the groundwork for future research.

This study aims to review The relationship between foreign direct investment (FDI), idiosyncratic risks, and economic growth in ASEAN Countries. It seeks to provide insight into how FDI and associated risks affect economic development and the achievement of the Sustainable Development Goals (SDGs). The theoretical framework is based on endogenous growth theory, which posits that FDI contributes to economic growth through technology transfer, capital accumulation, and skill enhancement. Idiosyncratic risks, characterized by country-specific economic uncertainties, are believed to have a complex impact on growth. Although FDI is often considered a catalyst for economic growth, unique risks pose challenges that can hinder or moderate its impact. Understanding these dynamics is critical for policymakers wishing to attract FDI and promote sustainable growth—research using quantitative methods, and analyzing secondary data from ASEAN countries. The data set includes 80 observations on GDP growth, specific risks, and SDG indicators. Descriptive statistics and regression analysis were used to explore relationships between variables. Regression analysis indicates that SDG 7 (Affordable and Clean Energy) negatively and significantly impacts GDP growth, suggesting a short-term trade-off between investing in clean and open energy economic expansion. Idiosyncratic risks also have a significant impact on GDP growth, highlighting the need for appropriate risk management strategies. Specific risks play an important role in the process of developing FDI economic growth in ASEAN countries. Policymakers must consider these risks and their interactions with the SDGs to create effective sustainable development strategies. The results highlight the importance of integrating sustainable development and risk management goals into FDI policy. By addressing unique risks, ASEAN countries can better leverage FDI for long-term economic growth.

This study examines the relationship between idiosyncratic risks, foreign direct investment (FDI), and economic growth in ASEAN countries using data from 2013 to 2022. Idiosyncratic risks refer to specific assets or individual sectors, distinct from systemic or market-wide risk. This study aims to determine whether idiosyncratic risks affect the ASEAN region's FDI flows and economic growth. The study uses structural equation modeling (SEM) analysis to analyze the ASEAN Statistical Database data. Regression weights are used to evaluate the relationship between idiosyncratic risks, FDI, inflation, SDG availability, and economic growth. The results indicate that although there is no significant direct relationship between idiosyncratic risk and FDI inflows, there is a significant positive correlation between idiosyncratic risk and economic growth. These findings have implications for policymakers and investors seeking to promote sustainable economic development in ASEAN countries. Understanding the dynamics of specific risks can inform strategies to attract FDI and stimulate economic growth. This study contributes to the theoretical basis of risk management and economic development in emerging market economies such as those in the ASEAN region.

This study aims to determine the effect of the Human Development Index (HDI), Population and Labor Force Participation on economic growth in ASEAN, the influence of the Human Development Index on economic growth in ASEAN, the influence of population on growth in ASEAN countries and the influence of

The paper examines the impact of credits to private sector and foreign direct investment (FDI) flows on the economic growth of ASEAN countries in the period 1995-2017. The paper also validates the capital spread of FDI inflows to economic growth through credits to private sector. Using fixed effect estimation method (FEM), random effect (REM) and generalized least square (GLS) for panel data, we found that FDI inflows are positvely correlated with the economic growth of the ASEAN countries. This once again confirms the role of FDI in promoting the economic growth as evidenced in previous studies. Meanwhile, credits to private sector exert a negative impact on the economic growth in these countries which is an interesting finding given that few studies yield a similar result. To assess the spillover effect of FDI to growth through credits to private sector, we augment our model with a variable that reflects the interaction between credits to private sector and FDI. This variable is negative and statistically significant, suggesting that FDI is yet to show its positive impact on growth through spreading capital to credits to privatte sector.

The economic growth in ASEAN countries increases and develops in each year. globalization has a positive effect on economic growth through the effectiveness of the allocation of domestic resources, technological diffusion, increased productivity and capital. This study investigates globalization to economic growth in ASEAN in 2012-2017. The research method used judgmental sampling with samples of 11 countries. They were Brunei Darussalam, Cambodia, East Timor, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. The analysis used path analysis to examine each variable. Globalization was determined by globalization index, economic globalization, social globalization, and politic globalization. Real Gross Domestic Product (GDP) and Gross Domestic Product (GDP) per capita are used as proxy for economic growth. The results describe that globalization had a significant positive association with economic growth. All indicators of globalization, show the positive association between globalization index, economic globalization, social globalization, and politic globalization to real Gross Domestic Product (GDP) and Gross Domestic Product (GDP) per capita. This confirms that globalization is able to provide a positive response in ASEAN.

The economic growth in ASEAN countries increases and develops in each year. globalization has a positive effect on economic growth through the effectiveness of the allocation of domestic resources, technological diffusion, increased productivity and capital. This study investigates globalization to economic growth in ASEAN in 2012-2017. The research method used judgmental sampling with samples of 11 countries. They were Brunei Darussalam, Cambodia, East Timor, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. The analysis used path analysis to examine each variable. Globalization was determined by globalization index, economic globalization, social globalization, and politic globalization. Real Gross Domestic Product (GDP) and Gross Domestic Product (GDP) per capita are used as proxy for economic growth. The results describe that globalization had a significant positive association with economic growth. All indicators of globalization, show the positive association between globalization index, economic globalization, social globalization, and politic globalization to real Gross Domestic Product (GDP) and Gross Domestic Product (GDP) per capita. This confirms that globalization is able to provide a positive response in ASEAN.

ASEAN region takes benefit from a great financial integration; however, this region has been subjected to external economic shock. This study focused on analyzing the impact of macroeconomic indicators and stock market development on economic growth in ASEAN countries (Indonesia, Malaysia, Singapore, Thailand, The Philippines, and Vietnam) for the period from 2008 to 2018. The panel data was employed to determine how market capitalization, turnover ratio, real interest rate, and inflation have impact on economic growth in ASEAN. This study revealed that all stock market development variables have positive impact on economic growth, but the correlation between real interest rate and inflation was negative. As a result, this study recommends that ASEAN authorities should focus on stock market development as well as control macroeconomic variables prudently to boost economic growth.

This study explores the impact of individual internet usage, foreign direct investment, and average years of schooling on economic growth in the ASEAN region during the period 2014-2020. The panel regression analysis method was employed to analyze secondary data obtained from the World Bank and UNDP. The results of the fixed-effects regression model indicate that the variables of individual internet usage (IUI) and foreign direct investment (FDI) have a positive and significant impact on economic growth, while the average years of schooling (MYS) do not have a significant impact. These findings are consistent with previous research findings indicating that internet usage and foreign direct investment significantly contribute to economic growth in the region. However, the average years of schooling do not have a significant influence on economic growth in this study's context. The study shows that internet usage and foreign direct investment have a significantly positive impact on economic growth in ASEAN, while the average years of schooling do not have a significant effect. These findings imply that economic development policies in ASEAN should focus on enhancing technology infrastructure and investment environments, as well as reevaluating the education system.

This study investigates the conditional impact of trade openness on economic growth in ASEAN countries over the period 2000–2023, employing advanced panel data econometrics. The main estimation technique used is the Prais-Winsten regression with Panel-Corrected Standard Errors (PCSE), which effectively addresses the issue of cross-sectional dependence an inherent challenge in regional panel datasets due to economic interlinkages among countries. To ensure the robustness of the findings and to address potential endogeneity, the study further applies the Instrumental Variables Two-Stage Least Squares (IV-2SLS) estimation technique. The empirical results reveal that trade openness has a significantly positive effect on economic growth only when accompanied by strong governance, high information and communication technology (ICT) penetration, and robust human capital. Conversely, the growth benefits of trade openness are weakened or even reversed in countries with high dependence on natural resources, aligning with the resource curse hypothesis. These findings highlight the importance of complementary structural policies, including institutional strengthening, digital and educational investment, and economic diversification to maximize the developmental gains from trade liberalization in ASEAN.

This study aims to analyze the effect of population, export and regulatory quality on economic growth in 5 ASEAN developing countries for the 2015-2020 period. The analysis technique used is Multiple Regression Analysis with the Ordinary Least Square (OLS) method with the FEM model. The results in this study indicate that partially population has a negative and significant effect on the economic growth of ASEAN countries for the 2015-2020 period, exports have a positive and significant effect on the economic growth of ASEAN countries for the 2015-2020 period, and the regulatory quality has a positive and no effect significant to the economic growth of ASEAN countries in the 2015-2020 period. Then collectively population, exports, and the regulatory quality have a significant effect on the economic growth of ASEAN countries for the 2015-2020 period.

Corruption has become an issue in ASEAN and it bring a negative impact on ASEAN economic growth. On the other hand, quality of governance closed related to corruption. Poor governance will increase corruption. Furthermore, good governance is important to contribute to a stable nation and economic growth. So, this study aims to investigate the relationship between corruption, governance and economic growth in five ASEAN which include (Singapore, Malaysia, Thailand, Indonesia and Philippines). The purpose of this study is to examine the long run relationship between economic growth, corruption and governance in ASEAN 5. This study used static panel data analysis to analyse the relationship. The results show that corruption related to the gross domestic product per capita. The coefficient of corruption is statistically significant mean according the economic theory that corruption brings negative effect to economic growth.

Economic activities require a transparent regulatory and policy environment that is accessible to all levels of society. This study aims to explain the impact of ease of doing business on economic growth in both ASEAN and the European Union since doing business indicators applied globally. Gross Domestic Product is used as a proxy variable for economic growth as Gross Domestic Product is an indicator to measure economic growth. This study uses a descriptive quantitative research model and uses multiple regressions to determine the effect of ease of doing business on economic growth in ASEAN and the European Union by comparing the result of each ASEAN and European Union. In this study it was found that in ASEAN, there are four indicators of doing business have significant impact to economic growth, while in the European Union five indicators have significant impact to economic growth.