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ECONOMIC GROWTH DETERMINANTS OF ASEAN COUNTRIES: BEFORE AND AFTER THE COVID-19 PANDEMIC

Business and Economic Analysis Journal · Vol. 5 No. 1 (2025) · pp. 1–14

DOI
10.15294/beaj.v5i1.5yz2hb49
ISSN
2798-396X, 2776-9682
Published
2025-05-10
Publisher
Universitas Negeri Semarang
Language
eng

Abstract

Economic growth in ASEAN countries in recent decades has attracted the attention of many parties, both academics and practitioners. This study evaluates the various factors contributing to ASEAN countries' economic growth. The factors analyzed include human development index, exports, foreign investment, exchange rates, population, and dummy variables (before and after) the COVID-19 pandemic. This research uses a quantitative approach with the object of research, namely ASEAN countries, from 2018 to 2022. Data sources from the World Bank, the National Statistics Bureau, and other credible sources. Based on the results of the analysis, the human development index and foreign investment have a positive and significant effect on economic growth. In contrast, exports, exchange rates, population, and dummy variables positively and insignificantly impact economic growth. Suggestions that can be given are that each country must pay attention, especially to policies on exports, which include duties, excise, and taxes. In addition, a large quantity of population does not guarantee the success of a nation, therefore it is necessary to pay attention to the quality side as well, this can be done by paying attention to the education side which correlates with the demand for labor, so that there is no imbalance between demand and supply of labor.

Keywords

Collaboration network of the authors

40 authors · 128 co-authorship links · showing the 40 most connected

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  • State University of Semarang
  • Institut Teknologi Sepuluh Nopember
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
Nina OktarinaAffiliation unknown5
Ahmad SehabuddinAffiliation unknown4
Murwatiningsih MurwatiningsihAffiliation unknown4
Muhammad KhafidAffiliation unknown4
Indri MurniawatyAffiliation unknown3
Agus WahyudinAffiliation unknown3
Etty SoesilowatiAffiliation unknown3
Risanda Alirastra BudiantoroAffiliation unknown2
Angga Pandu WijayaAffiliation unknown2
Syakila MaulidaAffiliation unknown2
Amanda Dewi PuspitaAffiliation unknown2
Kardoyo KardoyoAffiliation unknown2
Titi PrihatinAffiliation unknown2
Widiyanto WidiyantoAffiliation unknown2
Maman RachmanAffiliation unknown2
Haryono HaryonoAffiliation unknown2
Tri Joko RaharjoAffiliation unknown2
Sucihatiningsih Dian Wisika PrajantiState University of Semarang2
Fahrur RoziInstitut Teknologi Sepuluh Nopember2
Kusumantoro KusumantoroAffiliation unknown2
RusdartiAffiliation unknown2
Masfufati AzizahAffiliation unknown2
Rusdarti RusdartiAffiliation unknown2
Sulhadi SulhadiAffiliation unknown2
WidiyantoAffiliation unknown2
Musyarrafah MusyarrafahAffiliation unknown1
Christiana LetheAffiliation unknown1
Edy SuryantoAffiliation unknown1
Muhammad Nukha MurtadloAffiliation unknown1
Dian Fithra PermanaAffiliation unknown1
Angga Dwi ArdiantoAffiliation unknown1
Adila Dhiya HanifaAffiliation unknown1
Shavera Sofiana MaliaAffiliation unknown1
Ilham RomadonaAffiliation unknown1
Linda Ika WahyuntariAffiliation unknown1
Eka Dian PuspitasariAffiliation unknown1
Lavinia Elisa BerlianaAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/journals/beaj/oai, first harvested 5 Nov 2026, last seen 5 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en">ECONOMIC GROWTH DETERMINANTS OF ASEAN COUNTRIES: BEFORE AND AFTER THE COVID-19 PANDEMIC</dc:title>
	<dc:creator xml:lang="en">Hasanah, Uswatun</dc:creator>
	<dc:creator xml:lang="en">Joko Widodo</dc:creator>
	<dc:creator xml:lang="en">Amin Pujiati</dc:creator>
	<dc:subject xml:lang="en">Economic Growth</dc:subject>
	<dc:subject xml:lang="en">Exchange Rate</dc:subject>
	<dc:subject xml:lang="en">Export</dc:subject>
	<dc:subject xml:lang="en">Foreign Direct Investment</dc:subject>
	<dc:subject xml:lang="en">Human Development Index</dc:subject>
	<dc:description xml:lang="en">Economic growth in ASEAN countries in recent decades has attracted the attention of many parties, both academics and practitioners. This study evaluates the various factors contributing to ASEAN countries' economic growth. The factors analyzed include human development index, exports, foreign investment, exchange rates, population, and dummy variables (before and after) the COVID-19 pandemic. This research uses a quantitative approach with the object of research, namely ASEAN countries, from 2018 to 2022. Data sources from the World Bank, the National Statistics Bureau, and other credible sources. Based on the results of the analysis, the human development index and foreign investment have a positive and significant effect on economic growth. In contrast, exports, exchange rates, population, and dummy variables positively and insignificantly impact economic growth. Suggestions that can be given are that each country must pay attention, especially to policies on exports, which include duties, excise, and taxes. In addition, a large quantity of population does not guarantee the success of a nation, therefore it is necessary to pay attention to the quality side as well, this can be done by paying attention to the education side which correlates with the demand for labor, so that there is no imbalance between demand and supply of labor.</dc:description>
	<dc:publisher xml:lang="en">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2025-05-10</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unnes.ac.id/journals/beaj/article/view/16272</dc:identifier>
	<dc:identifier>10.15294/beaj.v5i1.5yz2hb49</dc:identifier>
	<dc:source xml:lang="en">Business and Economic Analysis Journal; Vol. 5 No. 1 (2025): May 2025; 1-14</dc:source>
	<dc:source>2798-396X</dc:source>
	<dc:source>2776-9682</dc:source>
	<dc:source>10.15294/beaj.v5i1.qgdj8z74</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/journals/beaj/article/view/16272/3976</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2025 Business and Economic Analysis Journal</dc:rights>
</oai_dc:dc>