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International Trade Activities as Drivers of Economic Growth: Macro Conditions

Economics Development Analysis Journal · Vol. 13 No. 3 (2024)

DOI
10.15294/edaj.v13i3.4114
ISSN
2502-2725, 2252-6560
Published
2024-09-26
Publisher
Universitas Negeri Semarang
Language
eng

Abstract

Global economic growth has hovered around 2-3% over the past decade, resulting in stagnant GDP growth for Indonesia at approximately 5%. This research aims to analyze the effects of macroeconomic conditions, specifically money supply (M2), foreign debt, and international trade activities, on Indonesia's GDP growth from 1994 to 2023. Utilizing a linear regression method with 30 observations, the study finds significant impacts of the independent variables on GDP growth. M2 influences GDP growth by 93%, foreign debt by 76.6%, and net exports by 92.3%. Simultaneously, changes in these variables explain 93.7% of the variation in Indonesia's GDP. The theoretical foundation of this research is built upon previous studies on economic growth and macroeconomic factors, emphasizing the role of monetary policy, debt management, and export diversification. The findings indicate that the careful management of M2 is critical to fostering investment and consumption, while excessive reliance on foreign debt may hamper long-term growth. Non-oil and gas exports significantly contribute to GDP, underscoring the importance of export diversification. The study concludes that these macroeconomic factors are vital for sustainable economic growth and improving welfare in Indonesia, and recommends policy interventions to optimize their effects.

Keywords

Collaboration network of the authors

33 authors · 61 co-authorship links

Hover or tap a name to highlight its co-authors. Double-click to open the author's page.

  • Hasanuddin University
  • Universitas Halu Oleo
  • Universitas Insan Pembangunan Indonesia
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
Siti KhotimahAffiliation unknown5
MukarlinaAffiliation unknown3
Mustamin AnggoUniversitas Halu Oleo1
Nur Hatidjah Awaliyah HalidAffiliation unknown1
Dian RahmaniarAffiliation unknown1
Larasati NingsihAffiliation unknown1
Zulfa ZakiahAffiliation unknown1
Astuti ArifHasanuddin University1
Tutik KuswinantiHasanuddin University1
Musrizal MuinHasanuddin University1
Indah PratiwiHasanuddin University1
Rikhsan KurniatuhadiAffiliation unknown1
Lala SariAffiliation unknown1
Via AnggitaAffiliation unknown1
Fiza IkramullahAffiliation unknown1
Andini WidyaningsihAffiliation unknown1
Syarifah Risna KhairunisaAffiliation unknown1
Winanti WinantiUniversitas Insan Pembangunan Indonesia1
Betharia EfrianiAffiliation unknown1
Istajib KullaAffiliation unknown1
Rahmawati RahmawatiAffiliation unknown1
Anita LufiantiAffiliation unknown1
Kartika Imam SantosoAffiliation unknown1
Meity Mulya SusantiAffiliation unknown1
Agus PurwantoAffiliation unknown1
Juliana JulianaAffiliation unknown1
Masduki AsbariAffiliation unknown1
Felina C. YoungAffiliation unknown1
Anita PurwantiAffiliation unknown1
FajrianiAffiliation 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/edaj/oai, first harvested 5 Nov 2026, last seen 5 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en">International Trade Activities as Drivers of Economic Growth: Macro Conditions</dc:title>
	<dc:creator xml:lang="en">Goestjahjanti, Francisca Sestri</dc:creator>
	<dc:creator xml:lang="en">Novitasari, Dewiana </dc:creator>
	<dc:creator xml:lang="en">Rahmawati</dc:creator>
	<dc:subject xml:lang="en">Export</dc:subject>
	<dc:subject xml:lang="en">External Debt</dc:subject>
	<dc:subject xml:lang="en">International Trade</dc:subject>
	<dc:subject xml:lang="en">Money Supply</dc:subject>
	<dc:description xml:lang="en">Global economic growth has hovered around 2-3% over the past decade, resulting in stagnant GDP growth for Indonesia at approximately 5%. This research aims to analyze the effects of macroeconomic conditions, specifically money supply (M2), foreign debt, and international trade activities, on Indonesia's GDP growth from 1994 to 2023. Utilizing a linear regression method with 30 observations, the study finds significant impacts of the independent variables on GDP growth. M2 influences GDP growth by 93%, foreign debt by 76.6%, and net exports by 92.3%. Simultaneously, changes in these variables explain 93.7% of the variation in Indonesia's GDP. The theoretical foundation of this research is built upon previous studies on economic growth and macroeconomic factors, emphasizing the role of monetary policy, debt management, and export diversification. The findings indicate that the careful management of M2 is critical to fostering investment and consumption, while excessive reliance on foreign debt may hamper long-term growth. Non-oil and gas exports significantly contribute to GDP, underscoring the importance of export diversification. The study concludes that these macroeconomic factors are vital for sustainable economic growth and improving welfare in Indonesia, and recommends policy interventions to optimize their effects.</dc:description>
	<dc:publisher xml:lang="en">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2024-09-26</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/edaj/article/view/4114</dc:identifier>
	<dc:identifier>10.15294/edaj.v13i3.4114</dc:identifier>
	<dc:source xml:lang="en">Economics Development Analysis Journal; Vol. 13 No. 3 (2024): Economics Development Analysis Journal</dc:source>
	<dc:source>2502-2725</dc:source>
	<dc:source>2252-6560</dc:source>
	<dc:source>10.15294/edaj.v13i3</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/journals/edaj/article/view/4114/1661</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2024 Economics Development Analysis Journal</dc:rights>
</oai_dc:dc>