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Antecedents and Consequences of Economic Growth in ASEAN Countries

Journal of Economic Education · Vol. 14 No. 1 (2025) · pp. 110–123

DOI
10.15294/jeec.v14i1.24717
ISSN
2301-7341
Published
2025-07-02
Publisher
Universitas Negeri Semarang
Language
eng

Abstract

Association of Southeast Asian Nations (ASEAN) standing out as the most developed intergovernmental institution. ASEAN countries have demonstrated impressive economic growth average annual growth rate of 4.2% over the past decade. This study investigates the impact of key macroeconomic variables Foreign Direct Investment (FDI), inflation, unemployment, exchange rate, and green trade on economic growth in ten ASEAN member states. Additionally, it examines the mediating role of FDI in shaping these relationships. Employing panel data regression over a 15-year period (2008–2022), the analysis reveals a significant negative correlation between inflation and economic growth, reflecting the detrimental effects of price instability on economic activity. In contrast, unemployment, exchange rate, and green trade exhibit positive correlations with growth, suggesting that higher employment levels, currency stability, and environmentally sustainable trade practices bolster economic performance. FDI plays a critical mediating role by injecting capital and advanced technology, thereby enhancing productivity, innovation, and job creation. The study underscores the necessity of integrated economic policies that simultaneously address inflation, employment, exchange rate management, and green trade promotion, while actively fostering FDI to support sustainable and resilient economic development across the ASEAN region.

Keywords

Collaboration network of the authors

40 authors · 89 co-authorship links · 14 across different organisations · showing the 40 most connected

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

  • Institut Teknologi Sepuluh Nopember
  • State University of Semarang
  • University of Brawijaya
  • Universitas Muhammadiyah Malang
  • Universitas Muhammadiyah Gresik
  • Universitas Halu Oleo
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
Muhsin MuhsinAffiliation unknown4
Farid SukmanaUniversitas Muhammadiyah Gresik2
Diana PurwitasariInstitut Teknologi Sepuluh Nopember2
Satrio Hadi WijoyoUniversity of Brawijaya2
Septiyan Andika IsantaUniversitas Muhammadiyah Malang2
Niken SubektiState University of Semarang2
Heru SetyantoAffiliation unknown2
Sonika MaulanaAffiliation unknown2
Rifa’atunnisa Rifa’atunnisaAffiliation unknown2
Juhadi JuhadiAffiliation unknown2
Hendi PratamaAffiliation unknown2
Dwi Anggani Linggar BharatiAffiliation unknown2
Abdurrahman FaridiAffiliation unknown2
Joko WidodoAffiliation unknown2
Agus WahyudinAffiliation unknown2
Heri YantoAffiliation unknown2
Rusdarti RusdartiAffiliation unknown2
Nurdian SusilowatiAffiliation unknown2
Arief YuliantoState University of Semarang2
Chastine FatichahInstitut Teknologi Sepuluh Nopember1
Yufis AzharUniversitas Muhammadiyah Malang1
Admaja Dwi HerlambangUniversity of Brawijaya1
Amelia WidihastutikAffiliation unknown1
Yohana SetyaniAffiliation unknown1
Rise BeningAffiliation unknown1
Atun Sri RejekiAffiliation unknown1
Yulianti YuliantiUniversitas Halu Oleo1
Baruna Rizky PerdanaAffiliation unknown1
Danang Eko SaputroAffiliation unknown1
Puji AstutiAffiliation unknown1
Ali MasyharAffiliation unknown1
Zulfa SakhiyyaAffiliation unknown1
Heru SaputraAffiliation unknown1
Dolendra PaudelAffiliation unknown1
Sugeng RomadhoniAffiliation unknown1
Fathur RokhmanState University of Semarang1
Trisni Wulandari VeronikaAffiliation 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/jeec/oai, first harvested 6 Nov 2026, last seen 8 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en">Antecedents and Consequences of Economic Growth in ASEAN Countries</dc:title>
	<dc:creator xml:lang="en">Imleesh, Mohammed Mahmoud Mohammed</dc:creator>
	<dc:creator xml:lang="en"> Arief, Sandy</dc:creator>
	<dc:creator xml:lang="en">Rozi, Fahrur </dc:creator>
	<dc:subject xml:lang="en">Inflation</dc:subject>
	<dc:subject xml:lang="en">Unemployment Rate</dc:subject>
	<dc:subject xml:lang="en">Exchange Rate</dc:subject>
	<dc:subject xml:lang="en">Green Trade</dc:subject>
	<dc:subject xml:lang="en">Foreign Direct Investment (FDI)</dc:subject>
	<dc:subject xml:lang="en">Economic Growth</dc:subject>
	<dc:description xml:lang="en">Association of Southeast Asian Nations (ASEAN) standing out as the most developed intergovernmental institution. ASEAN countries have demonstrated impressive economic growth average annual growth rate of 4.2% over the past decade. This study investigates the impact of key macroeconomic variables Foreign Direct Investment (FDI), inflation, unemployment, exchange rate, and green trade on economic growth in ten ASEAN member states. Additionally, it examines the mediating role of FDI in shaping these relationships. Employing panel data regression over a 15-year period (2008–2022), the analysis reveals a significant negative correlation between inflation and economic growth, reflecting the detrimental effects of price instability on economic activity. In contrast, unemployment, exchange rate, and green trade exhibit positive correlations with growth, suggesting that higher employment levels, currency stability, and environmentally sustainable trade practices bolster economic performance. FDI plays a critical mediating role by injecting capital and advanced technology, thereby enhancing productivity, innovation, and job creation. The study underscores the necessity of integrated economic policies that simultaneously address inflation, employment, exchange rate management, and green trade promotion, while actively fostering FDI to support sustainable and resilient economic development across the ASEAN region.</dc:description>
	<dc:publisher xml:lang="en">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2025-07-02</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/jeec/article/view/24717</dc:identifier>
	<dc:identifier>10.15294/jeec.v14i1.24717</dc:identifier>
	<dc:source xml:lang="en">Journal of Economic Education; Vol. 14 No. 1 (2025): June 2025; 110 - 123</dc:source>
	<dc:source>2301-7341</dc:source>
	<dc:source>10.15294/jeec.v14i1</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/journals/jeec/article/view/24717/4606</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2025 Journal of Economic Education</dc:rights>
</oai_dc:dc>