Macroeconomic Determinants of Economic Growth in Eight ASEAN Countries: Evidence from 2015–2024
DOI:
https://doi.org/10.63822/pt2s3c55Keywords:
ASEAN; economic growth; household consumption; macroeconomic determinants; panel dataAbstract
This study examines the effects of inflation, unemployment, investment, exports, and household consumption on economic growth in eight ASEAN countries during 2015–2024. A quantitative approach was employed using secondary data obtained from the World Bank’s World Development Indicators, resulting in 80 country-year observations. Data were analyzed using Python through descriptive statistics, Pearson correlation, multicollinearity testing, and regression analysis. Country and year fixed effects with HC3 robust standard errors were applied to account for cross-country heterogeneity, temporal effects, and heteroskedasticity. The results show that household consumption has a positive and statistically significant relationship with economic growth (β = 0.355; p = 0.027), while inflation, unemployment, investment, and exports are not statistically significant after controlling for country and year effects. The model explains 84.8% of the variation in economic growth. These findings highlight the importance of household consumption and domestic demand in supporting economic growth across the selected ASEAN economies.
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Copyright (c) 2026 J. Sabas Setyohadi, M.I. Adhisti. PD, Sumaryati Tjitrosumarto (Author)
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