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All Journal Jesya (Jurnal Ekonomi dan Ekonomi Syariah)
Anton Bawono
Faculty of Islamic Economics and Business State Islamic University of Kalijaga Yogyakarta, Indonesia
Decision Sciences, Operations Research & Management

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Determinants of Economic Growth in ASEAN-5: A Sharia Economics Analytical Perspective Ahsanal Huda; Anton Bawono; Muhammad Iqbal; Wan Ruslan Abdul Ghani; Khavid Normasyhuri
Jesya Vol 9 No 2 (2026): FORTHCOMING ARTICLES : JUNI 2026
Publisher : LPPM Sekolah Tinggi Ilmu Ekonomi Al-Washliyah Sibolga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36778/jesya.v9i2.2731

Abstract

Economic growth in ASEAN countries faces persistent challenges from macroeconomic instability and structural constraints. This study examines labor, inflation, exchange rates, and foreign direct investment (FDI)as determinants of economic growth in the ASEAN-5, namely Indonesia, Vietnam, Malaysia, the Philippines, and Thailand. Employing a quantitative associative method, the research uses panel data from the World Bank period 2004 until 2023 with a total of 100 observations and applies a Fixed Effect Model using Eviews 12. The results indicate that inflation, exchange rates, and FDI significantly determine economic growth, whereas labor does not. The key empirical contribution is to provide robust, country-specific evidence that can guide policymakers in prioritizing macroeconomic stability and investment climate reforms over labor quantity expansion to sustain regional growth. From a Sharia economics perspective, growth must uphold justice, balance, and holistic welfare.
Co-Authors Ahsanal Huda Khavid Normasyhuri Muhammad Iqbal Wan Ruslan Abdul Ghani