<![CDATA[Abstract. Economic growth in Muslim-majority ASEAN countries shows varying performance despite their relatively similar regional characteristics. This condition highlights the importance of examining macroeconomic factors and government governance quality that influence economic growth. This study aims to analyze the effects of Foreign Direct Investment (FDI), inflation, and trade openness on economic growth and to examine the role of government effectiveness as a moderating variable in Indonesia, Malaysia, and Brunei Darussalam during 2010–2024. This study employs a quantitative approach using secondary panel data consisting of 45 observations obtained from the World Bank, UNCTAD, and IMF. The data were analyzed using panel data regression and Moderated Regression Analysis (MRA) with EViews. The results show that FDI, inflation, and trade openness have positive and significant effects on economic growth, while government effectiveness has a negative and significant effect. Simultaneously, all variables significantly affect economic growth, with the model explaining 42.85% of its variation. Government effectiveness significantly moderates only the effect of FDI on economic growth, while its moderating effects on inflation and trade openness are insignificant. The robustness tests indicate that trade openness is the most consistent determinant of economic growth. Governments are encouraged to strengthen the investment climate, improve trade competitiveness, maintain price stability, and enhance governance quality. Abstrak. Pertumbuhan ekonomi negara mayoritas Muslim ASEAN menunjukkan perbedaan kinerja meskipun memiliki karakteristik kawasan yang relatif serupa. Kondisi tersebut mendorong pentingnya analisis terhadap faktor makroekonomi dan kualitas tata kelola pemerintahan yang memengaruhi pertumbuhan ekonomi. Penelitian ini bertujuan menganalisis pengaruh Penanaman Modal Asing (PMA), inflasi, dan trade openness terhadap pertumbuhan ekonomi serta menguji peran government effectiveness sebagai variabel moderasi pada Indonesia, Malaysia, dan Brunei Darussalam selama periode 2010–2024. Penelitian menggunakan pendekatan kuantitatif dengan data sekunder berbentuk data panel sebanyak 45 observasi yang bersumber dari World Bank, UNCTAD, dan IMF. Data dianalisis menggunakan regresi data panel dan Moderated Regression Analysis (MRA) menggunakan EViews. Hasil penelitian menunjukkan bahwa PMA, inflasi, dan trade openness berpengaruh positif dan signifikan terhadap pertumbuhan ekonomi, sedangkan government effectiveness berpengaruh negatif dan signifikan. Secara simultan, seluruh variabel berpengaruh signifikan dengan kemampuan model menjelaskan 42,85% variasi pertumbuhan ekonomi. Government effectiveness hanya terbukti memoderasi pengaruh PMA, sedangkan pengaruh moderasi terhadap inflasi dan trade openness tidak signifikan. Uji robustness menunjukkan trade openness sebagai determinan yang paling konsisten. Pemerintah disarankan memperkuat iklim investasi, meningkatkan daya saing perdagangan, menjaga stabilitas harga, dan memperbaiki kualitas tata kelola pemerintahan.]]>
