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All Journal Proceeding Seminar Nasional Riset Terapan Administrasi Bisnis dan Mice (SNRT)
Sevia Anggun Safira
UPN Veteran Jawa Timur

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Pengaruh GFCF, Government Expenditure, dan Labor Force terhadap Economic Growth di 5 Negara ASEAN Sevia Anggun Safira
Seminar Nasional Riset Terapan Vol. 15 No. 01 (2026): SNRT XV TAHUN 2026
Publisher : Administrasi Niaga Politeknik Negeri Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32722/snrtbisnis.v15i01.7697

Abstract

Economic growth is one of the main indicators of a country's development success. This study aims to analyze the effect of Gross Fixed Capital Formation (GFCF), Government Expenditure, and Labor Force on Economic Growth in five ASEAN countries, namely Indonesia, Philippines, Malaysia, Vietnam, and Thailand during the period 2015–2024. The research problem addressed is whether these three macroeconomic variables significantly influence economic growth in the ASEAN region. This study uses a quantitative approach with panel data analysis. Secondary data were obtained from the World Bank's World Development Indicators. Model selection was conducted through the Chow Test and Hausman Test, resulting in the Random Effect Model (REM) as the best estimator. The results show that GFCF has a positive and significant effect on economic growth (β = 0.2777; t = 5.8004; p = 0.0000), meaning every 1% increase in GFCF raises GDP growth by 0.2777%. Government Expenditure (β = 0.0148; p = 0.8907) and Labor Force (β = 0.0066; p = 0.9672) do not have a significant effect on economic growth. The model explains 49.9% of the variation in economic growth (R² = 0.499). These findings suggest that ASEAN governments should prioritize capital investment policies while improving the efficiency of public spending and workforce quality to strengthen their contribution to economic growth
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