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Amelia Sholeha
Universitas Islam Negeri Raden Intan Lampung
Economics, Econometrics & Finance

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DETERMINANTS OF ECONOMIC GROWTH IN INDONESIA FROM AN ISLAMIC ECONOMICS PERSPECTIVE Amelia Sholeha; Liya Ermawati; Sania Nuraziza
I-Finance Journal Vol 11 No 1 (2025): I-FINANCE: a Research Journal on Islamic Finance
Publisher : Fakultas Ekonomi dan Bisnis Islam Universitas Islam Negeri Raden Fatah Palembang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19109/ifinance.v11i1.28558

Abstract

This study aims to analyze the determinants of economic growth factors in Indonesia in the perspective of Islamic economics, especially the influence of Foreign Direct Investment (FDI), Domestic Direct Investment (DDI), exports, imports, and inflation in the period 2015-2023. The research population is Indonesian macroeconomic data, with a sample of time series data for the period 2015-2023. The data analysis technique uses a quantitative approach through the Vector Error Correction Model (VECM) model to test the relationship between short-term and long-term variables. The results showed that FDI had no effect on economic growth, PMDN had no significant effect on economic growth, as well as exports t-statistic <1.9677. In contrast, imports have a positive effect in the long run, while inflation has a significant effect in both the short and long term. In the perspective of Islamic economics, the principles of fairness, balance, and sustainability are essential to ensure inclusive and welfare-oriented economic growth. In conclusion, FDI, PMDN, Export has no influence on economic growth, while Import has an influence in the long run and Inflation has an influence on economic growth in 34 provinces in Indonesia during the period 2015-2023
Co-Authors Liya Ermawati Sania Nuraziza