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All Journal Efficient: Indonesian Journal of Development Economics
M. Subardin
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Economics, Econometrics & Finance

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The Effect of Government Expenditure, Fixed Capital Investment, and Labor on Economic Growth in ASEAN-5 Countries Ramadhani, Inaya Nabilla; Dwi Darma Puspita Sari; M. Subardin
Efficient: Indonesian Journal of Development Economics Vol. 8 No. 3 (2025)
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/fn01m638

Abstract

Economic growth usually shows how much a country has grown. The ASEAN-5 which includes Indonesia, Malaysia, Thailand, Singapore, and the Philippines are important for Southeast Asia's economy. This study examines the effect of government spending, gross fixed capital formation, and labor on economic growth in the period 2000–2023 using secondary data from the World Bank. This study applies panel data regression through the Fixed Effects Model (FEM). The findings show that government spending, gross fixed capital formation, and labor have a positive and significant impact on economic growth in the ASEAN-5 countries. Thus, the effectiveness of government spending, optimization of fixed capital investment, and utilization of productive labor are important factors in promoting sustainable economic growth in the region.
Co-Authors Dwi Darma Puspita Sari Ramadhani, Inaya Nabilla