Pengaruh Utang Domestik dan Utang Luar Negeri terhadap Pertumbuhan Ekonomi Indonesia: Periode 2004-2023

Kasnelly, Sri
Luthfi, H. Ahmad
Jalil, Abdul
Hidayat, Suhidra
Tamsila, Ulfa

EKONOMIS : Journal of Economics and Business
Vol 9, No 2 (2025): September

This study aims to analyze the effect of domestic debt and external debt on Indonesia’s economic growth during the period 2004–2023. The research employs a quantitative explanatory approach using the multiple linear regression method (OLS). The results indicate that domestic debt has a significant negative effect on economic growth, while external debt has a significant positive effect. These findings suggest that an increase in domestic debt may suppress economic growth through the crowding-out effect, whereas external debt can foster economic growth when allocated to productive sectors. This study underscores the importance of a balanced debt management strategy to support sustainable development.