Rakka Alhazimi, Supriyono Supriyono


The economic growth rates of developing countries in the ASEAN region such as Indonesia, the Philippines, Laos, Myanmar and Vietnam are currently not high enough to immediately align with the economies of developed countries. This is evidenced by the gross domestic product (GDP) per capita of developing countries in ASEAN which is still far from the GDP per capita of developed countries, so ASEAN developing countries need additional development capital in the form of foreign debt and foreign direct investment (FDI) and conduct international trade in the form of exports and imports. This study aims to determine the effect of foreign debt, FDI, exports and imports on economic growth in ASEAN countries. This study uses a quantitative approach. The data used are secondary data in the form of panel data from Indonesia, Philippines, Laos, Myanmar and Vietnam in 2000 - 2017. Data analysis methods used are panel data regression with fixed effect models (weighting cross-sections seemingly unrelated regression). The results showed that the variables of foreign debt, FDI, exports and imports had a positive and significant influence on economic growth. Conversely, the export variable has a negative influence on economic growth. The results of time series analysis show that the variables of foreign debt, FDI, exports, and imports have a significant effect on economic growth in the period before the recession in 2008. In the period after the 2008 recession, the variables of foreign debt, exports and imports have a significant effect on economic growth, but the variable of FDI have no significant effect on economic growth.

Keywords: Economic Growth, Foreign Debt, FDI, Export, Import 

Full Text:



Arsyad, Lincolin. (2010). Ekonomi Pembangunan. Yogyakarta: UPP STIM YKPN.

Bustami, B. R. & Paidi. (2013). Analisis Daya Saing Produk Ekspor Provinsi Sumatera Utara. Jurnal Ekonomi dan Keuangan, 1(2).

Cota, J. E. M. (2017). Export and Economic Growth in Mexico 2007-2014: A Panel Cointegration Approach. Semestre Economico, 20(44), 19-44.

Chow, G. C. (1960). Test of Equality Between Sets of Coefficient in Two Linear Regressions. Econometrica, 28(3), 591 – 605.

Effendi, N. & Maman. (2014). Ekonometrika Pendekatan Teori dan Terapan. Jakarta: Salemba Empat.

Goldstein, J. S. & Pevehouse, J. C. (2014). International Relations. 10th ed. New York: Pearson.

Jaya, M. D. (2014). Analisis Pengaruh Utang Luar Negeri, Penanaman Modal Asing (PMA), dan Ekspor Terhadap Produk Domestik Bruto Indonesia Tahun 1998 – 2012. Skripsi Fakultas Ekonomi dan Bisnis. Malang: Universitas Brawijaya.

Kim, S. et al. (2007). Could Import Be Benefical For Economic Growth? Some Evidence From Republic of Korea. ERD Working Paper, (103).

Majid, M. K. (2013). Analisis Pengaruh Utang Luar Negeri (ULN) dan Penanaman Modal Asing (PMA) terhadap Pertumbuhan Ekonomi Indonesia tahun 1986-2011. Skripsi Fakultas Ekonomi dan Bisnis. Malang: Universitas Brawijaya.

Medina, E. J. & Smith. (2001). Is The Export-Led Growth Hypothesis Valid For Developing Countries? A Case Study Of Costa Rica. Policy Issues In International Trade And Commodities Study Series, (7).

Pegkas, P. (2015). The Impact of FDI On Economic Growth In Eurozone Countries. The journal of Economic Asymmetries, 12, 124-132.

Sakti, I. (2018). Analisis Regresi Data Panel Menggunakan Eviews. Jakarta: Universitas Esa Unggul.

Saputra, I. G. & Wayan. (2016). Pengaruh Utang Luar Negeri, Ekspor, dan Impor terhadap Pertumbuhan Ekonomi Indonesia Periode 1996-2013. E-Jurnal Ekonomi Pembangunan Universitas Udayana, 5(4).

Shahzad, F. et al. (2014). Impact of External Debt on Economic Growth: a Case Study of Pakistan. European Researcher, 89(12), 2133-2140.

Siddique, A. et al. (2016). The Impact of External Debt on Growth: Evidence From Highly Indebted Poor Countries. Journal of Policy Modeling, 38, 874-894.

Todaro, M. P. & Stephen. (2006). Pembangunan Ekonomi. Jakarta: Erlangga.

Ugochukwu, U. S. et al. (2013). The Impact of Export Trading on Economic Growth in Nigeria. International Journal of Economics, Business and Finance, 1(10), 327-341.

World Bank. (2016). New Country Classifications by Income Level: 2016-2017. Retrieved from

Yamin, M. & Agus. (2017). Teori Pembangunan Internasional. Yogyakarta: Pustaka Ilmu Group.



  • There are currently no refbacks.

Copyright (c) 2021 Journal of Applied Economics in Developing Countries

Journal of Applied Economics in Developing Countries
Master of Economics and Development Studies, Faculty of Economics and Business
Universitas Sebelas Maret
Jl. Ir Sutami 36 A Surakarta, 57126 Indonesia
Telp: +62271-647481