ASEAN 국가의 외국인 직접투자와 경제성장

초록

This study aimed to examine the relationship between foreign direct investment and eco nomic growth of ASEAN countries. This study also discovered impacts of other factors such as labor force, trade openness, gross fixed capital formation, domestic credit, and pandemic on economic growth. We used country panel data during the period of 1998-2021 from nine ASEAN countries including Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Thailand, and Vietnam. Data were collected from world development indicators of the World Bank and UNCTAD database. Estimation results from fixed effects models showed a consistency in terms of impact of for eign direct investment on economic growth between two outputs (GDP per capita and national GDP). This study found that foreign direct investment had a positive and significant effect on economic growth in the ASEAN region. Moreover, control factors also impacted economic growth positively, except for COVID-19 variable, which had a negative impact. Labor force had the strongest impact, followed by gross fixed capital formation, COVID-19, and bank credit. Based on these results, some implications for ASEAN policymakers are suggested.

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