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DETERMINAN PERTUMBUHAN EKONOMI DI NEGARA OKI
Economic growth is a fundamental macroeconomic indicator. In the context of the Organization of Islamic Cooperation (OIC) most of whose members are developing countries, efforts to achieve sustainable growth are hampered by structural challenges, such as immature institutional quality and fragile political conditions. Therefore, this study aims to examine the determinants of economic growth in OIC countries simultaneously within the framework of Endogenous Growth Theory. The purpose of the study is to explain the influence of Foreign Direct Investment (FDI), Remittances, Industrialization, Fragile State Index (FSI), and Population on Economic Growth in 34 OIC member countries. This research method uses a quantitative approach with dynamic panel data for the period 2010-2023. The estimation technique used is the Difference Generalized Method of Moments (Difference GMM), which was chosen after the Chow Test and the Hausman Test confirmed the Fixed Effect Model (FEM) as the best static model, but autocorrelation was found. The Difference GMM model proved valid and consistent. The results of the Difference GMM study indicate that Industrialization has a positive and significant effect on Economic Growth. Conversely, FDI and Population were found to have a negative and significant effect. Meanwhile, Remittances and the Fragile State Index (FSI) were found to have no significant effect.
FAKULTAS EKONOMI DAN BISNIS ISLAM, UIN SUNAN KALIJAGA YOGYAKARTA
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