@mastersthesis{digilib76585,
           month = {April},
           title = {UNLOCKING GROWTH POTENTIAL: PERAN FUNDAMENTAL MAKROEKONOMI DALAM MEMBENTUK KINERJA PERTUMBUHAN EKONOMI DI NEGARA DEVELOPING EIGHT (D-8)},
          school = {UIN SUNAN KALIJAGA YOGYAKARTA},
          author = {NIM.: 24208011010 Suci Wulan Sari},
            year = {2026},
            note = {Dr. Muh Rudi Nugroho, SE., MSc.},
        keywords = {Pertumbuhan Ekonomi, Inflasi, Nilai Tukar, Foreign Direct
Investment, Keterbukaan Perdagangan, Hutang Luar Negeri},
             url = {https://digilib.uin-suka.ac.id/id/eprint/76585/},
        abstract = {This study aims to analyze the effect of inflation, exchange rates, Foreign
Direct Investment (FDI), trade openness, and external debt on economic
growth in Developing Eight (D-8) countries. Economic growth is measured
using Gross Domestic Product (GDP) per capita based on Purchasing
Power Parity (PPP) as an indicator of real societal welfare. These
variables were selected because they play an important role in influencing
the stability and dynamics of economic growth, particularly in developing
countries with open economic characteristics. This study employs a
quantitative approach using panel data regression analysis. The data used
are secondary data covering the period 2010?2024 obtained from the
World Bank, IMF, and UNCTAD. Potential endogeneity problems that may
cause estimation bias were addressed through the application of the Fixed
Effect Model (FEM), which is capable of controlling cross-country
heterogeneity and minimizing omitted variable bias, thereby producing
more consistent and reliable estimators. This approach constitutes one of
the novelties of the study in analyzing the determinants of economic growth
in D-8 countries. The results indicate that inflation and external debt have
a positive and significant effect on economic growth. In contrast, the
exchange rate has a negative and significant effect on economic growth.
Meanwhile, FDI and Trade Openness do not have a significant effect on
economic growth. These findings suggest that the effectiveness of
macroeconomic variables in promoting economic growth is highly
influenced by structural conditions, human capital quality, and the level of
financial sector development in each country. Overall, this study highlights
that strengthening human capital quality, enhancing economic
inclusiveness, and developing the financial sector are essential factors in
supporting sustainable economic growth in Developing Eight (D-8)
countries.}
}