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UNLOCKING GROWTH POTENTIAL: PERAN FUNDAMENTAL MAKROEKONOMI DALAM MEMBENTUK KINERJA PERTUMBUHAN EKONOMI DI NEGARA DEVELOPING EIGHT (D-8)
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.
FAKULTAS EKONOMI DAN BISNIS ISLAM, UIN SUNAN KALIJAGA YOGYAKARTA
UNLOCKING GROWTH POTENTIAL: PERAN FUNDAMENTAL MAKROEKONOMI DALAM MEMBENTUK KINERJA PERTUMBUHAN EKONOMI DI NEGARA DEVELOPING EIGHT (D-8) (Text)
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