DETERMINAN PERTUMBUHAN EKONOMI DI NEGARA G20

Ayu Tika Pusfita, NIM.: 23208011003 (2025) DETERMINAN PERTUMBUHAN EKONOMI DI NEGARA G20. Masters thesis, UIN SUNAN KALIJAGA YOGYAKARTA.

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Abstract

This study aims to analyze various factors influencing economic growth in G20 countries during the period 2012–2022. Eight key variables are examined: Human Development Index (HDI), labor force, Foreign Direct Investment (FDI), Research and Development (R&D) expenditure, government debt, trade openness, corruption level, and political stability. The data used in this study are sourced from the World Bank, United Nations Development Program (UNDP), International Labour Organization (ILO), International Monetary Fund (IMF), Transparency International, and World Governance Indicators (WGI). The analysis method employed is panel data regression using the Fixed Effect Model (FEM) on 19 G20 member countries, with the help of EViews 13 software. The results show that HDI does not have a significant impact, particularly in countries with high HDI levels where educational disparities and regional inequalities limit its effect. In contrast, the labor force has a significant positive impact on growth, with labor quality playing a crucial role in enhancing productivity and competitiveness. FDI also has a significant positive effect, contributing to technology transfer and production efficiency. R&D does not show a significant effect, indicating the need to improve labor quality and strengthen the synergy between research and industry. Government debt also shows no significant impact, suggesting that poorly managed debt does not directly contribute to growth. Trade openness has a significant and positive effect, improving efficiency and economic opportunities. Although corruption is often considered a barrier, its impact is not significant in this context, with other factors like public policy and economic stability playing a more prominent role. Political stability also shows no significant effect on growth, which is more influenced by labor productivity, technological innovation, and the quality of governance. This study offers important insights for developing more effective economic policies in G20 countries.

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