Tourism, FDI, Renewable Energy, And Growth

An Analysis Of ASEAN Countries

Abstract

The aim of this study is to investigate how each variable affects the economic growth of ASEAN countries between 2000 and 2020. The impacts of variables on economic growth were analyzed using a panel ARDL approach. The foundation of this model rests on three estimators, specifically Mean Group (MG), Pooled MG (PMG) and Dynamic Fixed Effect (DFE). Studies prove that DEF estimator is superior in consistency and effectiveness. The statistical significance of the negative adjustment coefficient (error correction parameter) confirms the existence of a long-term relationship. While the short-term effect of tourism development on economic growth is negative, the long-term effect is not significant. FDI has a significant positive impact on Economic Growth in the short and long term, despite differing opinions. It lacks significance in both short and long terms. CRE does not significantly impact Economic Growth.