Economic Growth in the Era of Economic Openness in Indonesia
DOI:
https://doi.org/10.35134/ekobistek.v13i2.793Keywords:
Economic Growth, Energy Trade, Foreign Direct Investment, Foreign Exchange Reserves, Export, ImportAbstract
The global economy has entered economic globalization, where with this economic globalization there is an escalation of the openness of a country's economy to international trade, foreign investment and international capital flows. Economic openness in both the financial sector and trade relations can be used as a driver of economic growth. Indonesia is one of the countries that continues to strive to become a developed nation. Indonesia has experienced significant development, particularly in the economic sector. This progress is evident through a relatively good economic growth. The objective of this research is to examine the impact of petroleum and natural gas exports, petroleum and natural gas imports, foreign direct investment (FDI), and foreign exchange reserves on the economic growth of Indonesia's Gross Domestic Product (GDP) from 1990 to 2022. In terms of methodology, this study employed quantitative descriptive approaches and utilized secondary data for analysis. The data collection method uses the documentation method or documentation study using multiple linear regression analysis methods. The findings indicated that the exportation of petroleum and natural gas had a notable adverse impact on the economic growth of Gross Domestic Product (GDP). While petroleum and natural gas imports, foreign direct investment (FDI) and foreign exchange reserves make a positive and significant contribution to Gross Domestic Product (GDP). The implication of this study underscores the significance of considering the roles played by petroleum and natural gas export, petroleum and natural gas import, foreign direct investment, and foreign exchange reserves in shaping economic policies in Indonesia.
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