Kesan kebebasan ekonomi terhadap pertumbuhan ekonomi negara: Kajian empirikal di ASEAN-5

Economic liberalization is quite a new issue but is one of the most important factors in enhancing the economic growth as well as making significant impact on the Gross Domestic Product (GDP).This study is aimed at analyzing whether the variables do actually have any impact on the economic growth of ASEAN-5, comprising Indonesia, Malaysia, Philippines, Singapore and Thailand by employing the variables associated to economic liberalization.This study also intends to identify the independent variables that have the most significant impact on the national economic growth. Root Test was used to trace the stationarity effect of panel data while co-integration test was conducted by adopting the Pedroni Test and Fully Modified Ordinary Least Squares (FMOLS) Estimation. The results found that all variables associated with economic liberalization have significant relationship, both in total and among individual variables, hence showing direct relations hip with economic growth of ASEAN-5 member countries. The higher the status of economic liberalization in a country the higher the openness the country would be and this would eventually lead to positive effect on the national economic growth and GDP