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The Effect of Monetary Policy and Inclusive Growth Toward Economic Development in ASEAN
ABSTRACT
Gundogdy Garlyyev. 2024. “The Effect of Monetary Policy and Inclusive Growth
Toward Economic Development in Asean”. Development Economics Study
Program, Faculty of Economics and Business, Universitas Negeri Semarang.
Advisor: Avi Budi Setiawan, S.E., M.Si.
Keyword: Economic growth, ASEAN, GDP, monetary policy, exchange rates,
international reserves, inclusive growth, COVID-19, sustainable development.
This research investigates the intricate dynamics of economic growth,
monetary policy, exchange rates, international reserves, and inclusive growth
within the context of the Association of Southeast Asian Nations (ASEAN).
Economic growth, measured through Gross Domestic Product (GDP), serves as a
vital indicator of national well-being. The study examines ASEAN's economic
trajectory over the past two decades, highlighting the profound impact of the
COVID-19 pandemic on the region. Monetary policy, a key instrument in shaping
economic conditions, is explored in the context of ASEAN countries.
The analysis considers the influence of exchange rates on economic growth,
emphasizing their fluctuation and effects on international trade, foreign investment,
and national economic competitiveness. Additionally, the study scrutinizes total
international reserves as a critical element in maintaining economic stability and
fostering growth. Inclusive growth, a pressing global concern, is examined with a
focus on its relevance to ASEAN nations. The research utilizes Indonesia as a case
study, exploring the country's inclusive economic growth index through various
indicators such as GDP per capita, manufacturing sector contribution, employment
rates, and education levels.
The analysis uncovers trends and patterns, particularly noting a decline in the
contribution of the manufacturing sector to inclusive growth within the ASEAN
region. Throughout the research, insights from scholars and empirical data are
woven together to provide a comprehensive understanding of the economic
dynamics within ASEAN. The study contributes to the academic discourse on
economic growth, offering practical insights for policymakers navigating the
challenges posed by global uncertainties, climate change, and the pursuit of
inclusive and sustainable development in the region
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