The impact of tourism on economic growth in ASEAN-5 countries: Evidence from panel data analysis
DOI:
10.62941/irefi.v1i4.77Issue:
Vol. 1 No. 4 (2025): AprilKeywords:
Economic growth, tourist arrivals, tourism receipts, exchange rate, ASEAN-5Research Article
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Abstract
This study analyzes the influence of the tourism sector on economic growth in five ASEAN countries (ASEAN-5), using panel data from 1995 to 2023. By employing a quantitative approach and panel data regression models, this research finds that the number of foreign tourist arrivals, tourism receipts, and exchange rate significantly influence the economic growth of these countries. The analysis results indicate that an increase in the number of foreign tourist arrivals and tourism receipts positively impacts economic growth, while the exchange rate significantly contributes to its improvement. These findings confirm the importance of the tourism sector as an economic driver and highlight the necessity of supportive policies to foster the development of this sector in order to enhance economic growth in the ASEAN region.
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Author Biographies
M. Sandy Maulana, Department of Economics, Faculty of Economics and Business, Universitas Samudra, Langsa, Indonesia
Pocut Nazwa Zia Shahfina, Department of Economics, Faculty of Economics and Business, Universitas Samudra, Langsa, Indonesia
Martahadi Mardhani, Department of Economics, Faculty of Economics and Business, Universitas Samudra, Langsa, Indonesia
Puti Andiny, Department of Economics, Faculty of Economics and Business, Universitas Samudra, Langsa, Indonesia
Safuridar, Department of Economics, Faculty of Economics and Business, Universitas Samudra, Langsa, Indonesia
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Copyright (c) 2024 M. Sandy Maulana, Pocut Nazwa Zia Shahfina, Martahadi Mardhani, Puti Andiny, Safuridar
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