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Economic growth in ASEAN countries has shown heterogeneous dynamics, particularly in the post-pandemic period. This study aims to analyze the effect of economic complexity, manufacturing value added, and foreign direct investment on economic growth in ASEAN-8 countries during 2015–2024. The study employs a quantitative explanatory approach using panel data regression analysis. The data were obtained from the World Development Indicators (World Bank) and Harvard Growth Lab. Based on the Chow and Hausman tests, the Fixed Effect Model (FEM) was selected as the best estimation model. The results indicate that economic complexity has a negative and significant effect on economic growth, suggesting that increasing economic sophistication does not automatically promote growth when industrial and institutional readiness remain limited. Meanwhile, the manufacturing sector has a positive but insignificant effect on economic growth. In contrast, foreign direct investment has a positive and significant effect on economic growth through capital accumulation and technology transfer. Simultaneously, all independent variables significantly affect economic growth in ASEAN-8 countries. These findings imply the importance of strengthening industrial capacity, institutional quality, and technological readiness to support sustainable economic growth in ASEAN countries.

Diaspora remittances are a major and relatively stable external financing source for underdeveloped and developing countries, often surpassing aid and foreign direct investment. Drawing on a narrative review of recent empirical studies, meta-analyses, and country cases, this paper examines how remittances contribute to sustainable finance by affecting economic growth, poverty and inequality, financial inclusion, and environmental outcomes. The evidence shows that remittances generally reduce poverty and enhance financial inclusion, while their growth and environmental impacts are heterogeneous and depend on factors such as financial development, human capital, and institutional quality. The paper argues that targeted policies lowering transaction costs, strengthening and digitizing financial systems, and designing instruments to channel remittances into productive and green investments are essential to fully integrating remittances into national sustainable finance and development strategies.

This study aims to analyze the legal regulation of joint ventures in Indonesia as a form of Foreign Direct Investment (FDI) implemented through Limited Liability Companies based on Law Number 25 of 2007 concerning Investment, Law Number 40 of 2007 concerning Limited Liability Companies, and the Indonesian Civil Code. The research employs a normative legal method with a library research approach to examine legal provisions and concepts related to cooperation between foreign investors and domestic parties. The findings indicate the existence of structural imbalances between the parties, where foreign investors possess advantages in capital, technology, business experience, and access to information, resulting in asymmetrical bargaining power. This condition may lead to domination in decision-making, information gaps, and potential exploitation of domestic parties. Furthermore, existing legal protection is considered insufficient to fully implement the principle of equitable bargaining. Therefore, this study proposes a normative reconstruction through the application of principles of balance of power, good faith, transparency, and proportionality in joint venture agreements. The study also recommends preventive supervision through mandatory due diligence by the Financial Services Authority and the Investment Coordinating Board, including the standardization of contractual clauses and disclosure obligations, in order to create fair, sustainable joint venture relationships that protect national interests.

This study investigates the factors influencing export performance in five ASEAN countries Indonesia, Malaysia, the Philippines, Singapore, and Thailand during the 2014-2023 period. The topic is highly relevant given the vital role of exports in sustaining monetary stability and promoting long-term economic growth. The novelty of this research lies in its integrated approach, which simultaneously examines key export-related macroeconomic variables, namely foreign direct investment and inflation, while incorporating foreign exchange reserves as a moderating variable an approach that remains limited in existing ASEAN-focused studies. This analysis uses secondary data obtained from the World Bank and processed using panel data regression methods, including the Common Effect Model, Fixed Effect Model, and Random Effect Model, strengthened by a Moderated Regression Analysis (MRA) approach. The results show that foreign direct investment and inflation significantly influence foreign exchange reserves. Furthermore, foreign exchange reserves have been shown to play a strategic role in strengthening the economic resilience of ASEAN countries and can be used as a reference in formulating monetary and international trade policies.

This study investigates the factors influencing export performance in five ASEAN countries Indonesia, Malaysia, the Philippines, Singapore, and Thailand during the 2014-2023 period. The topic is highly relevant given the vital role of exports in sustaining monetary stability and promoting long-term economic growth. The novelty of this research lies in its integrated approach, which simultaneously examines key export-related macroeconomic variables, namely foreign direct investment and inflation, while incorporating foreign exchange reserves as a moderating variable an approach that remains limited in existing ASEAN-focused studies. This analysis uses secondary data obtained from the World Bank and processed using panel data regression methods, including the Common Effect Model, Fixed Effect Model, and Random Effect Model, strengthened by a Moderated Regression Analysis (MRA) approach. The results show that foreign direct investment and inflation significantly influence foreign exchange reserves. Furthermore, foreign exchange reserves have been shown to play a strategic role in strengthening the economic resilience of ASEAN countries and can be used as a reference in formulating monetary and international trade policies.

The growth of the digital economy in Indonesia has positioned Foreign Venture Capital Companies (FVCCs) as a fundamental pillar within the startup financing ecosystem. However, the legal landscape has undergone a significant transformation with the enactment of Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector (P2SK Law). This regulation mandates that all financial services business actors, including foreign entities, obtain business licenses from the Financial Services Authority (Otoritas Jasa Keuangan/OJK). This study aims to analyze the legal implications of this licensing requirement on business certainty for foreign investors and to examine the normative inconsistencies between the Investment Law and the P2SK Law. This research employs a normative juridical method with a statutory approach and a conceptual approach. The findings reveal the existence of normative ambiguity (vagueness of norms) concerning the operational status of FVCCs utilizing offshore structures during the regulatory transition period, which is set to expire in January 2026. Such legal uncertainty has the potential to hinder the inflow of Foreign Direct Investment (FDI) if not promptly addressed through adaptive implementing regulations, such as the optimization of regulations governing Foreign Representative Offices. On the other hand, the licensing obligation enhances legal certainty by providing preventive legal protection for Business Partner Companies through contract standardization and integrated supervision. In conclusion, this study recommends cross-sectoral regulatory harmonization and the issuance of clear technical guidelines to ensure a balanced approach between prudential supervision and investment facilitation.

Unemployment is a socio-economic problem that can threaten the stability of the Indonesian economy. This study analyzes the effect of minimum wages, exports, foreign investment, and the human development index (HDI) on the unemployment raefrom 1990 to 2023. Using the Ordinary Least Square (OLS) multiple linear regression estimation method, to correct bias in the estimation, the Newey-West HAC standard errors approach is used. Minimum wages and foreign investment have a significant negative effect on the open unemployment rate, confirming that wage increases can boost productivity, foreign investment creates direct jobs through the construction of production facilities and economic multiplier effects in supporting sectors. The most surprising finding of the HDI which has a positive effect and exports which are proven to be insignificant on the unemployment rate, this shows that human capital formation is not in line with existing job opportunities due to rapid technological changes, as well as export-increasing policies which focus more on capital intensity. The study provides important implications for policymakers, maintaining and optimizing minimum wage increases and foreign investment in a measurable manner because they have proven effective in reducing unemployment rates. Reorienting export strategies policy from capital-intensive to labor-intensive, increasing the human development index adjusted to technological developments, especially in the business and industrial world.

Investment is one of the key drivers of national economic growth as it contributes to capital formation, job creation, and the expansion of production capacity. However, investment realization is dynamic and inherently uncertain, influenced by both domestic and global economic conditions. This study aims to analyze the probability of investment growth in Indonesia based on investment realization data for the first quarter of 2025. The research employs a quantitative approach using descriptive statistical analysis and probability analysis. The data used are secondary data obtained from official publications of the Investment Coordinating Board (BKPM), including national investment realization, Domestic Investment (PMDN), Foreign Direct Investment (FDI/PMA), and regional distribution of investment. The results indicate that investment realization in the first quarter of 2025 reached Rp465.2 trillion, equivalent to 24.4% of the national investment target for 2025. Investment probability is relatively balanced between PMDN and PMA, as well as between Java and non-Java regions, reflecting a stable investment climate and early progress in regional development equity. Overall, the probability of investment growth in Indonesia in 2025 remains favorable; however, achieving the annual investment target largely depends on the consistency of investment realization and the effectiveness of government policies in the subsequent quarters.

Development financing systems in various developing countries, including Indonesia, have been tested by repeated global crises, such as the 2008 financial crisis, the COVID-19 pandemic, and geopolitical tensions since 2020. The economy is highly dependent on external funding, such as foreign loans and foreign direct investment (FDI), making it vulnerable to disruptions and uncertainty in capital flows. This article examines the strategic role of domestic savings as a stabilizer in maintaining the resilience of development financing using a desk study approach. The literature review shows that mobilizing domestic savings through conventional and Islamic financial institutions is crucial for encouraging long-term investment, reducing dependence on external financing, and strengthening national fiscal independence. In the Islamic economy, the rise of yield-based savings instruments, productive waqf, and retail sukuk has helped expand a stable and equitable domestic funding base. Furthermore, this article finds that digital transformation, fiscal incentive policies, and financial literacy are key to increasing public participation in productive savings. Therefore, increasing domestic savings is an economic tool and a national defense strategy in facing ongoing global crises.

The 2020–2024 period is a crucial time for the Indonesian economy, which is facing severe pressure due to the COVID-19 pandemic and global economic dynamics. This study aims to analyze the development of the national economic condition over the past five years through key macroeconomic indicators, such as Gross Domestic Product (GDP), Foreign Direct Investment (FDI), forest area, industrial sector contribution, high-tech exports, domestic credit, trade in goods, and gross national income per capita (GNI per capita). The method used is descriptive quantitative based on data from the Central Statistics Agency (BPS) and secondary sources from national and international institutions. The results show that despite a contraction in 2020 due to the pandemic, the recovery process has been rapid since 2021, with stable economic growth in the range of 5% until 2024. Increased GNI per capita, improved foreign investment flows, and the expansion of economic digitalization are key factors strengthening national resilience. However, challenges remain, such as a decline in the industrial sector's contribution and a reduction in forest area. These findings confirm that Indonesia's economic development is moving toward a structural transformation oriented toward sustainability, sector diversification, and social inclusiveness. Overall, the 2020–2024 period reflects a phase of recovery and restructuring of the economic foundations toward achieving the Vision of a Golden Indonesia 2045 with global competitiveness.

The war between India and Pakistan has had a devastating impact on the economies of both the countries directly involved and those indirectly affected. The economic impacts of this armed conflict include significant infrastructure damage, reduced production capacity, soaring inflation, rising unemployment, and reduced investment flows. This geopolitical instability has also fueled uncertainty in global financial markets, triggering a "flight to safety" phenomenon, a shift in capital and investment to countries or instruments perceived as safer, such as US government bonds or gold. For Indonesia, this situation has the potential to significantly disrupt national economic stability. One impact is a reduction in foreign direct investment (FDI) inflows, as investors tend to hold back or relocate their investments to more geopolitically stable countries. Furthermore, pressure on the rupiah exchange rate could increase due to global financial market volatility and a decline in international investor confidence. The conflict could also hamper Indonesia's export traffic, particularly to countries with close trade ties with India and Pakistan. Furthermore, these tensions could disrupt global supply chains, particularly for energy and food commodities, many of which pass through strategic trade routes. If the conflict drags on, the price of crude oil and other raw materials could potentially rise sharply, which in turn would increase domestic production costs. This would have a direct impact on inflation and public purchasing power. This situation further complicates the management of Indonesia's monetary and fiscal policies, which currently face significant challenges, such as the imminent maturities of large government debt and a still-widening state budget deficit. The government must take strategic steps to maintain domestic economic stability, strengthen foreign exchange reserves, and encourage export market diversification to reduce over-reliance on conflict-prone countries.

The potential war between India and Pakistan poses significant risks to the Indonesian economy, as it is expected to exacerbate uncertainty in the global financial market. Such geopolitical tensions often trigger a ‘flight to safety,’ where capital flows shift to countries considered stable, leading to reduced foreign direct investment (FDI) in emerging markets like Indonesia. This scenario is likely to place additional pressure on Indonesia’s exchange rate, further destabilizing its financial position. One of the key impacts of the looming India-Pakistan war on Indonesia is its effect on monetary and fiscal management. The Indonesian government is already facing significant challenges, including managing a large amount of maturing debt and grappling with a growing budget deficit. The war would complicate these efforts, making it more difficult for the government to stabilize the economy and implement effective policies. Indonesia’s export sector will also be affected, as India and Pakistan are two of the country’s main trading partners, especially for key commodities like crude palm oil (CPO) and coal. India is Indonesia’s 4th largest export destination, accounting for approximately 9% of total exports, while Pakistan represents around 1.9%. Any disruption in trade with these countries, due to the war or political instability, could significantly hurt Indonesia’s export revenues and negatively affect industries reliant on these markets. Moreover, Indonesia is already facing challenges from the United States, which has imposed reciprocal tariffs worth 32% on Indonesian products. This trade tension, combined with the geopolitical instability from the India-Pakistan conflict, will add further strain to Indonesia’s trade balance. The combination of these factors could lead to slower economic growth, reduced investor confidence, and potentially higher inflation, as the country faces multiple external and internal economic pressures.

oreign exchange reserves are one of the key indicators in international trade, reflecting the fundamental strength of a country's economy. They serve as a benchmark to assess the robustness of a nation's economic condition and indicate its ability to engage in international trade. Several factors influence Indonesia's foreign exchange reserves, including export value, exchange rate, and foreign direct investment (FDI). This study aims to analyze the simultaneous impact of export value, exchange rate, and FDI on Indonesia's foreign exchange reserves, as well as their partial effects. The data analysis technique employed in this research is multiple linear regression. The findings reveal that export value, exchange rate, and FDI significantly influence Indonesia’s foreign exchange reserves simultaneously. Partially, export value and exchange rate have a positive and significant impact, while FDI has a positive but statistically insignificant effect. It can be concluded that increasing export value and maintaining exchange rate stability play a crucial role in sustaining and enhancing Indonesia's foreign exchange reserves.    

Foreign direct investment (FDI) has a strategic role in Indonesia's economic development. However, the realization of foreign investment is not free from challenges related to legal certainty and protection. This study aims to analyze legal protection for foreign investors in Indonesia, both in terms of applicable legal norms and from the aspect of implementation in the field. Through a literature review, information was collected from various sources in the form of journals, articles, and relevant laws and regulations to gain a broad understanding of legal protection for foreign investors at the normative and implementation levels in Indonesia. The results of the study indicate that Indonesian laws and regulations, especially Law No. 25/2007 concerning Investment, various Bilateral Investment Treaties (BITs), and FTAs ​​provide a comprehensive legal protection framework for foreign investors. In the field, legal uncertainty still arises due to overlapping regulations, frequent policy changes, and different interpretations between institutions. Slow and less transparent licensing bureaucracy, as well as the risk of extortion practices, reduce the attractiveness of investment. Reform efforts such as simplifying licensing through OSS, establishing BKPM as a one-stop shop, and ratifying the Omnibus Law on Job Creation have shown progress in increasing certainty and ease of investment.

The process of long-term improvement in the economic condition of a country to a better state over a certain period is called economic growth.When the level of economic activity is higher than that achieved in previous periods, the economy of a country is said to be experiencing growth.The purpose of this research is to determine the extent to which the manufacturing industry and the agricultural industry influence Indonesia's growth.This type of study is a qualitative study that uses the literature review method.This method is very suitable and relevant for analyzing the influence of the manufacturing industry and the agricultural industry.The results show that the manufacturing and agricultural sectors have a complex influence on Indonesia's economic growth.By becoming a leading sector, manufacturing can drive economic growth by creating more jobs and boosting other sectors such as trade and services.Foreign direct investment (FDI), bank credit, and the number of business units in certain sectors influence the development of the manufacturing sector.

Geopolitical tensions have evolved from peripheral risks to central drivers of global capital flows, disproportionately affecting Emerging Markets (EMs). This study provides a comprehensive bibliometric mapping of the academic landscape linking geopolitical dynamics, international finance, and investment in EMs. This study uses a dataset of 1,039 documents extracted from high-impact databases to analyze performance and conduct science mapping with R-Bibliometrix. The analysis covers publication trends, citation structures, and conceptual evolution over the last century, with a focus on the surge in literature post-2018. Results indicate an exponential growth in scientific production, peaking in 2024. The thematic structure reveals a shift from traditional debt crisis narratives (1990s) to contemporary concerns regarding sanctions, protectionism, and trade policy (2020s). Network analysis identifies three distinct clusters: (1) International finance and market mechanisms, (2) Political economy and development in the Global South, and (3) Institutional governance (IMF/World Bank). This paper bridges the gap between political science and financial economics by visualizing how international finance serves as the dominant anchor connecting developed economies (the USA and the UK) with key emerging markets (China and Indonesia) amid rising global fragmentation.

Economic growth is one of the main benchmarks for assessing a country's economic performance over time. Increased and sustainable economic growth are essential requirements for continued economic development. This study aims to explore the impact of foreign debt, foreign investment, inflation, and non-oil and gas exports, both individually and simultaneously, on economic growth in Indonesia. The data used in this study are time series for three decades, from 1994 to 2023. The methodology used in this study is multiple linear regression analysis, which aims to determine the effect of independent variables on dependent variables, both individually and simultaneously. The findings of this study indicate that simultaneously, foreign debt, foreign investment, inflation, and non-oil and gas exports have a significant impact on Indonesia's economic growth during the period 1994 to 2023. Separately (partially), foreign debt and inflation have a significant negative effect on Indonesia's economic growth in the period 1994 to 2023. On the other hand, foreign investment shows an insignificant negative impact on the country's economic growth in the same period. However, non-oil and gas exports have a significant positive impact on Indonesia's economic growth between 1994 and 2023.  

This study aims to identify and analyze the factors that influence economic growth in Singapore. The research method used is a qualitative method with descriptive analysis techniques using a literature review approach such as scientific journals and digital books. The results showed that the factors that influence the increase in Singapore's economic growth are foreign direct investment, progressive economic policies, export sector and international trade, energy consumption and infrastructure, human resources and education, finance and banking sector, innovation and technology and strategic geographical location and research issues discussed.  

indonesia, the world's 15th largest economy, receives less foreign direct investment than any other developing country, both within and outside its region, with a population of 270 million people and abundant natural resources. According to Indonesia's Central Bureau of Statistics, the country's BPD at that time stood at US$1.49 Trillion. Over the past ten years, foreign direct investment into Indonesia has continued to increase. Multinational companies are companies that consist of various other companies that provide foreign investment opportunities and conduct activities that increase the value of the entity. In addition, multinational companies also have an important role in the global economy and are also leaders in various industrial sectors. The purpose of this research is to find out Multinational Companies that have an important role in the Indonesian economy. This research method uses a qualitative method by collecting research data from previous researchers as a reference. The results of the research we found show that the role of multinational companies has both positive and negative impacts. The positive impact for Indonesia is that they give Indonesia the opportunity to develop its economy through foreign exchange, besides that Multinational Companies also develop digitalization technology for the Indonesian economy. In addition to the positive impact, there are also negative impacts of MNCs, namely, dependence on foreign technology and components, limiting the development of domestic industries, limited technology transfer and development of local companies, decreased domestic investment due to the oligopolistic nature of MNCs, the last is environmental degradation and social inequality caused by MNC operations.

The interest rate in the Iraqi economy represents an active and important element in the management of monetary policy in the Iraqi economy, as it is used by the monetary authority represented by the Central Bank of Iraq to influence the money supply, as well as the impact of this also by allocating the available resources for savings among foreign investments to achieve the central goal of the monetary authority of achieving stability in prices such as the interest rate and various prices and values of investments together and thus achieve balance at the economic and financial levels. This research analyzes the relationship between interest rate changes (IRC) and foreign direct investment (FDI) in the Iraqi economy during the period from (2004-2023). Multiple analytical tools were used, including descriptive statistics, correlation analysis, time series analysis, and prediction models using ARIMA and Prophet. The results showed an association between the two variables under consideration, with the ability of the ARIMA and Prophet models to provide accurate forecasts of future   FDI trends. A quantitative methodology that includes descriptive statistics, correlation analysis, time series models, and forecasting tools has been adopted to clarify the relationship between the two variables and draw conclusions that support economic decision-making.