DETERMINANTS OF ECONOMIC GROWTH IN INDONESIA FROM AN ISLAMIC ECONOMICS PERSPECTIVE

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Published: Jun 30, 2025
DOI: https://doi.org/10.19109/ifinance.v11i1.28558
Keywords:
Foreign Direct Investment, Domestic Investment, Exports, Imports, Inflation, Economic Growth

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Amelia Sholeha
Universitas Islam Negeri Raden Intan Lampung
Liya Ermawati
Universitas Islam Negeri Raden Intan Lampung
Sania Nuraziza
Universitas Islam Negeri Raden Intan Lampung

Abstract

This study aims to analyze the determinants of economic growth factors in Indonesia in the perspective of Islamic economics, especially the influence of Foreign Direct Investment (FDI), Domestic Direct Investment (DDI), exports, imports, and inflation in the period 2015-2023. The research population is Indonesian macroeconomic data, with a sample of time series data for the period 2015-2023. The data analysis technique uses a quantitative approach through the Vector Error Correction Model (VECM) model to test the relationship between short-term and long-term variables. The results showed that FDI had no effect on economic growth, PMDN had no significant effect on economic growth, as well as exports t-statistic <1.9677. In contrast, imports have a positive effect in the long run, while inflation has a significant effect in both the short and long term. In the perspective of Islamic economics, the principles of fairness, balance, and sustainability are essential to ensure inclusive and welfare-oriented economic growth. In conclusion, FDI, PMDN, Export has no influence on economic growth, while Import has an influence in the long run and Inflation has an influence on economic growth in 34 provinces in Indonesia during the period 2015-2023

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How to Cite
DETERMINANTS OF ECONOMIC GROWTH IN INDONESIA FROM AN ISLAMIC ECONOMICS PERSPECTIVE. (2025). I-Finance: A Research Journal on Islamic Finance, 11(1), 176-194. https://doi.org/10.19109/ifinance.v11i1.28558
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Vol. 11 No. 1 (2025): I-FINANCE: a Research Journal on Islamic Finance
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I-Finance by http://jurnal.radenfatah.ac.id/index.php/I-Finance is lincensed under a Creative Commons Attribution-ShareAlike 4.0 International Lisence.

How to Cite

DETERMINANTS OF ECONOMIC GROWTH IN INDONESIA FROM AN ISLAMIC ECONOMICS PERSPECTIVE. (2025). I-Finance: A Research Journal on Islamic Finance, 11(1), 176-194. https://doi.org/10.19109/ifinance.v11i1.28558

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