Abundance of Natural Resources: Influence on Economic Growth in ASEAN Countries
Abstract
ASEAN's GDP growth reached 3 trillion USD, with intra-ASEAN trade reaching 590.4 billion USD. ASEAN is projected to become the world's fourth-largest economy by 2050, and over the past few years has shown rapid economic growth. This study aims to analyze the waste of resources that affect the economic growth of ASEAN countries sourced from the export value of natural resources of fuel, natural resources of ore and minerals, natural resources of agriculture, and natural resources of food. Using a quantitative descriptive research approach, using secondary data in the form of panel data for the period 2001-2020 obtained from 10 countries in ASEAN. Data analysis technique using panel data regression, selected model random effect model using Eviews 12 software. The results of this study show that the abundance of natural resources of ores and minerals has a significant effect on economic growth in ASEAN countries with a positive relationship direction, while agricultural natural resource variables have a significant influence on economic growth with a negative relationship direction. This is due to dependence on agricultural natural resources, market instability, technological and infrastructure limitations, climate change vulnerability, and political instability, thus causing loss of added value, dependence on export markets and development on the agricultural industry, which causes obstacles to economic growth which ultimately hinders economic growth to develop optimally.
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