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The impact of tourism on economic growth in ASEAN-5 countries: Evidence from panel data analysis
Main Article Content
M. Sandy Maulana
Pocut Nazwa Zia Shahfina
Martahadi Mardhani
Puti Andiny
Safuridar
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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