Modal Manusia dan Litbang Sebagai Pemacu Pertumbuhan Ekonomi Jangka Panjang Komparasi Asean-5

Abstract

The Covid-19 that hit the world has a global impact on all aspects of life, especially in the economic sector and declines in production, distribution and consumption activities resulted in a reduction in the level of prosperity or welfare of the community. The Covid-19 pandemic has had an impact on the decline of economic growth in almost all parts of the world, including the ASEAN-5 countries. This paper intends to compare the determinants of economic growth owned by ASEAN-5 countries by taking as reference the new economic growth theory model developed by Sollow and Roomer. This paper is a comparative descriptive review that aims to compare and explain the determinants of economic growth in ASEAN-5 countries. The results of the comparison show that in terms of per capita income, Indonesia lags behind Singapore, Malaysia, and Thailand, and this lies in the low level of human capital and research and development (R&D) factors compared to the other ASEAN-5 countries.