STRUCTURAL EQUATION MODELING OF THE COVID-19 INCIDENCE RATE ASSOCIATED WITH THE DEATH RATE AND THE IMPACT OF SOCIOECONOMIC FACTORS IN ASEAN COUNTRIES

Abstract

The pandemic crisis caused by COVID-19 jeopardizes our progressive social, ecological, and economic development. Many studies have focused on its impact on sustainable development in emerging economies and rapid regional development. We attempted to create a study from a distinct point of view. We investigate how socioeconomic factors contribute to regional variation in the incidence and death rate of COVID-19 risk and attempt to develop statistical modeling with a focus on the Association of Southeast Asian Nations (ASEAN). We conducted quantitative research using structural equation modeling based on structure variance, also known as partial least square path modeling. Our findings suggest that socioeconomic factors have a significant impact on the incidence and mortality rate of COVID-19. COVID-19 infection rates are highest in developed countries in general. As discovered in this study, socioeconomic factors have a positive effect on the incidence rate but a negative effect on the death rate. The findings provide policy recommendations for controlling and preventing COVID-19 transmission and lowering the death rate in the ASEAN community. In general, the paper adds to our limited understanding of the socioeconomic consequences of the COVID-19 pandemic.