Does export promotion policy benefit for ASEAN economic development?

Abstract

The main objective of this research is to analyse whether the export promotion policy can benefit ASEAN economic growth. The study applies secondary data from 1993 to 2015 in five countries of ASEAN: Indonesia, Malaysia, Philippines, Thailand and Singapore. 3SLS methods are applied in this study. The results suggest that the import substitution policy implemented in five ASEAN countries tend to accelerate the economic growth through agroindustry advancement. However, for non-agricultural base countries, promotion export would speed up industrialisation toward rapid economic growth.