A Macroeconomic Correlation Analysis of Foreign Direct Investment in Indonesia
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Abstract
Indonesia has natural resources that can be utilized. Foreign direct investment (FDI) can be used to manage these natural resources to increase economic growth. However, Indonesia has a relatively low level of FDI as a developing country compared to the five major countries in ASEAN. This study was conducted to see if FDI, as the dependent variable, can be increased by taking into account the investment interest of foreign investors through macroeconomic factors such as inflation (INF), gross domestic product (GDP), interest rate (7th day, repo rate) (IR), and exchange rate (ER) as independent variables. The data for this study was obtained from governmental sources through the Badan Pusat Statistik (Statistics Indonesia), Bank of Indonesia, Badan Koordinasi Penanaman Modal (Investment Coordinating Board), and Portal Statistik Perdagangan (Trade Statistics Portal) from the second quarter of 2016 to the third quarter of 2021. This research used descriptive and explanatory methods based on a quantitative approach, with multiple linear regression analysis to test its hypotheses. The results showed that GDP and ER had no significant correlation with FDI in Indonesia; however, INF and IR were significantly correlated with FDI.
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