The Effect of Budget Deficit, Foreign Direct Investment, and Human Development Index on Asean-5 Economic Growth

This study aims to analyze the effect of budget deficit, foreign direct investment (FDI) and Human Development Index (HDI) on economic growth in ASEAN-5 countries, consisting of Indonesia, Malaysia, Thailand, Vietnam, and Philippines. This study uses secondary data analyzed and panel data regression method. By using Fixed Effect Model (FEM) analysis, the results show that budget deficit, FDI, and HDI have a positive and significant effect on economic growth. These findings indicate that efficient fiscal policy, increasing attractiveness for foreign investors, and improving the quality of human resources are important factors in driving sustainable economic growth in the ASEAN region.