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Determinants of inclusive growth in ASEAN

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  • Victoriia Alekhina
  • Giovanni Ganelli

Abstract

Over the past decades ASEAN countries have experienced rapid economic growth accompanied by a dramatic fall in poverty rates, but income inequality has not retreated. This research aims at identifying factors which could contribute to more equally distributed growth in ASEAN. To measure inclusive growth, we use a variable integrating per capita income growth and an equity index. A cross-country panel analysis of the impact of macro-structural factors on inclusive growth and its two components suggests that fiscal redistribution, female labour force participation, productivity growth, FDI inflows, digitalization, and savings significantly drive inclusive growth. A scenario analysis based on our econometric results suggests that the implementation of fiscal redistribution and labour market-oriented structural reforms could help significantly accelerate inclusive growth in ASEAN.

Suggested Citation

  • Victoriia Alekhina & Giovanni Ganelli, 2023. "Determinants of inclusive growth in ASEAN," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 28(3), pages 1196-1228, July.
    • Handle: RePEc:taf:rjapxx:v:28:y:2023:i:3:p:1196-1228
    DOI: 10.1080/13547860.2021.1981044
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    Cited by:

    1. Ninik SRIJANI & Siti AISYAH & Lilik Sri HARIANI, 2023. "Presidential Election and SME Transformation in Indonesia: The Influence of Policies and Political Dynamics," CECCAR Business Review, Body of Expert and Licensed Accountants of Romania (CECCAR), vol. 4(10), pages 60-73, October.
    2. Navid Khan & Ke Xing & Salman Mahmood & Riaz Ahmad, 2024. "Key underlying concepts of shared prosperity: insights from a literature review," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 71(3), pages 727-751, September.
    3. Yang, Haifei & Feng, Qi & Yu, Wanqing & Lyu, Jiayu, 2024. "Exploring the interplay of resource utilization, human capital, and FDI in enhancing national well-being: Evidence from OECD countries," Resources Policy, Elsevier, vol. 90(C).

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