Open AccessAccelerating Economic Recovery Post-Covid19 through Strengthening Priority Sectors in ASEAN+6 Countries: A Generalized Method of Moment (GMM) Approach
Author(s) -
Setyo Tri Wahyudi,
Kartika Sari,
Rihana Sofie Nabella
Publication year - 2021
Publication title -
estudios de economía aplicada
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.123
H-Index - 6
eISSN - 1697-5731
pISSN - 1133-3197
DOI - 10.25115/eea.v39i12.6005
Subject(s) - agriculture , economic recovery , generalized method of moments , economic sector , secondary sector of the economy , business , economic growth , industrial production , economics , development economics , economic policy , panel data , economy , geography , macroeconomics , archaeology , econometrics
The Covid-19 pandemic has undermined the achievements of economic growth in various countries, including in the Southeast Asia region. The characteristics of the Southeast Asian region, which are based on the agricultural and industrial sectors, have become the foundation for economic recovery efforts. Therefore, this study chose the agricultural and industrial sectors as the database of research. Further, this study aims to analyze the influence of the agricultural sector and the industrial sector on economic growth in ASEAN+6, covering Indonesia, Thailand, Vietnam, Malaysia, the Philippines, and Singapore. In this study, secondary data will be used for the period from 1991 to 2020 and the sources is from the official website of the World Bank by taking world development indicator data with the Generalized Method of Moment (GMM) method. It was found that the share of value-added in the agricultural sector and the industrial sector in the ASEAN+6 has a significant contribution to economic recovery efforts in the region. The increase in these two sectors has shown a real impact on accelerating economic recovery through increased production activity. The findings of this study are expected to be a reference for policies to increase output in the two sectors, encourage economic growth, and accelerate economic recovery in each country.