Comparative Open Economic Resilience in Indonesia and Malaysia: Regional Integration Challenges and Global Spillover Effects
DOI:
https://doi.org/10.56750/cesjv9i3.1889Keywords:
Open Economic Resilience, Global Spillover Effect, Fiscal Policy, Export-Import, ASEAN IntegrationAbstract
This study aims to comparatively analyze the resilience of the open economy of Indonesia and Malaysia in the face of external shocks and challenges of ASEAN regional integration in the 2020–2024 period. The focus of the analysis includes three main dimensions: the impact of global spillover on GDP growth, the effectiveness of fiscal policy responses in the face of external shocks, and export-import dynamics as a reflection of the trade resilience of the two countries. This study uses a qualitative descriptive comparative approach with a secondary data-based documentation study method from the IMF World Economic Outlook Database, UN Comtrade, and World Bank World Development Indicators for the observation period 2020-2024. The results of the analysis show that Indonesia excels in fiscal stability and discipline, while Malaysia excels in recovery capacity and export competitiveness. The two countries exhibit different but complementary response patterns, with implications for closer fiscal-monetary coordination within the framework of ASEAN integration.
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