Pengaruh Utang Luar Negeri dan Investasi terhadap Pertumbuhan Ekonomi

Muhammad Umair Yazid; Lokot Muda Harahap; Willy Linchon Sihombing

doi:10.59061/dinamikapublik.v4i2.1393

Pengaruh Utang Luar Negeri dan Investasi terhadap Pertumbuhan Ekonomi

Authors

Muhammad Umair Yazid Universitas Negeri Medan
Lokot Muda Harahap Universitas Negeri Medan
Willy Linchon Sihombing Universitas Negeri Medan

DOI:

https://doi.org/10.59061/dinamikapublik.v4i2.1393

Keywords:

Economic Growth, External Debt, Fiscal Risk, Literature Review, Productive Investment

Abstract

Economic growth is the main indicator in assessing the success of a country's development, especially for developing countries which often experience limited capital to finance the development process. In these conditions, foreign debt and investment become alternative sources of funding that can be used to encourage economic activity and increase national production capacity. This research aims to examine the relationship between foreign debt and investment on economic growth through a literature study approach. The method used is descriptive qualitative with literature review techniques that utilize secondary data from various sources, such as scientific journals, academic books, and official reports from related institutions. The study results show that foreign debt can support economic growth if it is allocated to productive sectors, such as infrastructure development and strategic sector development. Apart from that, investment also plays a role in increasing production capacity, opening up jobs and encouraging economic activity. However, debt levels that are too high have the potential to create economic risks, such as increasing the burden of debt payments and decreasing investor confidence. Therefore, managing foreign debt and investment effectively, transparently and with a productive orientation is important to support sustainable economic growth.

References

Ain, N. N. H. V. (2021). Pengaruh investasi terhadap pertumbuhan dan pembangunan ekonomi. Al-Tsaman: Jurnal Ekonomi dan Keuangan Islam, 3(1), 162–169.

Azmi, R. H., & Murialti, N. (2025). Pengaruh penanaman modal asing, ekspor, dan utang luar negeri terhadap laju pertumbuhan PDRB di Indonesia periode 2009–2023. Jurnal Pendidikan Tambusai.

Dhaifullah, H., Darwin, R., & Widiarsih, D. (2024). Analisis pengaruh pengeluaran pemerintah, penanaman modal asing, dan utang luar negeri terhadap pertumbuhan ekonomi di Indonesia tahun 2000–2024. Jurnal Penelitian Ilmu Pendidikan Indonesia.

Febriyanti, D., Adisti, D. S., & Azimah, Z. H. (2024). Pengaruh utang luar negeri, inflasi, tingkat suku bunga, investasi luar negeri dan investasi dalam negeri terhadap pertumbuhan ekonomi di Indonesia tahun 2006–2023. Journal of Economics and Policy Studies.

Iamsiraroj, S. (2016). The foreign direct investment–economic growth nexus. International Review of Economics & Finance, 42, 116–133. https://doi.org/10.1016/j.iref.2015.10.044

Ibrahim, A. A., & Dahie, A. M. (2016). The effect of foreign direct investment, foreign aid and domestic investment on economic growth: Evidence from Somalia. Imperial Journal of Interdisciplinary Research, 2(13). http://www.onlinejournal.in

Investopedia Staff. (2024, February 15). External debt: Definition, causes, and how it’s paid. Investopedia. https://www.investopedia.com/terms/e/external-debt.asp

Jufrida, F., Syechalad, M. N., & Nasir, M. (2016). Analisis pengaruh investasi langsung (FDI) dan investasi dalam negeri terhadap pertumbuhan ekonomi Indonesia. Jurnal Perspektif Ekonomi Darussalam, 2(1).

Kurniawan, I. (2016). Pengaruh investasi dan utang luar negeri terhadap pertumbuhan ekonomi Indonesia periode 1989–2013. Jurnal Ekonomi dan Keuangan.

Lean, H. H., & Tan, B. W. (2011). Linkages between foreign direct investment and economic growth in Malaysia. Journal of Economic Cooperation and Development, 32(4), 75–96.

Mahriza, T., & Amar, S. B. (2019). Pengaruh investasi dalam negeri, investasi asing, tenaga kerja dan infrastruktur terhadap perekonomian di Provinsi Sumatera Barat. Jurnal Kajian Ekonomi dan Pembangunan, 1(3), 691–704.

Malik, A., & Kurnia, D. (2017). Pengaruh utang luar negeri dan penanaman modal asing terhadap pertumbuhan ekonomi. Jurnal Akuntansi, 3(2), 27–42.

Mawarni, C. P., & Sulasmiyati, S. (2018). Pengaruh investasi asing langsung (foreign direct investment) dan investasi dalam negeri terhadap pertumbuhan ekonomi di Indonesia (Studi pada produk domestik bruto periode tahun 2007–2016). Jurnal Administrasi Bisnis (JAB), 60(2), 115–121.

Muryanto, T. D., Farida, Y., Ullinuha, N., Khaulasari, H., & Yuliati, D. (2022). Analisis pengaruh investasi terhadap pertumbuhan ekonomi Jawa Timur. Jurnal Matematika Integratif, 18(2), 157–166. https://doi.org/10.24198/jmi.v18.n2.40732.157-166

Purwanto, N. P., & Mangeswari, D. R. (2011). Pengaruh investasi asing dan hutang luar negeri terhadap pertumbuhan ekonomi Indonesia. Jurnal Ekonomi & Kebijakan Publik, 2(2), 681–705.

Putri, S. A., Winanto, A. R., & Abas, S. (2024). Pengaruh utang luar negeri (foreign debt), investasi asing (FDI), dan ketimpangan ekonomi terhadap pertumbuhan ekonomi di Indonesia tahun 2004–2023. Jurnal Pendidikan Ekonomi dan Kewirausahaan, 9(1).

Rahayuningsih, I., Murtala, M., & Rahmah, M. (2023). Pengaruh utang luar negeri, cadangan devisa, dan investasi asing terhadap pertumbuhan ekonomi di Indonesia tahun 1991–2021. Jurnal Ekonomi Regional, 6(2).

Setyowati, E., & Subejo. (2020). Analisis pengaruh investasi, tenaga kerja dan pengeluaran pemerintah terhadap pertumbuhan ekonomi di Provinsi Jawa Tengah. Jurnal Ekonomi dan Bisnis, 23(1), 1–13.

Snyder, H. (2020). Literature review as a research methodology: An overview and guidelines. Journal of Business Research, 104, 333–339. https://doi.org/10.1016/j.jbusres.2019.07.039

Tran, H. T. T., & Hoang, H. T. (2019). An investigation into the impacts of FDI, domestic investment capital, human resources, and trained workers on economic growth in Vietnam. In International Econometric Conference of Vietnam (pp. xx–xx). Springer.

Trisnu, C. I. S. R., & Purbadharmaja, I. B. P. (2014). Pengaruh PMDN dan PMA terhadap PDRB di Provinsi Bali. E-Jurnal Ekonomi Pembangunan Universitas Udayana, 3(3), 88–95.

Undang-Undang Republik Indonesia Nomor 25 Tahun 2007 tentang Penanaman Modal. (2007). Lembaran Negara Republik Indonesia.

Zekarias, S. M. (2016). The impact of foreign direct investment (FDI) on economic growth in Eastern Africa: Evidence from panel data analysis. Applied Economics and Finance, 3(1). https://doi.org/10.11114/aef.v3i1.1317

Downloads

Published

2026-06-05

How to Cite

Muhammad Umair Yazid, Lokot Muda Harahap, & Willy Linchon Sihombing. (2026). Pengaruh Utang Luar Negeri dan Investasi terhadap Pertumbuhan Ekonomi. Dinamika Publik: Jurnal Manajemen Dan Administrasi Bisnis, 4(2), 171–187. https://doi.org/10.59061/dinamikapublik.v4i2.1393