Globalization and Economic Growth: Empirical Evidence from Malaysia

Shoon, Fu Ming (2022) Globalization and Economic Growth: Empirical Evidence from Malaysia. [Final Year Project Report] (Unpublished)

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Abstract

The globalization process will bring benefits to Malaysia such as it can increase citizens standard of living, lower costs for products and services, access to new markets, and international recruiting. This study is important to indicate which categories of globalization contribute the most to the economic growth of Malaysia. Furthermore, the study aims to examine the relationship between economic globalization, social globalization, political globalization, and economic growth in Malaysia. The data period that used for this study is annual data from year 1970 to year 2018. The dependent variable of used in this study is economic growth while the independent variable are economic globalization, social globalization, and political globalization. The result of the study had shown the presence of the long run relationship among the variables and social globalization has a unidirectional short run relationship toward political economic. All the variables are significant in this study. The findings indicate a positive relationship between economic globalization and social globalization toward economic growth in Malaysia while political globalization has a negative relationship toward economic growth in Malaysia. Therefore, Malaysia government need to implement and introduce a new policy to enhance economic and social globalization and decreasing the effect of political economic to contribute more towards economic growth.

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