The Relationship Between Income Inequality and Economic Growth in ASEAN-5 Countries
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Universiti Malaysia Sarawak (UNIMAS)
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This study investigates the relationship between income inequality and economic growth in the ASEAN-5 countries: Indonesia, Malaysia, the Philippines, Singapore, and Thailand. Despite experiencing significant economic advancements, these nations continue to grapple with pronounced income disparities. Utilizing a mixed-methods approach, this research examines the interplay between income inequality, as measured by the Gini coefficient, and economic growth indicators such as GDP. The findings reveal that while initial economic growth may exacerbate income inequality, sustained growth can lead to a reduction in disparities through enhanced access to education and financial services. The study highlights the critical role of government policies in addressing inequality and promoting inclusive growth. It concludes that effective investment in human capital and financial development is essential for mitigating income inequality and fostering sustainable economic progress in the ASEAN-5 region.