The current world development paradigm is oriented towards Sustainable Development as stated in the Sustainable Development Goals (SDGs). The SDGs are a new development paradigm based on sustainable development set out in The United Nations Conference on Sustainable Development (UNCSD) held in Rio de Janeiro in June 2012, replacing the Millennium Development Goals (MDGs) (2000-2015). The SGDs are a global action plan agreed by world leaders, including Indonesia, to end poverty, reduce inequality and protect the environment. The SDGs contain 17 main goals and 169 targets that are expected to be achieved by 2030.

Basically, the goals of sustainable development or SDGs place the community at the center of development itself, or in other words, the community becomes the ultimate goal and as an active actor in development. Thus, between the central government and local governments and other stakeholders must work together to encourage sustainable development and sustainable development planning.

The United Nations 2030 Agenda for Sustainable Development is a global aspirational roadmap to achieve a sustainable future. The sustainable development contained in the SDGs includes a broader set of interrelated development goals; such as inclusiveness and environmental sustainability are important for all countries, including countries in Southeast Asia that are included in the Association     of Southeast Asian Nations (ASEAN).

The IMF states that ASEAN member countries have made significant progress in increasing incomes and economic opportunities, including for women (gender equality), as well as reducing poverty since 2000. This then reflects the dynamics of the region's economy, strong growth, structural transformation and infrastructure improvement to support sustainable development in ASEAN. With continued economic growth as a strong policy effort, most ASEAN countries will achieve major gains by being on track to eradicating absolute poverty by 2030. Despite progress on several indicators, the problem of income inequality remains relatively high in some countries and Structural transformation from agriculture to manufacturing industry threatens environmental sustainability in ASEAN.

One of the goals of the 8th SDGs, namely Decent Works and Economic Growth or Decent work and economic growth places increasing output or maintaining economic growth as an equally important thing to do in supporting the SDGs. Inclusive economic growth will bring decent jobs for residents of a country, especially those who are entering the working age. According to Adam Smith in Widarjono important factors in creating economic growth are population, formation of capital goods, area/natural resources and technology. In addition, it is suspected that economic growth is also formed from international trade and inflation that occurs in a country.

The creation of inclusive growth is expected to jointly improve  the  welfare   of   the   community.   The   level  of community welfare can be measured by the Human Development Index (HDI) or the Human Development Index (HDI). HDI which calculates the level of welfare from 3 (three) main aspects, namely income, health and education. The income aspect can represent the 1st and 2nd goals, namely No Poverty (no poverty) and Zero Hunger (zero hunger). Furthermore, the health aspect can represent the 3rd goal, namely Good Health and Well Being (good health and welfare) and the education aspect represents the 4th goal, namely Quality Education (quality education). So that the HDI parameter is no less important to research and find its determinants, because it can reflect at least the 4 goals contained in the SDGs.

The population plays an important role in growth as a provider of labor that can drive a country's economy. Moreover, if the number of productive population in the country exceeds the non-productive population or what we usually known as the demographic bonus. Sakane  [1] states that most ASEAN countries are enjoying a “demographic bonus”, which means that the growing population of productive age (aged 15-64 years) exceeds the population of children (aged 0-14 years) and those who have retired (aged 65 years).         

Years and over). This means that ASEAN countries are facing challenges in utilizing the existing demographic bonus as one of the engines of accelerating development which can ultimately increase growth as expected. Peterson [2] finds that population has a significant effect on economic growth. In addition, it is hoped that the demographic bonus can also affect the improvement of existing human development in a better direction.

Capital formation or FDI also plays an important role in economic growth and human development. FDI is generally indicated by foreign direct investment (FDI). FDI is an important and vital thing in the sustainability of a country's economy. Harrod-Domar theory in Sulistiawati states that economic growth is positively correlated with issued FDI. Putra and Radjamin [3] found that the amount of foreign direct FDI is not significant to the level of economic growth in ASEAN. Moudatsu and Kyrkillis found that there is a two-way causal relationship between FDI and economic growth in ASEAN, particularly Indonesia and Thailand. Reiter and Steensma [4] found that FDI has a positive effect on HDI in developing countries. Furthermore, Sharma and Gani [5] found that FDI has a positive and significant effect on HDI in middle-income and lower-middle income countries.

Inflation is a process of increasing prices in general and continuously (continuous), an increase in the price of one or two goods cannot be called inflation unless the increase extends (or causes price increases) to other goods [6] Sari and Fakhruddin, Barro found that there is a causal relationship between FDI, economic growth and FDI. Thanh [7] found that inflation has a negative and significant effect on ASEAN-5 countries. Furthermore, Galih and Safuan find that inflation has a negative effect on economic growth in Asean-5. On HDI, Yolanda [8] found that inflation has a negative and significant effect on HDI in Indonesia. However, Cahyanti and Fefriera [9] found that there is a positive and significant effect between inflation and HDI in Central Java Province, Indonesia.

In an open economic system, there are international trade activities involving exports or imports. In general, export can be defined as the process of transporting goods or commodities from one country to another, while import is defined as the process of entering goods or commodities from other countries into the country. Gokmen and Temiz [10] found that there is a significant relationship between net exports and economic growth in Turkey. Fosu found that there is a positive and significant effect between exports and economic growth in underdeveloped countries in Africa. In the HDI, Fransiskus [11] found that exports had a positive but not significant effect on the HDI in Indonesia.

Researchers are interested in carrying out research within the scope of the ASEAN region because of the unique characteristics of ASEAN and different from the integration of other countries in the world such as the European Union (EU). Southeast Asia is a region with a diverse and widespread culture. However, in the last half decade it has been successfully united in an economic integration as the Association of Southeast Asian Nations or ASEAN. The purpose of integration in this region is to accelerate economic growth, social progress and development as well as culture in order to provide peace and stability in the Southeast Asian region. Mahbubani and Tang states that despite all the odds, the ten member countries in the Southeast Asia region, or ASEAN, have grown to become one of the most successful and enduring regional organizations in the world.

Meanwhile, other ASEAN countries which are still in the developing category recorded a moderate or even low HDI but with quite high economic growth. This later became one of the basis for researchers in conducting research on the determinants of Economic Growth and HDI in the ASEAN Region. The variables that are predicted to have an influence and are used as independent variables are population, FDI (FDI), inflation and net exports in the ASEAN region.

Based on the description described above, we are interested in conducting research on "The Influence of Population, FDI, Inflation and Net Exports on Economic Growth and Welfare of the ASEAN Community".

Brief Review of Literature

Aggregate Income: Theoretically, the calculation of aggregate income can be done in three ways, namely production income (production approach), income approach (income approach) and expenditure approach (expenditures approach). The three approaches will be explained as follows Rosyidi [12].

Production Approach

According to the production approach, national income is calculated by adding up the production value produced by the productive sectors. This method produces aggregate income by calculating only the added value from each business field/economic sector generated at various stages of the production process. Where the added value in question is the difference between the production value and the value of the costs incurred, which consists of raw materials and auxiliary materials used in the production process.

Income Approach

The calculation of national income using the income method is obtained by adding up all the income received by the production factors involved in the production/economic process or by adding up all the remuneration received by the production factors in the form of wages/salaries, operating profits, interest rates. interest and rent. This method produces gross national income or GNI. The income received by the owner of the production factor as remuneration received in the production process is as follows

• Wage/salary (w) = remuneration for labor owner

• Interest (i) = remuneration for the owner of capital

• Rent (r) = landowner's remuneration

• Profit (π) = entrepreneur's remuneration

Expenditure Approach

Based on the expenditure approach, the value of national income is calculated by adding up the expenditure values of the sectors involved in the economy or adding up public expenditures into goods and services produced in the economy. The value of goods and services added up is only the value of finished goods or intermediate goods. In Indonesia, there are 5 types of expenditure in the economy, including

• Expenditure Household population (C)

• Government Population Expenditure (G)

• Gross domestic fixed capital formation (I)

• Change of inventory

• Net exports (exports minus imports) (X-M)

Economic Growth Theory

Classical and Neoclassical Theory: Classic theory in economic growth, according to David Ricardo and Adam Smith there are 4 factors that can influence it in increasing economic growth, as follows

• Total population

• Availability of capital goods

• Natural wealth and land area

• Application of technology

From the several factors above, it can be explained that first, the growth can be said to be high if the population is said to be small, then the availability of capital is quite large and also a large area of land is available. Second, economic growth can be classified as not increasing if the productivity of the population decreases because it can affect the decrease in production which reduces the frequency of the economy       and     the  welfare   of    the   community.

According to Harrod-Domar as a neoclassical theory, there are 4 assumptions in determining the determinants of economic growth. First, make full use of capital goods. Second, the amount of savings with fluctuations in national income. Third, there is a comparison of production results with fixed capital. Fourth, in the economy there are only 2 sectors. According to Harrod-Domar in the neoclassical economic growth theory, it is revealed that the need for capital formation (FDI) is a requirement in increasing steady economic growth in stable growth. If you have done capital formation, then the economy will be able to produce goods in larger quantities.

Solow theory in economic growth, high economic growth depends on the development of production factors. There are 3 factors that influence economic growth, as follows

• Technological growth

• Capital growth; and

• Population growth

 Keyne’s theory

In Keynes's theory explains that GDP is the sum of all the production of goods and services that have been produced from a country during a certain period of time. In the expenditure approach, national income is the sum of expenditures that have been obtained from various sectors in a country. These sectors are household sector expenditures represented by the population (C), business sector expenditures described in FDI from companies (I), government sector expenditures described in Inflation (G), and for trade expenditures represented by carried out abroad is illustrated by the difference between exports and imports with the country concerned (XM).

Analysis in national income which has three model approaches in the economy, as follows

• An economy with 2 sectors (households and business entities)

Y = C + I

• An economy with 3 sectors (households, business entities, and government)

Y = C + I + G

• An economy with 4 sectors (households, business entities, government, and international trade)

Y = C + I + G + (X-M)

New Growth Theory

The new growth theory is basically an endogenous growth theory which has given it a theoretical framework in analyzing new growth. Because, the theory of Gross National Product (GNP) suggests that what is able to influence economic growth is not from the outside of the system but from the system in the production process. And in contrast to the neoclassical theory which assumes that the growth of Gross National Product occurs from a balance in the long term.

Economic growth is a very important indicator to analyze the economic development that has occurred in a country. According to Sirojuzilam, which reveals that regional economic growth will be faster if it has an absolute advantage, namely the number of natural resources, and by measuring the quality of human life, so that with a high value on economic growth, the standard of human life will also be higher. According to Todaro , economic growth is defined as an increase in the output (output) of the community due to the increasing number of total production used in the community. Economic growth is a process of increasing the Gross Domestic Product (GDP) / Gross Domestic Product (GDP) in a country.

Economic growth is one of the conditions that are useful in improving the prosperity of the community and to fulfill the objectives of development, such as: on the wealth of the community and increasing income / social facilities and the provision of facilities. According to Sukirno, every activity in the economy is actually economic growth, which means the fiscal development of goods and services products in a country, such as: development of infrastructure for increasing production from the growth sector in the production of capital goods and services, services for increasing production of industrial goods, and increase in the number of schools. However, by using various types of production data, you will get an idea of the economic growth you want to achieve. Therefore, to give a picture of what is to be achieved in a country, it is necessary to use the growth rate of real national income to be achieved.

Welfare Theories

In general, theories regarding welfare can be classified into 3 (three) types, namely classical utilitarian, neoclassical welfare theory and new contractarian approach [13]. The classical utilitarian approach emphasizes that a person's pleasure or satisfaction can be measured and increased. The principle for individuals is to increase as much as possible their level of welfare, while for the community, increasing the welfare of their groups is a principle that is held in their lives. The neoclassical welfare theory approach explains that the welfare function is a function of all individual satisfaction. Another development in social welfare theory is the emergence of the new contractarian approach which raises the existence of maximum freedom in the life of an individual or a person.

The thing that is most emphasized in this new contractarian approach is that individuals will maximize their freedom to pursue their concepts of goods and services without any interference. There are various developments in measuring the level of welfare from the physical side, such as the Human Development Index (Human Development Index), Physical Quality Life Index (Quality of Life Index), Basic Needs (Basic Needs), and GNP/Kapita (Percapita Income). This measure of economic welfare can be seen from two sides, namely population and production (scale of business). From the population side, welfare can be measured by calculating how much a person or family spends for clothing, food, shelter, and other needs within a certain time or period.

The concept of human development in the above sense is much broader than conventional economic development theories, including models of economic growth, human resource development (HR), welfare approaches, and approaches to basic human needs. Human resource development places humans primarily as inputs to the production process (as a means not an end). The welfare approach sees humans as beneficiaries, not as objects of change. The basic needs approach focuses on providing goods and services for the necessities of life.

Quantitative analysis was conducted to calculate the direction and significance of the independent variables (population, FDI, inflation and net exports) on the dependent variable (economic growth and HDI) in 10 ASEAN member countries. The purpose of quantitative research is to develop and use mathematical models, theories, and/or hypotheses related to natural phenomena.

The data used in this study were sourced from secondary data where the data was obtained from the publication of the ASEANstats website (www.aseanstats.org). The type of data used is panel data (a combination of time series and cross-sectional data) originating from a sample that has been successfully collected from 10 ASEAN member countries with a time span from 2010-2019 with a total of 100 observations.

The panel data regression research model formed from the variables described above is as follows.

(1)

(2)

Keterangan :

I               :               Cross section

T             :               Time series

β1- β3    :               Regression coefficent

EG           :               Economic Growth

POP        :               Population

FDI         :               Foreign Domestic Investment

INF         :               Inflation

Neks       :               Net Exports

HDI         :               Human Development Index

E             :               Error term

A hypothesis is a provisional assumption that must be verified for a research conducted in order to make it easier to analyze it. The hypotheses in this study are as follows

• H1 : Population has a positive and significant effect on Economic Growth in ASEAN

• H2: FDI has a positive and significant effect on Economic Growth in ASEAN

• H3 : Inflation has a negative and significant effect on Economic Growth in ASEAN

• H4 : Net Exports have a positive and significant impact on Economic Growth in ASEAN

• H5 : Population has a positive and significant effect on HDI in ASEAN

• H6: FDI has a positive and significant effect on HDI in ASEAN

• H7 : Inflation has a negative and significant effect on HDI in ASEAN

• H8 : Net Exports have a positive and significant impact on HDI in ASEAN

• H9 : Economic growth has a positive and significant impact on HDI in ASEAN

According to Kuncoro [14] the coefficient of determination (R2) is used to measure how far the model's ability to explain the variation of the dependent variable. The results of the calculation of the coefficient of determination can be seen in Table 1. Following. 

Based on the results of the coefficient of determination test in table 4.10, the R-squared value of each equation is 0.8594 and 0.4154. Because the value of R-squared tends to increase or get bigger when the number of independent variables and observation data are used more and more, then the R-squared that will be used is Adjusted R-squared which can eliminate bias due to the addition of the number of independent variables and the amount of data observed.

The value of Adjusted R-square equation II with HDI as the dependent variable is 0.3490. This value shows that all independent variables in this study, namely Economic Growth, Population, FDI, Inflation and Net Exports can explain the increase or decrease in HDI in 10 ASEAN member countries by 34.90%. While the rest, which is 65.10%, is another variable outside the variables used in this study which can explain the increase or decrease in HDI.

T statistical test aims to measure how far an explanatory variable (independent variable) partially explains the variation of the dependent variable (individual). The results of the partial test calculations can be seen in Table 2.

The  interpretation  of  the  results  of the T test is in Figure 2. 

Population Variable

• The P value of the Population variable in equation I is 0.7717 or greater than = 0.05, then H0 is accepted, which means that the population partially has no significant effect on Economic Growth in 10 ASEAN member countries (0.771 >0.05).

• The P value of the Population variable in equation II is 0.000 or less than = 0.05, then H0 is rejected, which means that the population partially has a significant effect on HDI in 10 ASEAN member countries (0.000 < 0.05).

FDI Variables

• The P value of the FDI variable in equation I is 0.9040 or greater than = 0.05, then H0 is accepted, which means that FDI partially has no significant effect on Economic Growth in 10 ASEAN member countries (0.904 > 0.05).

Table 1: Coefficient of Determination Test Results

Table 2: T-Tes Result

Source: Research Result

• The P value of the FDI variable in equation II is 0.4601 or greater than = 0.05, then H0 is accepted, which means that FDI partially has no significant effect on HDI in 10 ASEAN member countries (0.460 >0.05).

Variable Inflation (X3)

• The P value of the inflation variable in equation I is 0.713 or greater than = 0.05, then H0 is accepted, which means that inflation partially has no significant effect on economic growth in 10 ASEAN member countries (0.713 > 0.05).

• The P value of the inflation variable in equation II is 0.4928 or greater than = 0.05, then H0 is accepted, which means that inflation partially has no significant effect on HDI in 10 ASEAN member countries (0.4928 > 0.05).

Export Net Variable

• The P value of the Net Export variable in equation I is 0.3361 or greater than = 0.05, then H0 is accepted, which means that Net Exports partially have a significant effect on Economic Growth in 10 ASEAN member countries (0.336 < 0.05).

• The P value of the Net Export variable in equation II is 0.3778 or smaller than = 0.05, then H0 is accepted, which means that Net Exports partially have no significant effect on HDI in 10 ASEAN member countries (0.377 > 0.05).

Variables of Economic Growth

The P value of the Economic Growth variable in equation II is 0.0304 or smaller than = 0.05, then H0 is rejected, which means that Economic Growth partially has a significant effect on HDI in 10 ASEAN member countries (0.030 < 0.05).

The indirect effect is calculated based on the coefficient of direct influence on Y2 and the effect of Y1 on Y2. The results of the calculation of the direct effect, indirect effect and total effect  in   this study   can be  seen  in  Figure 3.

Analysis of the influence of Population (X1) on HDI (Y2) through Economic Growth (Y1)

It is known that the direct effect given by the population (X1)   on   the  HDI  (Y2)   is   0.320.   While   the  indirect effect of Population (X1) through Economic Growth (Y1) on HDI (Y2) is the multiplication of alpha value (α1X1) on Economic Growth (Y1) with beta value (β5Y1) on HDI (Y2), namely: 0.028 x (- 0.302) = -0.008. Then the total effect given by the population (X1) on the HDI (Y2) is a direct effect plus an indirect effect, namely: 0.320 + (-0.008) = 0.312. Based on the results of the above calculations, it is known that the direct influence value is 0.320 and the indirect effect is 0.312, which means that the indirect effect value is smaller than the direct influence value, these results indicate that indirectly Population (X1) through Economic Growth (Y1) does not have a significant effect on HDI (Y2) in 10 ASEAN member countries is acceptable.

Figure 3: Path Analysis ResultBased on Figure 4.1 above, the results of the calculation of the effect of path coefficient analysis, indirectly the influence of the four independent variables on HDI through the mediation of economic growth is as follows

Analysis of the influence of FDI (X1) on HDI (Y2) through Economic Growth (Y1)

It is known that the direct effect given by FDI (X2) on HDI (Y2) is 0.020. While the indirect effect of FDI (X2) through Economic Growth (Y1) on HDI (Y2) is the multiplication between the alpha value (α1X1) on Economic Growth (Y1) and the beta value (β5Y1) on HDI (Y2), namely: (-0.004) x(-0.302) = 0.001. Then the total effect given by FDI (X2) on HDI (Y2) is a direct effect plus an indirect effect, namely: 0.020 + 0.001 =  0.021. Based on the results of the calculations above, it is known that the direct influence value is 0.020 and the indirect effect is 0.021, which means that the indirect influence value is greater than the direct influence value, these results indicate that FDI indirectly (X2) through Economic Growth (Y1) has a significant influence on the HDI (Y2) in 10 ASEAN member countries can be accepted.

Analysis of the effect of Inflation (X3) on HDI (Y2) through Economic Growth (Y1)

It is known that the direct effect given by inflation (X3) on HDI (Y2) is 0.073. Meanwhile, the indirect effect of Inflation (X3) through Economic Growth (Y1) on HDI (Y2) is the multiplication between alpha value (α1X3) on Economic Growth (Y1) and beta value (β5Y1) on HDI (Y2), namely: -0.048 x - 0.302 = 0.014. Then the total effect given by inflation (X3) on HDI (Y2) is a direct effect plus an indirect effect, namely: 0.073 + 0.014 = 0.087. Based on the results of the calculations above, it is known that the direct influence value is 0.073 and the indirect effect is 0.087, which means that the indirect effect value is greater than the direct influence value, these results indicate that indirectly Inflation (X3) through Economic Growth (Y1) has a significant influence on the HDI (Y2) in 10 ASEAN member countries can be accepted.

Analysis of the influence of Net Exports (X4) on HDI (Y2) through Economic Growth (Y1)

It is known that the direct effect of Net Exports (X4) on HDI (Y2) is 0.012. While the indirect effect of Net Exports (X4) through Economic Growth (Y1) on HDI (Y2) is the multiplication between the alpha value (α1X4) on Economic Growth (Y1) and the beta value (β5Y1) on HDI (Y2), namely: (-0.017 ) x (-0.302) = 0.005. Then the total effect given by Net Exports (X4) on HDI (Y2) is a direct effect plus an indirect effect, namely: 0.012 + 0.005 = 0.017. Based on the calculation results above, it is known that the direct influence value is 0.012 and the indirect effect is 0.017, which means that the indirect influence value is greater than the direct influence value, these results indicate that indirectly Net Exports (X4) through Economic Growth (Y1) has a significant influence on the HDI (Y2) in 10 acceptable ASEAN member countries.

Analysis

Population Effect on Economic Growth and HDI in 10 ASEAN member countries

Based on the results of calculations that have been carried out, partially the population has a positive and insignificant effect on economic growth but positive and significant on the HDI in 10 ASEAN member countries. This can be interpreted that with a confidence level of 95%, the population has a small and almost non-significant influence on economic growth, but has a large and real influence on HDI. The results of this study are not in accordance with the research hypothesis that has been built previously regarding the direction of the relationship and its significance.

The direction of the positive relationship that occurs between Population with economic growth and HDI in these 10 ASEAN member countries can be interpreted that the higher the population, the higher the economic growth and HDI, and vice versa. However, when viewed from the significance value, the influence of population on economic growth is relatively small and even almost unreal, but quite large and significant to the HDI. Based on path analysis, it is also found that the population is better at influencing HDI without going through economic growth as a mediating variable.

Positive, significant and more direct effect of the population on the HDI, which means that the higher the population level or the higher the birth rate and the lower the death rate, the higher the quality of life or community welfare in the economic, education and health sectors as measured by the HDI. This is quite in accordance with the HDI concept which adds health as one aspect of welfare. A prosperous country in the health sector will show a minimum of infant mortality and an increase in life expectancy.

Melliana and Zain [15] found that in the production process in the economy, it will really require a lot of labor. When producers want to increase production output, theoretically they must add labor for a new production process, so that the need for human resources will increase. Thus, it can be said that population growth which creates new human resources will improve the quality of human life if it can be managed, fostered and allocated properly by the government as stakeholders. This can happen because when the population increases, it is assumed that the needs of the community (human needs) will also increase, consumption will also continue to increase along with increasing employment opportunities.

The results of this study are in line with research conducted by Melliana and Zain [15] which found a positive relationship between the number of workers who were closely related to the population or population with HDI.

Effect of FDI on Economic Growth and HDI in 10 ASEAN member countries

Based on the results of calculations that have been carried out, partially FDI has a negative and insignificant effect on Economic Growth but positive and insignificant on HDI in 10 ASEAN member countries. This can be interpreted that with a confidence level of 95%, FDI has not shown a real and relatively small effect on economic growth and HDI. The results of this study are not in accordance with the research hypothesis that has been built previously about the direction of the significance of the variable, namely FDI on Economic Growth and HDI.

The direction of the positive relationship that occurs between FDI and HDI in the 10 ASEAN member countries can be interpreted that the higher foreign FDI that enters ASEAN countries, the higher the HDI of the country, and vice versa. However, the effect of FDI on economic growth and HDI is relatively small and even almost non-existent. Based on path analysis, it is also found that FDI is better in influencing HDI indirectly (indirect effect) through economic growth as a mediating variable.

Positive, insignificant and more indirect effect of FDI on HDI (through economic growth), meaning that the higher the level of FDI, both domestic and foreign, will slightly reduce economic growth, but will have a good impact on improving the quality of life or welfare community in the fields of economy, education and health as measured by HDI. Government support in promoting capital accumulation, adding buildings/buildings and other equipment, increasing the country's output potential and stimulating inclusive economic growth in the long term. This is in accordance with the theory of Harrod Domar  which states that economic growth will really need investment, one of which comes from foreign countries (FDI), in which economic growth is part of economic development, so that in the end economic development will also have an impact. On human development as measured by HDI.

The presence of FDI that enters each country in ASEAN will help create jobs. Especially if foreign FDI is large and mega-project. However, the direction of the relationship between FDI and economic growth is negative or opposite. It is suspected that FDI entering ASEAN countries is not followed by the creation of local jobs. Thus, the results from FDI are less enjoyable and have not yet provided the expected value added impact. Lehnert et al [16] suggested that FDI has a negative social influence. This is because due to the relative size, large multinational companies can have strong control over the market, reducing the competitiveness and choice in the market. Hymer in Lehnert et al [16] also calls for the same thing, where large multinational companies that pour in large enough FDI can create market imperfections and inequities in bargaining power, limit market efficiency and can even suck up the benefits that should be obtained by the host country.

The results of this study are in line with the research conducted by Putra and Radjamin [3], Rieter and Steensma [4] and Sharma and Ghani [5], which found a relationship between FDI with economic growth and HDI. The results of the study show new findings which show that FDI can have a negative effect on economic growth, but have a positive effect on increasing people's welfare or HDI.

The Effect of Inflation on Economic Growth and HDI in 10 ASEAN Member Countries

Based on the results of calculations that have been carried out, partially Inflation has a positive and insignificant effect on Economic Growth and HDI in 10 ASEAN member countries. This can be interpreted that with a confidence level of 95%, inflation has not shown a real and relatively small effect on economic growth and HDI. The results of this study are not in accordance with the research hypothesis that has been built previously about the direction of the relationship between variables, namely inflation has a positive and significant effect on economic growth and HDI.

The direction of the positive relationship that occurs between inflation and HDI in the 10 ASEAN member countries can be interpreted that the higher inflation occurs, the higher the economic growth and HDI, and vice versa. However, the effect of inflation on economic growth and HDI is relatively small and even almost non-existent. Based on path analysis, it is also found that inflation is better in influencing HDI indirectly (indirect effect) through economic growth as a mediating variable.

Positive, insignificant and has more indirect effect (indirect effect). Inflation on HDI, means that the higher the level of inflation, will further improve the quality of life or people's welfare in the fields of economy, education and health as measured by HDI through economic growth. Parkin and Bade [17] suggest that there is a fairly long-standing relationship between inflation and the business cycle, where inflation tends to increase when real GDP is volatile, and vice versa. The main point is that inflation will continue to increase for a while (short term) when economic growth is contracting, and continue to rise again when GDP recovers. Then, Jovanoic [18] found that the higher the inflation, the lower the level of social welfare by reducing consumption, as the cause of people holding less money because of inflation.

However, this study found that inflation can have a positive effect on economic growth and HDI. It can be said that the inflation that occurs is still within reasonable limits (<5%) and provides a stimulus for the economy and the welfare of the community so that it has a positive relationship. Inflation is actually not always a bad thing. Because inflation can be positive if it can still be controlled and stable, so it can help increase demand and consumption, encourage economic growth.

The Effect of Net Exports on Economic Growth and HDI in 10 ASEAN Member Countries

Based on the results of calculations that have been carried out, partially Net Exports have a positive and insignificant effect on Economic Growth and HDI in 10 ASEAN member countries. This can be interpreted that with a 95% confidence level, Net Exports can be stated to have a fairly small and almost non-significant effect on economic growth and HDI. The results of this study are not in accordance with the research hypothesis that has been built previously, the significance of variables, namely Net Exports, has a significant effect on economic growth and HDI, but not with the direction of the relationship between net exports and economic growth.

The direction of the positive relationship that occurs between Net Exports and HDI in the 10 ASEAN member countries can be interpreted that the higher the Net Exports or more people who export compared to imports, the higher the economic growth and HDI, and vice versa. Based on path analysis, it was also found that net exports were better in influencing the HDI indirectly (indirect effect) through economic growth as a mediating variable.

Positive, insignificant and has more indirect effect (indirect effect) Net Exports on HDI, meaning the higher the level of Net Exports, which means that people are exporting more than importing goods from outside, it will further improve the quality of life or the welfare of the people in the economic field. , education and health as measured by HDI. The insignificant effect between net exports and economic growth and HDI is mainly due to the fact that almost all ASEAN member countries (except Singapore) still rely on raw commodities, the competitiveness of export commodities which is still inferior to other countries in the world, international trade plans and There are still many national delays, so these things make it difficult for export commodities to develop. In addition, net exports also still have a high dependence on imported raw materials from other countries, so that the export performance of several ASEAN countries is not optimal. Exports play an important role in economic activity. Exports will generate foreign exchange which will be used to finance imports of raw materials and capital goods needed in the production process that will form added value. The aggregation of added value generated by all production units in the economy is the value of Gross Domestic Product (GDP).

The results of this study are not in line with previous empirical studies regarding significance, but are in line with research conducted by Fosu and Gokmen and Temiz [10] which found a positive relationship between Net Exports and economic growth and HDI.

Effect of Economic Growth on HDI in 10 ASEAN member countries

Based on the results of calculations that have been carried out, partially Economic Growth has a negative and significant influence on HDI in 10 ASEAN member countries. This can be interpreted that with a confidence level of 95%, economic growth can be stated to have a significant and significant effect on the HDI. The results of this study are in accordance with the research hypothesis that has been built previously, the significance of the variables, namely Economic Growth, has a significant effect on HDI.

The direction of the negative relationship that occurs between growth and HDI in the 10 ASEAN member countries can be interpreted that the higher the economic growth, the lower the HDI, and vice versa.

The negative and significant influence of Economic Growth on the HDI means that the higher the level of Economic Growth, the lower the quality of life or the welfare of the community in the economic, education and health sectors as measured by the HDI. This is contrary to the theory of economic growth, which explains that there is an era link between human development and economic growth that can be seen from two directions, namely the influence of economic growth on human development and the influence of human development on economic growth. This is estimated because the economic growth value of ASEAN countries is quite stagnant and has reached its peak point and has a tendency to decline from year to year. Ramirez et al in Ghosh [19] suggest that ideally, both economic growth and human development (HDI) should be promoted together, and human development should be a priority.

The results of this study are not in line with the empirical used in this study. The results of the study show new findings that indicate that economic growth can have a negative effect on HDI growth [20-22].

Based on the results of the research that has been described above, several conclusions were obtained, namely as (1) Population has a positive and insignificant effect on economic growth but has a positive and significant impact on HDI, (2) FDI has a negative and insignificant effect on economic growth but has a positive and insignificant impact on HDI, (3) Inflation has a positive and insignificant effect on economic growth but has a positive and insignificant effect on HDI, (4) Net Exports have a positive and insignificant effect on economic growth but have a positive and significant impact on HDI, and (5) Economic growth has a positive and significant impact on HDI in ASEAN Member Countries.

Based on the research that has been done, the authors provide suggestions to the parties concerned to be taken into consideration and input, among others,  that stakeholders from ASEAN member countries should implement policies that can create further economic growth, by continuing to pay attention to aspects contained in the HDI such as the health, education and economic sectors. Inflation must continue to be controlled in a stable state (<5%). Population will also greatly affect the workforce and productivity so that it needs to be managed, fostered and allocated as well as possible. It is also necessary to pay attention to the implementation of policies on FDI regarding large multinational companies, so that there are no market imperfections and loss of profits that should be owned by the host country. Furthermore, the government should always maintain the balance of exports and imports so that there is no trade balance deficit which ultimately has an impact on economic growth and HDI.

For future researchers, it is hoped that they can increase the period of research observation and research locations so that more complete results are obtained.

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