THE ANALYSIS OF WORLD OIL PRICE FLUCTUATION ON ECONOMIC GROWTH IN FIVE ASEAN COUNTRIES: STUDY IN ASEAN COUNTRIES

The purpose of this study is to analyze the influence of world oil price fluctuation on economic growth as measured by gross domestic product (GDP). This Study use quantitative panel data method. The data used is time series data in year 1979 until 2013 and cross section data in five ASEAN countries (Indonesia, Malaysia, Thailand, Philippines and Singapore). Type of data uses is secondary data as data which processed by source of data or related institutions such as World Bank and United States Energy Information Administration. Method of analysis used in this study is linear regression panel data analysis (pooled data) with Fixed Effect Model as an instrument to process the data by using Eviews 7. The  results showed  that the world oil prices  and  a significant positive impact on economic growth  in  the five ASEAN countries.  The results also showed  that economic growth  in  ASEAN countries is also influenced by the rate of inflation, capital formation and population. Keywords:  Economic Growth, World Oil Prices, Capital Formation, Inflation and Population.