ABSTRACT
Financial growth and economic growth are considered benchmarks for the success of a country. The current problems during the COVID-19 pandemic have been recognized worldwide as impacting the decline in economic growth, which is also felt by a country's financial security. This study investigates the relationship between financial development and economic growth in several ASEAN countries, including Indonesia, Malaysia, Singapore, Thailand, and Philippines during 2010–2020. Data analysis uses the vector error correction model (VECM) to see financial, economic growth, and economic growth in the short and long term at the beginning of the COVID-19 pandemic. This study found that the current economic growth depends on the health conditions applied in several ASEAN countries. The long-term policy is to optimize financial institutions in the banking sector and procedures to increase economic growth by encouraging spending in the health and education sectors.
