The Dynamic of Costing in Education Toward Economic Growth: Perspective of Malaysia and Singapore

Abstract

The education is viewed as a long-term investment that will yield high future production for a nation. In comparison to Singapore and Thailand, Malaysia has the greatest government spending on education as a percentage of GDP, according to the UNESCO Institute of Education Statistics. Thus, the purposed of this article to examine the relationship between the cost of education and the Gross Domestic Product for Malaysia and Singapore. This study uses secondary data with a quantitative approaches. The time series data apply for 10 years, starting the year 2013 to 2022. The resource of data extracted utilised from the World Bank. Next, this study applies simple linear regression to fulfil the research objectives. Finally, valuable finding exposed that Malaysia and Singapore have a negative relationship between the cost of education toward the Gross Domestic Product of the respective countries. This finding can use for future research identification toward the indicator of education and also country income based on education fields.