Green Economy and Sustainable Economic Growth: An Econometric Study Using the Panel Data Model during the Period (1998-2022)

Shahad Al-ghamdi, Haga El-imam and Vivian Nasrulddin

International Journal of Economics and Finance, 2024, vol. 16, issue 11, 106

Abstract: The study aimed to measure the impact of the green economy on economic growth in some countries during the period (1998-2022) using a Panel Data model to measure the relationship between economic growth, expressed by Gross Domestic Product as a dependent variable, and green economy indicators as independent variables. The study sample consisted of five countries- Saudi Arabia, the United Arab Emirates, Malaysia, Singapore, and Sweden. Data were estimated using three models- the pooled regression model, fixed effects, and random effects. The results indicated that the fixed effects model was the most appropriate for this study. Using the statistical program EViews, the study found, as expected, a negative relationship between renewable energy consumption and Gross Domestic Product. Contrary to expectations, the study found an inverse relationship between carbon dioxide emissions and Gross Domestic Product. The study also found no significant effect of economic growth on both the value-added in the agricultural sector and the individual share of freshwater resources.

Date: 2024
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