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ECONOMIC GROWTH AND MILITARY EXPENDITURE IN DEVELOPING COUNTRIES DURING COVID-19 PANDEMIC

A.K. Susilo, Dyah Wulan Sari, I Nengah Putra and N.A. Pratiwi

Applied Econometrics and International Development, 2022, vol. 22, issue 1, 19-38

Abstract: This study aims to provide an analysis of military expenditure, political stability, and the total of the workforce on economic growth through the GDP during the COVID-19 pandemic. Cross-section data for 40 countries with upper-to-middle income levels was used to analyze the evolution for the periods 2010-2019 and 2019-2020. For the period 2010-2019, there was a general decrease in the percentage of Gross Domestic Product devoted to Military Expenditure, but the real value per capita increased in many countries, due to the effect of the increase of real production per capita. In the year 2020 the Pandemic diminished the real value of Military Expenditure in a few countries. Military expenditure, as well other components of Public Expenditure, and the total Labor Force/Workforces for 40 developing countries with upper-to-middle-income levels have shown a positive and significant impact on the value of GDP, which means that they encourage economic growth during the COVID-19 pandemic.

Keywords: Military Expenditure; Gross Domestic Product (GDP); the Total of Workforce; Ordinary Least Square (OLS). (search for similar items in EconPapers)
JEL-codes: O11 P44 R11 (search for similar items in EconPapers)
Date: 2022
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