Determinants of the Success Level of Economic Growth

Nguyen Chi Hai, Huynh Ngoc Chuong (), Pham My Duyen and Tra Trung
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Nguyen Chi Hai: University of Economics and Law
Huynh Ngoc Chuong: University of Economics and Law
Pham My Duyen: University of Economics and Law
Tra Trung: University of Economics and Law

A chapter in Contemporary Economic Issues in Asian Countries: Proceeding of CEIAC 2022, Volume 2, 2023, pp 467-487 from Springer

Abstract: Abstract This study analyzes the success level of countries in the period 1987–2018 as well as measure the factors affecting their success in economic growth. The dynamic panel Generalized Method of Moments (GMM) model is applied to analyze the data obtained from the World Bank database. Research results show that (i) there are differences in growth across economies; (ii) factors of foreign direct investment (FDI), international integration, and positive changes in institutional reform play a positive role in economic growth, while the level of macroeconomic instability has a negative impact on the growth in successful economies; and (iii) the attraction of external resources is very essential, especially in the early stages to transform the economy from a low-income level, or a lower middle-income level to a middle-income level or an upper middle-income level. However, in the long term, attracting external resources will be a “double-edged sword” if there is no measure to improve internal resources. Finally, we give some recommendations for countries to maintain high and sustainable growth.

Keywords: Economic growth; The success of economic growth; Panel GMM (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-99-0490-7_27

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DOI: 10.1007/978-981-99-0490-7_27

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