The Role of Digitalization, Natural Resources, and Trade Openness in Driving Economic Growth: Fresh Insights from East Asia-Pacific Countries

Sayef Bakari

MPRA Paper from University Library of Munich, Germany

Abstract: This study explores the determinants of economic growth in 17 East Asia-Pacific countries from 2004 to 2023, analyzing the effects of capital, labor, digitalization, financial development, natural resources, and trade openness. Utilizing a suite of statistical and econometric techniques—including descriptive statistics, correlation analysis, Static Gravity Model, Generalized Method of Moments (GMM), and Two-Stage Least Squares (2SLS)—the research reveals significant insights into the region's economic dynamics. Descriptive statistics illustrate considerable variation in key economic indicators, with capital and financial development showing strong positive correlations with GDP. The Static Gravity Model and GMM results confirm the vital roles of capital, labor, financial development, and trade openness in driving economic performance, while digitalization and natural resources display limited or non-significant impacts. The 2SLS model further supports the robustness of these findings, highlighting the dominant influence of capital and labor despite the less pronounced effects of digitalization and natural resources. This study offers a comprehensive assessment of the factors shaping economic growth in the East Asia-Pacific region, providing valuable implications for policy and investment strategies.

Keywords: Digitalization; Natural Resources; Trade Openness; Economic Growth; Panel Data Analysis; East Asia-Pacific Countries. (search for similar items in EconPapers)
JEL-codes: D83 F10 F13 F14 L63 L86 L96 N55 N70 N75 O13 O24 O47 P28 P33 P45 P48 Q26 Q27 Q34 (search for similar items in EconPapers)
Date: 2024
New Economics Papers: this item is included in nep-fdg, nep-int and nep-sea
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:121643

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