Navigating the path for economic resilience and sustainable economic growth: Empirical insight from G-20 nations
Shubham Garg, Sangeeta Mittal, Aman Garg
Abstract
• This study aims to examine the determinants of sustainable economic growth across G-20 nations using panel regression modeling. • The findings exhibit that GDP per capita, human capital stock, rent from natural resources, FDI and mild inflation rate have a favorable impact on sustainable economic growth of G-20 nations. • Conversely, the results affirm that CO 2 emission, agriculture sector and trade openness have adverse effect on sustainable economic growth. • The findings assert that the goal of sustainable economic growth requires substantial initiatives from international bodies, public authorities and NGOs. The global demand for sustainability has captured the attention of governments, policymakers, and academics, emphasizing the need to meet the current population's needs while preserving resources for future generations. However, there is vast scarcity of studies to explore the determinants of sustainable economic growth at the international level. Therefore, to assist the policymakers, academicians, government and international bodies, this study aims to examine the determinants of sustainable economic growth across G-20 nations. The current analysis has used the panel regression modeling by covering the time frame from 1974 to 2022 for G-20 nations. The findings exhibit that GDP per capita, human capital stock, rent from natural resources, FDI and mild inflation rate have a favorable impact on sustainable economic growth of G-20 nations. Conversely, the results affirm that CO 2 emission, agriculture sector and trade openness have adverse effect on sustainable economic growth. The findings have major policy implications for the government, policymakers and the international bodies for ensuring the sustainable economic growth around the world. The findings assert that this goal requires substantial initiatives from international bodies, public authorities and NGOs to raise awareness and enhance economic literacy among the general public.