Energy and economic growth in developing Asian economies

Abstract

The pivotal role of energy in the progression of economic growth cannot be overlooked. Given its importance to policymakers, the influence of energy use on economic growth is undeniably crucial and thus should be explored meticulously. This study empirically examines the impact of energy on economic growth within the production function framework of a panel of 10 developing Asian economies from 1990Q1 to 2014Q4. The pooled mean group, fully modified ordinary least squares, and dynamic ordinary least squares methods are implemented. Empirical results reveal that energy has a significant positive impact on economic growth, thereby suggesting that energy is an important factor of production in addition to human and physical capital. The implication of the finding suggests that all 10 Asian economies are energy dependent and thus can propel economic growth by sustaining energy supply, which can largely improve social welfare.

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