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The significance of world oil prices and macroeconomic factors for the global competitiveness of countries

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  • Mukhamediyev, Bulat
  • Temerbulatova, Zhansaya
  • Mukhamediyeva, Aliya

Abstract

There has been a transition to renewable energy sources and the abandonment of fossil sources worldwide. Although many researchers have studied the influence of various factors on the competitiveness of selected national economies, there is little research on the impact of resource prices. Based on World Economic Forum (WEF) data, this study examined the impact of crude oil prices and macroeconomic indicators on oil exporting and importing countries' global competitiveness index (GCI). Using the generalized method of moments (GMM) to analyze panel data for 103 countries from 2006 to 2019, we found that rising oil prices increase countries' global competitiveness. Moreover, we assessed the impact of oil prices on GCI sub-indices. These effects are stronger for oil-importing countries than for oil-exporting countries. GDP growth, total factor productivity, average labor productivity, unemployment, and fixed broadband subscriptions, on average, had the most significant impact on countries' global competitiveness. The results draw attention to the most effective support areas for countries in the world's competitiveness ranking in the transition to renewable energy sources. In the medium and long term, oil exporting countries should use oil revenues mainly for innovative development and accumulation of human capital to improve positions in the WEF ranking.

Suggested Citation

  • Mukhamediyev, Bulat & Temerbulatova, Zhansaya & Mukhamediyeva, Aliya, 2023. "The significance of world oil prices and macroeconomic factors for the global competitiveness of countries," Energy Economics, Elsevier, vol. 128(C).
    • Handle: RePEc:eee:eneeco:v:128:y:2023:i:c:s0140988323006849
    DOI: 10.1016/j.eneco.2023.107186
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    More about this item

    Keywords

    Global competitiveness index; Pillars; Oil prices; Productivity; Innovation;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy

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