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The Influence of Natural Resources, Energy Consumption, and Renewable Energy on Economic Growth in ASEAN Region Countries

Author

Listed:
  • Rusiadi Rusiadi

    (Department of Economics, Universitas Pembangunan Panca Budi, Indonesia)

  • Muhammad Hidayat

    (Department of Economics, Universitas Muhammadiyah Riau, Indonesia)

  • Dewi Mahrani Rangkuty

    (Department of Economics, Universitas Pembangunan Panca Budi, Indonesia)

  • Kiki Farida Ferine

    (Department of Management, Universitas Pembangunan Panca Budi, Indonesia)

  • Jumadil Saputra

    (Department of Economics, Universiti Malaysia Terengganu, Malaysia)

Abstract

This research aims to identify and analyze the role of natural resources, CO2 emissions, and renewable energy on the economic growth of countries in the ASEAN region. In this study, we tested whether a dynamic process occurred based on a dynamic panel data model while comparing it with static panel data. The dataset used is ASEAN region countries with time series data from 2000-2021. The analysis tools used are static and dynamic panel data. The research results found that natural resources, FDI, and renewable energy significantly positively affect economic growth in the ASEAN region. Conversely, CO2 has a negative and insignificant effect. These results prove that the ASEAN region's economic development has been clean energy-oriented.

Suggested Citation

  • Rusiadi Rusiadi & Muhammad Hidayat & Dewi Mahrani Rangkuty & Kiki Farida Ferine & Jumadil Saputra, 2024. "The Influence of Natural Resources, Energy Consumption, and Renewable Energy on Economic Growth in ASEAN Region Countries," International Journal of Energy Economics and Policy, Econjournals, vol. 14(3), pages 332-338, May.
    • Handle: RePEc:eco:journ2:2024-03-33
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    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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