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Emerging pathways to sustainable economic development: An interdisciplinary exploration of resource efficiency, technological innovation, and ecosystem resilience in resource-rich regions

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  • Wang, Feipeng
  • Wong, Wing-Keung
  • Wang, Zheng
  • Albasher, Gadah
  • Alsultan, Nouf
  • Fatemah, Ambreen

Abstract

Innovation has always been a key factor in economic growth. But with the increasing pressure on natural resources, it has become even more crucial to understand the relationship between innovation, resources, and economic development. Technology has also played a significant role in helping to achieve sustainability. By utilizing the right strategies and investing in innovative technologies, businesses and governments can promote sustainable economic progress while decreasing their influence on the environment. This work explores the nexus among resource consumption, technological innovations, sustainability, and economic development and how this relationship has evolved from a traditional resource-poor region to a more resource-rich one. A correlation heat map showed the highest association between GDP growth (GDPG) and research and development expenditure (RDE) (−0.47). Support vector Regression with radial basis function (SVR-RBF) was applied to see the impact of contributing parameters that influence GDPG. For GDPG, the model generated R = 0.88 and R2 = 0.78 (RMSE = 1.16). The results of the SVR showed that the strongest coefficient in the SVR model is self-employed, total (SE), followed by electricity production from the nuclear resource (EPNR). This study could have several contributions. Firstly, the study’s focus on sustainable economic development provides insights into how resource-rich regions can balance economic growth with environmental conservation. This information could be valuable to policymakers, businesses, and other stakeholders interested in creating sustainable economic growth strategies. Secondly, the study’s interdisciplinary approach could help bridge the gap between different fields of study, leading to more holistic and effective solutions to environmental and economic challenges. This interdisciplinary approach could also help build stronger partnerships between academia, industry, and government. Finally, the study’s exploration of resource efficiency, technological innovation, and ecosystem resilience could provide useful information for China, a resource-rich country undergoing rapid economic growth. China faces numerous environmental and economic challenges, and the study’s findings could help inform policies and strategies to address these challenges.

Suggested Citation

  • Wang, Feipeng & Wong, Wing-Keung & Wang, Zheng & Albasher, Gadah & Alsultan, Nouf & Fatemah, Ambreen, 2023. "Emerging pathways to sustainable economic development: An interdisciplinary exploration of resource efficiency, technological innovation, and ecosystem resilience in resource-rich regions," Resources Policy, Elsevier, vol. 85(PA).
    • Handle: RePEc:eee:jrpoli:v:85:y:2023:i:pa:s0301420723004580
    DOI: 10.1016/j.resourpol.2023.103747
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