RETRACTED: Socio‐economic impact of natural resource management: How environmental degradation affects the quality of life

Abstract

Sustainable development is guided by three pillars: the economy, society and the environment. Social consequences on health are shaped by economic systems and social structures, which are integrated with the larger environment and affect the global allocation of energy resources. This is the first research of its kind to examine the social and economic effects of environmental degradation changes while considering cross‐sectional dependency. This article examines the effect of natural resource management policies and socioeconomic development on Asia's ecological footprint from 1995 to 2020, considering natural resources, population growth and industrial development. Our research shows that changes in the natural resources and ecological footprint have improved economic conditions and social outcomes, including human progress and income distribution. Two different outcomes of recent natural resource management are improved operational efficiency and decreased environmental degradation. Our findings hold up even considering other possible model specifications considering the interaction impacts of power sector changes. The findings reveal a favourable correlation between ecological footprint and natural net financial accounts, natural resources and GDP growth. Long‐term environmental sustainability is a byproduct of a flourishing society and economy.