Abstract
This paper examines the relationship between renewable energy consumption and economic growth in Brazil, in the Covid-19 pandemic. Using an Artificial Neural Networks (ANNs) experiment in Machine Learning, we tried to verify if a more intensive use of renewable energy could generate a positive GDP acceleration in Brazil. This acceleration could offset the harmful effects of the Covid-19 global pandemic. Empirical findings show that an ever-greater use of renewable energies may sustain the economic growth process. In fact, through a model of ANNs, we highlighted how an increasing consumption of renewable energies triggers an acceleration of the GDP compared to other energy variables considered in the model.
Highlights
The world has been facing an unprecedented humanitarian, social, and economic crisis since February 2020 due to the Covid-19 pandemic
Empirical findings show that an ever-greater use of renewable energies may sustain the economic growth process
The results showed the existence of a bidirectional link between renewable energy consumption and economic growth for both, developing and developed countries
Summary
The world has been facing an unprecedented humanitarian, social, and economic crisis since February 2020 due to the Covid-19 pandemic. The Organisation for Economic Cooperation and Development (OECD) is warning the entire international economic system about the negative impact that the Coronavirus will have on the world. The estimates, made so far, outweigh the worst economic forecasts. The OECD recommends urgent economic and fiscal policy measures. As early as March 2020, the OECD had released a report that estimated that the Covid-19 crisis was able to halve the growth of the world economy by 2020. The adverse effects of the pandemic could go on until 2022. As the weeks go by, the scenario is getting worse. The economic emergency of Covid-19 requires targeted economic policy intervention by all countries
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