Abstract
Study aims to investigate the renewable energy investment effect on achieving the economic growth (EG) at countries of Gulf Cooperation Council (GCC) for the period of 2010–2019. The percentage of renewable energy investment of total investments is an explanatory variable, and EG is a dependent variable. This research focuses on analyzing literature review to demonstrate how investment in renewable energy impacts the achievement of EG, and it also tries to explain this effect in the GCC countries for this period by utilizing Regression Analysis in E-Views. The research reaches significant and positive effect of renewable energy investment on EG at UAE, KSA, and Qatar but showed insignificant effect of renewable energy investment on EG in Bahrain, Kuwait, and Oman for the period (2010–2019).
Highlights
Economic growth (EG) is used to describe an upsurge in goods and services’ volume produces by economy
Due to the positive effect of Renewable Energy Investment on EG in previous studies, this part concentrates on analyzing relationships between Renewable Energy Investment and EG at Gulf Cooperation Council (GCC) countries (UAE, KSA, Bahrain, Kuwait, Qatar, Oman) for the period (2010-2019), as follows in Table 1: Table 2 and Chart 2 indicate that GDP (EG rates) for KSA during the period (2010-2019) ranged between two limits, a lowest which amounted to about (–0.74%) in 2017 and a largest of about
Chart 2 indicated a positive effect of Renewable Energy
Summary
Economic growth (EG) is used to describe an upsurge in goods and services’ volume produces by economy. EG leads to increased wages and higher living standards for people; it leads to a rise in society’s consumption of goods and services. EG refers to an increase in an economy’s potential output. In essence, sting of scarcity is reduced by EG (Wolla, 2013). EG may be created through factors, such as increased capital, increased labor, and efficient use of capital or labor. The growth that comes from increases in capital and labor represents growth that results from increases in inputs. Sustainable growth, in the long run comes from the efficient use of existing resources, raising economic output per unit input; thereby raising productivity (Wolla, 2013)
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