Annual GDP Growth Rate Research Articles

Socio-Economic Development of Tibet in the 11th Five-Year Plan (2006–2010). Part 9

The 11th Five-year Plan of the People's Republic of China was an important stage in the socio-economic development of both the whole of China and the TAR in its composition. The plan set an annual GDP growth rate of 7.5 %, which actually exceeded 10 %. Tibet, on the other hand, was developing at a rate of more than 12 % per year. During the five-year plan, Tibet experienced many serious trials: a series of powerful earthquakes that claimed thousands of lives. In 2008, when China was preparing to host the Olympic Games in Beijing in August, Western intelligence agencies provoked an uprising in Lhasa on March 18. The leaders of France (in 2008) and the United States (in 2010) distinguished themselves by provocations against China, meeting with the Dalai Lama, despite the vigorous objections of the Chinese authorities. Nevertheless, Britain officially recognized Tibet for the first time as an autonomous region within the PRC. Significant achievements have been made in the development of transport in the region and especially aviation. Tibet remained one of the twelve least developed western regions of the People's Republic of China, but its economy continued to develop dynamically. The authority of Tibet in the world community has significantly increased, one of the manifestations of this was the great success of Tibet at the world Exhibition in Shanghai in 2010.

Productive and Decent Work Employment Opportunities: Reflections of Sustainable Development Goal 8

This study measures the impact of seven indicators of Sustainable Development Goals (SDGs) on Goal 8, which is about productive and decent work and employment opportunities in India. The study employs pooled ordinary least squares (POLS) methods to capture the impact of seven indicators— annual growth rate of real GDP per capita, ease of doing business, unemployment rate, labour force participation rate, participation of informal workers, fatal and non-fatal occupation injuries, and banking outlets, on SDG 8, for 2018-2021. The findings reveal that the annual growth rate of real GDP per capita, labour force participation rate, and ease of doing business influence SDG 8’s score positively and significantly. On the contrary, the unemployment rate impacts sustainable score value negatively and significantly. The inferences of the study did not unwrap a significant effect of the percentage of workers in the informal sector, fatal and non-fatal occupation injuries and the number of banking outlets on SDG8. The study recommends reducing unemployment and increasing labour force participation rates in the economy for sustainability. At the same time, policymakers must focus on enhancing the ease of doing business and the annual growth rate of real GDP per capita to realise decent work and employment opportunities. To advance sustainable development goals, especially SDG 8, fostering sustainable and inclusive economic growth is the need of the hour.

ANALYSIS OF COINTEGRATION AND CAUSALITY BETWEEN INDICATORS OF ECONOMIC GROWTH AND ENERGY EFFICIENCY OF EUROPEAN COUNTRIES

In modern conditions, when European countries have set themselves an extremely ambitious goal of reducing greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels, it is important to analyze the cause-and-effect relationships between key indicators of energy efficiency of national economies and economic growth, the nature of their influence on each other. The article analyzes cointegration and causal relationships between panel data that determine the economic development and energy efficiency of 38 European countries for the period from 1995 to 2021. Stationary time series were analyzed for causality using the Dumitrescu Hurlin test, which, compared to the classical Granger test, more accurately takes into account the structure of panel data, namely cross-sectional relationships. The annual GDP growth rate has driven the intensity of CO2 emissions. For pairs of time series with the first level of integration, in the case of cointegration between them, a Vector Error Correction Model (VECM) was used to determine the type of long-term behaviour of the variables with their short-term feedback. Long-term causality was found from GDP per capita to the level of primary energy intensity of European countries. Exports of goods and services have proven to be a long-term cause of domestic consumption of natural gas and solid fossil fuels. Bidirectional long-term causality was found only between primary energy consumption and exports. It should be noted that in all short-term and long-term cause-and-effect relationships obtained in the article, economic development indicators are the cause for energy efficiency indicators. This signals that the level of energy efficiency of the European economy is determined to a large extent by the economic development of Europe in previous periods. ARDL models can be used to analyze causal relationships between time series that have different levels of integration.

The Impact of Fintech Innovation on Bank’s Performance: Evidence from the Kingdom of Bahrain

This study investigates the impact of bank-level Financial Technology (Fintech) innovations on banks’ performance in the Kingdom of Bahrain from 2012-2021. Annual data of banks listed in Bahrain’s Bourse has been utilized to achieve this objective. In addition, bank-level FinTech indices have been constructed by a textual analysis method that assesses input dimensions through 32 keywords under four categories, including artificial intelligence, blockchain, cloud computing, and big data; FinTech output dimension is evaluated through payment and settlement, resource allocation, risk management, and channel construction technology. Using different panel data estimators, such as pooled OLS, fixed effects, random effects, and panel-corrected standard errors linear regression, results show that FinTech innovations increase banks’ performance. In addition, the findings demonstrate that banks' capital adequacy ratio, earnings ability, total assets, and annual GDP growth rate also significantly positively impact bank performance. Years in business have a significant adverse effect on bank performance. Interestingly, conventional and state-owned banks have a higher positive impact on returns on assets (ROA) than Islamic and privately owned banks. Policymakers and investors should pay close attention to facilitating ongoing FinTech innovations in the Kingdom of Bahrain to create opportunities and build a more inclusive and efficient financial sector.

Migration Policy, Net Migration Rates, & The Gross Domestic Product (GDP) of ASEAN Member States (2012 – 2022)

Over the past 10 years, the ASEAN region has experienced robust economic growth, driven by several factors including increasing foreign investment, growing domestic consumption, and favorable demographics. Statistics show that migration of workers make up a significant portion of the labor force in the ASEAN region. Asia has a long history of international migration, but in recent years it has grown in scope, diversity, and significance. Several factors have contributed to ASEAN's economic development, including government initiatives to improve the business environment, investment in infrastructure, and efforts to promote trade and regional economic integration. Migration-development discourse and existing studies recognize the potential role of migrants in boosting economic situations. The average annual growth rate of ASEAN's GDP was around 5% between 2011 and 2019, with some countries such as Vietnam and the Philippines growing at a much faster pace. Despite comprising only about 1.5% of the global economy, there is no denying that the contribution of countries like Brunei, Indonesia, Malaysia, the Philippines, Singapore, and Thailand is still highly significant in the context of East Asia. The objective of this study is to describe the intricate relationship between migration and domestic development. This paper took notes on the changes in ASEAN nations' immigration policies over the past ten years and observed how these have affected the patterns of net migration and economic performance. Understanding the linkages between migration and economic performance becomes crucial for understanding how sustainable development, social harmony, and long-term prosperity is affected by human movement.

Основні вектори розвитку зеленої енергетики в Україні: тарифна політика

The aim of the article is to form a scientific and practical basis for determining the main vectors of development of green energy in Ukraine, related to the definition of tariff policy. According to the results of the carried out study, it is proved that the prospects for the development of the world energy sector and the associated threats of irreversible negative impact on the environment are among the most pressing problems of the globalization process. All countries of the world are faced with the practical task of changing the paradigm of development, changing the system of basic ideological foundations for the use of industrial energy and «transparency» of resource management that meet the requirements of open and transparent activities based on innovative and progressive knowledge and technologies. All this requires the development of alternatives that will ensure the transition of world economies to sustainable development. Programs for the development of renewable and alternative energy sources are formed and implemented in almost all developed countries. However, the unresolved number of methodological issues regarding the introduction of renewable and alternative energy sources, the lack of relevant experience, the insufficient development of the regulatory framework at all levels and bureaucratic obstacles hinder the introduction of renewable and alternative energy sources in Ukraine, which justifies the relevance of this study. The article states that the problems of renewable energy development are discussed at different institutional levels. The constant threat of a crisis in the supply of oil, the threats associated with the development of nuclear energy, and the concern of modern society about environmental, and therefore climate problems, have led to the emergence of modern energy policy, the purpose of which is to create renewable green energy without greenhouse gas emissions into the atmosphere. The most important role for the sustainable development of the world economy be played by energy, which is the basis for the functioning of the economy and society and should ensure the growth of the world’s population and economic development with an average annual GDP growth rate.

Tax Policy: Impact on Business Development and Economic Dynamics of the Country

"The optimal system, structure, and effectiveness of the tax system depend on many factors and are characterized by several differences depending on the country’s social and economic development. The purpose of the academic paper is to identify the features of the impact of the EU-27 countries’ tax policy on business development and economic dynamics to determine the differences in this correlation. Methodology. The statistical and regression analysis of the tax structure of the EU-27 countries is used in the scientific article to evaluate its correlation with economic dynamics for the period 2000-2022 based on the average values for the following periods: 2000-2005, 2006-2010, 2011-2015, and 2016-2022. The results demonstrate a slowdown in economic growth in the EU-27 in the long run from 2000 to 2019 and economic growth in 2021 to 2022 with no significant changes in the tax structure. The dynamics of tax revenues were revealed to be stable, despite their different shares in GDP. In general, it is possible to assert a low level of correlation between the share of tax revenues in GDP and the annual GDP growth rate. The established regression model shows only a 9% change in GDP dynamics depending on the change in the share of tax revenues to the budgets of the EU-27 countries. The research has identified three groups of countries by the share of tax revenues, by the share of taxes on income, profit and capital gains, and by the share of taxes on goods and services in the EU-27."

Fuzzy multiple regressions for Cross-Section and Panel data

A classical multiple regression is a framework defined a priori verifying several limiting assumptions and easily misused. We propose a fuzzy alternative approach to classical multiple regressions for cross-sectional and panel data. As illustration, we estimate and analyze the effect of the annual GDP growth rate, unemployment rate, inflation rate and annual population growth rate on poverty in the Middle East and North Africa (MENA) region.

Multiple change-points estimation in panel data models via SaRa

Multiple change-points estimation in panel data models is one of the popular topics in statistics. In this article, we investigate the multiple change-points estimation in the mean of panel data model based on a screening and ranking algorithm. Firstly, the possible change-points are initially screened based on local statistics. Secondly, the threshold is used to further screen the change-points. Finally, the final change-points are screened out using the information criterion. Furthermore, the consistency of the change-point estimators is proved. The Monte Carlo simulation results show that the proposed method can estimate the number and locations of change-points accurately even if the error terms are serially correlated or cross-sectionally correlated, and finally the method is used to analyze the annual GDP growth rate data of 47 countries in the word from 1971 to 2019 to illustrate the effectiveness of the method.

Religion and Economic Growth: Evidence from U.S. Counties

This paper examines the impact of religious participation on regional economic growth. Using data on GDP growth for United States counties from the Bureau of Economic Analysis (BEA) Regional Economic Accounts and data on county-level religious participation from the Association of Religion Data Archives (ARDA), this paper estimates the impact of religiosity on growth using two-way fixed-effects Barro regressions for the period 2000 to 2020. In our preferred specification, a ten percentage-point increase in the county religious adherent share reduces the 10-year compound annual growth rate of per-capita GDP by 0.14 percentage points (a 19% reduction relative to the sample mean). A battery of sensitivity checks suggests our results are unlikely to be driven by omitted variable bias: both the Oster (2019) adjustment for selection on unobservables and Kinky Least Squares (KLS) regression estimates indicate that OLS understates the negative impact of religion on regional economic growth. We argue that the negative impact of religion on regional economic growth is consistent with previous findings of increased business survival and increased small business activity in a framework where the social capital generated from religious participation results in inefficiently low regional dynamism.

The impact of monetary policy instruments on sustainable development

In this research, the effect of monetary policy on five sustainable development indicators prepared by the United Nations was investigated in Iraq. For this purpose, variables of interest rate, exchange rate and volume of money in circulation have been used as monetary policy tools and the indicators have been used such as Proportion of the population living below the international poverty line (1.1.1), Proportion of population using safely managed drinking water (6.1.1.), Change in water-use efficiency (6.4.1), Renewable energy (7.2.1), share in the total final energy consumption, and Annual growth rate of real GDP per capita (8.1.1.). For this purpose, five regressions were estimated using the Two Stage Least Squares (2SLS) method. The results show that the exchange rate has a positive effect on indicators of poverty, efficient management of water resources, and economic growth per capita, and a negative effect on access to safe drinking water. Among other monetary policy instruments, only currency in circulationhas a positive effect on poverty reduction, and in other cases it has no significant effect.

China's economic development quality grows faster than economic quantity.

It is known that the rapid progress of the Chinese economy is perceived to be aligned more towards increasing the economic quantity (GDP) rather than its quality primarily owing to a large amount of carbon emission, increased environmental pollution, and high resource consumption. However, such perception comes with no single evidence or study that compares growth rates between the quantity and quality of China's economic development. Such a comparative study could provide useful information to the Chinese government and concerned agencies to manage and promote sustainable economic development in China. Here we developed a comprehensive economic development quality evaluation indicator system to study China's progress on economic quality from 1978 to 2017 and compare it with GDP growth rates over the same period. Results indicate that during the period 1978-2017, China's economic development quality index has increased significantly, higher than the average annual growth rate of GDP during the same period. This higher growth rate of Chinese economic development quality could be attributed to the country's achievements in tackling environmental pollution, narrowing the income gap, promoting technological progress and innovation, improving economic efficiency, maintaining social stability, and improving social welfare. We suggest the world re-evaluate China's economic development achievement and growth patterns that can provide a reference for other developing countries.

Does Financial Development Enhance Economic Growth? The Case of Turkic Countries

In this study, we investigate whether financial development enhances economic growth in Turkic countries, namely, Azerbaijan, Kazakhstan, Kyrgyzstan, and Türkiye from 1995 to 2017. The financial development index is obtained from the International Monetary Fund to proxy for the level of financial development. The index shows the level of development of financial institutions and financial markets in terms of depth, access, and efficiency. The annual percentage growth rate of GDP per capita based on constant local currency is taken as an indicator of economic growth. The main result of the analysis shows that there is a positive relationship between financial development and economic growth. The result is robust using random effect regression, adding inflation, and including Banking Z Score. However, the main impact can be seen in the financial institution instead of the financial market proxy. The results support the supply-leading hypothesis for the economies of four Turkic countries.

Real money and economic growth in Russia and the United States in the 21st century

The aim of this paper is to test empirically the point of view that economic growth is a function of only one variable — money supply. According to Russian economist S.N. Blinov, to achieve 5 % annual growth rate of GDP within three months it is sufficient to increase real money supply by 26 % annually. For empirical verifi cation Granger causality test and other instruments of econometrics of time series were used on data ranging from the 1st quarter of 2000 to the 4th of 2022 (92 quarterly observations). The null hypothesis that causality runs from real M2 to real GDP, but not in the opposite direction was rejected in favor of by-directional causality. Lagged GDP systematically contributes much more to economic grows than real M2 and contributes much more in Russia than in the United States. In addition, the author comes to the conclusion that in the USA the influence of real money on the economy is much stronger and faster than in Russia, and the role of the central bank is much more signifi cant. Since 1977, when the US Congress gave the Fed a «double mandate», i.e. assigned it responsibility for economic growth, the Fed’s monetary policy is designed to ensure maximum employment, stable prices and moderate long-term interest rates in the US economy. Employment and inflation targets as a rule, they are complimentary. Working in a completely different economy, the Bank of Russia successfully disavows this responsibility.

Socio-Economic Development of Tibet in the 8th Five-Year Plan (1991–1995). Part 6

The fourth session of the NPC of the VII convocation (March 25 — April 9, 1991) approved a ten-year plan for the socio-economic development of the People's Republic of China (1991–2000), as well as a plan for the 8th five-year plan. According to the eighth five-year plan, the average annual growth rate of the country's GDP in 1991–1995 was to be 6 %. However, the collapse of the socialist system in Eastern Europe and the dismantling of the USSR in December 1991 forced the Chinese leadership to reconsider the country's development strategy. In January-February 1992, Deng Xiaoping went to the south of the country, where he expressed ideas about the future development of the country. On the basis of this, a decision was made on a new acceleration of economic growth and the transition to a new economic strategy: the “socialist market economy system”. As a result of the measures taken, the average annual growth rate for the 8th five-year period amounted to 11.8 % — the best results in the economic history of the People's Republic of China. Tibet, as one of the five autonomous regions of China, has also revised the strategy of economic development in accordance with the general one in the country, considering its specifics. The main task of the economic development of Tibet was the accelerated development of the region, the fight against poverty, the full stimulation of market relations and openness. During the eighth five-year plan, Tibet managed to solve many problems and achieve many successes.

Can the Energy Internet promote China's energy system to achieve carbon emission peak goal?

Energy Internet (EI) is typically characterized by digitalization and clean energy that seeks to revolutionize the energy system and reduce carbon emissions. Even though several scholars conclude that EI accelerates the clean energy transition of energy system, since the controversial relationship between digitalization and energy consumption in academia, current studies on the carbon emission reduction advantages of the EI are still in dispute. This paper employs the effect of EI's construction on the carbon emission peak goal of China's energy system based on the system dynamics model and different scenarios. The simulation results find that: (1) the construction of the EI could enable China's energy system to meet the carbon reduction commitment in 2028, with a carbon emission peak of 11.61 billion tons; (2) As digitalization and clean energy become more extensively employed, rising energy demand is satisfied by the manner of consuming low-carbon electricity energy. This is thought to be the primary factor that could promote China to achieve the carbon peak goal earlier than expected; (3) The advancement of digitalization has further promoted the decoupling of China's economic growth from carbon emissions. It is projected that China's energy system will still achieve the carbon peak goal by 2030 when the expected annual GDP growth rate is increased to 6.32%, 5.75%, and 4.6% for the years 2020–2025, 2026–2030, and 2031–2035, respectively. These findings might provide a new perspective for quantitative research on the environmental outcomes of the EI and the relationship between environmental improvement and economic growth.

Poverty in Ukraine: evolution of interpreting and analysis of impact factors

Purpose. The purpose of the article is to analyze the evolution of interpretation of the poverty as a category. In addition, among the aims of the article is analysis of the dynamics of the poverty level in Ukraine and Lviv region as well as determination of the most effective economic factors affecting the poverty level.
 Methodology / approach. An analysis of the importance of the impact of annual growth of Ukraine’s GDP, GDP per capita, unemployment rate, and other possible factors on poverty level was carried out using statistical tools, namely the Pearson’s, Kendall’s, Spearman’s and Fechner’s correlation coefficients. Research methodology is a systematic approach to the study of the phenomenon of poverty using general scientific methods, as well as statistical methods. The questionnaire method was used to interview residents of cities and villages of Lviv region; methods of correlative-regression analysis were used to assess the importance of individual factors on the poverty level in Ukraine. Authors built VAR-model for the optimal analysis of the poverty level in Ukraine and factors of its influence.
 Results. After analyzing the value of the coefficient of determination, the authors concluded that the most significant factors of poverty in Ukraine are GDP per capita, PPP (R2 = 0.50), unemployment rate (R2 = 0.42), interest rates on loans (R2 = 0.21), inequality of income distribution (Gini index) (R2 = 0.20), taxes on income and profits (R2 = 0.15). GDP annual growth rate accounts for more than 64% of changes in poverty level in the second period. The value of the inequality of income distribution measured by the Gini index in the dynamics of the poverty level increases from 3.9% in the second period to 5.2% in the 10th period. In addition, value of the interest rate on loans and NBU’s account rate increase over time, accounting for approximately 10.0% and 2.4% of the variation in the level of poverty, respectively. Thus, level of interest rates is an important factor influencing the dynamics of poverty level in Ukraine.
 Originality / scientific novelty. An analysis of the dynamics of the poverty level in Ukraine was conducted, including a survey of residents of towns and villages in the Lviv region. A direct relationship between the interest rate on loans and the level of poverty has been established. In addition, the direct relationship between the inequality of income distribution and poverty level was confirmed. 
 Practical value / implications. It is proposed to use the correlation coefficients of Pearson, Kendall, Spearman and Fechner to calculate the strength of connection between the poverty level and its economic factors. Authors suggest applying VAR-model for optimal analysis of the poverty level in Ukraine.

Đo lường cạnh tranh ngân hàng tại Việt Nam: Liệu có quá nhiều khác biệt giữa các thước đo?

The study aimed to measure the factors affecting banking competition in Vietnam through competitive efficiency is proposed by (Bolt & Humphrey, 2010, 2015a, 2015b). Through secondary data collected from 19 commercial banks in Vietnam in the period 2011-2021, with data processing method through SFA method to estimate competitive efficiency indicators. Then, using the D-GMM model for both the competitive efficiency method and the Lerner index to examine the correlation between the two measures. The research results show that there is still a small difference between the two measures, which is reflected in the existence of three factors with inconsistent results including the ratio of equity to total assets, market capitalization market and banking market share. The research results also suggest that factors such as Net Profit to Total Assets Ratio, Bank Size, Annual GDP Growth Rate, Annual Inflation Rate, Market Concentration Index, Revenue Fees and credit risks have an impact on banking competition in Vietnam.

Political and Economic Impacts of German Reunification

This article aims to provide a holistic and comprehensive summary on the political impacts as well as economic impacts of the Reunification of Germany in 1990 due to the fact that politics and economics are inter-linked.This article analyses political impacts through linking the reunification with other geopolitical changes in the world that took place afterwards, and discovered that the reunification did not effectively eliminate the division between Eastern and Western Germany and strengthened right-wing extremism in the East, yet contributed to the easing of global tensions, the dissolution of the Soviet Union and the integration of Europe. This article analyses economic impacts mainly through the comparison of various macroeconomic indicators, including annual GDP growth rate, unemployment rate, and inflation rate, of the German Democratic Republic(GDR) and the Federal Republic of Germany(FRG) before reunification and western and eastern Germany after reunification, and discovered that the reunification had in general negative domestic economic impacts, and that the economic disparity between eastern and western Germany has not been eliminated yet.

Financial Inclusion and its Determinants: Empirical Evidence from South Asia

ABSTRACT: South Asia, the home to around one-fourth of the world's total population, and the fastest-growing region of the world, achieved an annual average GDP growth rate of 6.6 percent in 2015–2019. During the same period, it also demonstrated a modest share of gross domestic savings and fixed capital formation to GDP. The region has also experienced a considerable success in improving its level of financial inclusion. Within a span of only six years, the number of adults having an account in a formal financial institution increased to 38 percentage points in 2017, though large heterogeneity across countries exists. Despite these economic and financial developments, around half of the world's multidimensionally poor people live in this region. The region is also relatively less inclusive than those of high-income countries, as it excluded 30 percent of its adult population from the formal financial system in 2017. To accelerate its ongoing economic development and poverty reduction, further improvement of the level of financial inclusion is a particular concern in South Asia. However, we know very little about factors influencing financial inclusion in this region. In this paper, we examine the determinants of financial inclusion in South Asia using the World Bank's Global Findex database for the year 2017. Our probit estimations show that being a male, richer, more educated, and older are associated with higher levels of formal account and formal saving. While age and education affect formal credit in a similar manner, we find no significant association between gender and income level with formal credit. We also investigate how individual characteristics are associated with the barriers to financial inclusion and find that women exclude themselves from financial inclusion because other family member might have an account. Documentation and having accounts by other family members are the main factors of financial exclusion of the younger people, while cost and religious reasons discourage older people from having a bank account. Finally, we compare the determinants of informal financial services with those of formal financial services. Our findings have certain policy implications to include financially excluded people, i.e. poor, less educated, youth, and women, into financial network vis-à-vis promoting financial inclusion in South Asia.