Sustainable Economic Growth Research Articles

Mineral policy and sustainable development goals: Volatility forecasting in the Global South's minerals market

This paper aims to evaluate the volatility of precious metals, specifically Palladium, Gold, and Platinum, within the context of the global minerals market. The research focuses on understanding the price dynamics of these metals and their implications for sustainable development, particularly in the Global South. The study employs a comprehensive approach, utilizing advanced machine learning and deep learning models such as GRU, Huber, Lasso, LSTM, Random Forest, Ridge Regression, SVM, ANN, and XGBoost. These models are assessed based on their forecasting accuracy for different time horizons, using metrics such as RMSE and MAPE. The findings reveal that the ANN, XGBoost, and LSTM models exhibit robust performance in forecasting the volatility of precious metals across various time horizons. The research highlights the unique volatility patterns of each metal and underscores the effectiveness of machine learning techniques in capturing these dynamics. The study acknowledges limitations such as the exclusion of macroeconomic and geopolitical factors in the forecasting models. Future research is suggested to integrate these factors to enhance forecasting accuracy. The study's findings are pivotal for investors, policymakers, and market regulators, especially in the context of the Global South and sustainable development. The research offers valuable insights for risk management strategies, investment planning, and policy formulation aimed at promoting market stability and sustainable economic growth. The study emphasizes the importance of selecting appropriate forecasting models based on specific time horizons and market requirements.

И ННОВАЦИОННОЕ РАЗВИТИЕ СЕВЕРО-ЗАПАДНОГО ФЕДЕРАЛЬНОГО ОКРУГА: ТЕНДЕНЦИИ И ПЕРСПЕКТИВЫ РАЗВИТИЯ

This paper analyzes the current trends and prospects of innovative development in the Northwestern Federal District (NWFD) of Russia. The authors consider the key factors influencing the innovative activity of the region, such as infrastructure, government support, human capital and cooperation between scientific and industrial enterprises. Particular attention is paid to evaluating the effectiveness of ongoing programs and initiatives to stimulate innovation, as well as identifying barriers to their development. The article presents examples of successful projects and initiatives, analyzes the problems that need to be solved to increase the competitiveness of the region at the national and international levels. In conclusion, recommendations are given for further improvement of the strategy of innovative development of the Northwestern federal district with the aim of sustainable economic growth.

The Dynamics Model of Cross-Regional to Enhance Economic Growth: New Empirical Evidence from Indonesia

Abstract Economic growth growth is crucial to improve community welfare in the long term. Although Indonesia’s economic growth is on an upward trend, Indonesia must remain vigilant in its relationship with the global world due to the rapidly changing and highly uncertain dynamics. Indonesia’s economic growth is also inseparable from the influence of various provinces’ economic growth, which varies due to the economic dynamics between regions. These dynamics can influence the region’s contribution to national economic growth. Therefore, identifying the important role of the determining factors of economic growth and appropriate policies in dealing with economic dynamics between regions is crucial because sustainable economic growth is also essential for improving community welfare. This study examines the determinants of Indonesia’s economic growth from a regional economic perspective, using a Dynamic Panel Data analysis model with three estimation models. The first model focuses on the primary variables of technological progress, population, and investment. The second model adds the human capital variable, while the third model further incorporates the variables of open economy, economic structure changes, and income inequality. The study utilizes data from the Indonesian Central Statistics Agency, covering 27 provinces from 2015 to 2022. The results indicate that increased technological progress, population, investment, human resources, economic openness, and economic structure changes can increase economic growth, while inequality of income harms economic growth. This research has implications that in creating determinant conditions for conducive economic growth, it needs to be carried out evenly in all provinces in Indonesia.

The strategic role of entrepreneurial computer engineers in shaping innovation ecosystems: innovation engineering

Purpose This paper investigates the critical role of entrepreneurial computer engineers in driving innovation and accelerating economic growth through the creation of technological businesses. By analyzing their contributions to innovation ecosystems, this paper aims to provide insights into the unique impact these engineers have within the entrepreneurial landscape. The study underscores the need for tailored policies that harness the potential of entrepreneurial computer engineers to achieve macroeconomic objectives amidst ever-changing economic complexities. Design/methodology/approach To examine the significance of entrepreneurial computer engineers within the innovation ecosystem, this study uses bibliometric analysis with VOS viewer to explore existing literature on engineering and entrepreneurship. Findings Using bibliometric analysis, the authors reveal a network of interconnected skills such as risk-taking, self-determination and project-based learning, evident in the co-occurrence of keywords. Practical implications The entrepreneurial computer engineer plays a central role in steering technical innovation and fostering sustainable economic growth within the field of computer engineering. The authors pinpoint specific skills and strategic pathways crucial for the growth and development of entrepreneurial computer engineers, emphasizing the unique contributions and challenges within this domain. Originality/value This paper addresses the under-researched topic of engineering entrepreneurship in relation to innovation, aiming to provide knowledge and insights into the intersection of engineering and entrepreneurship. By examining this nexus, the paper contributes to filling the gap in existing literature and offers valuable perspectives for both academia and industry.

Interaction Between Public Authorities and Business in the Field of Corporate Social Responsibility: Issues of Legal Regulation

Introduction. The formation of sustainable economic growth (development) presupposes the successful economic activity of entrepreneurs and their socially responsible behavior. At the same time, for effective legal regulation of economic activity, it is ne­cessary to determine what exactly is meant by corporate social responsibility and what should be the attitude of law to various socially significant actions of entrepreneurs. Theoretical Basis. Methods. The research is based on the use of general scientific methods (system method, game theory method, methodological individualism, functional method, formal logical methods (deduction, induction, analysis, synthesis, etc.)) and special legal methods (formal legal, legal comparative research, law and economics, legal modeling method). Results. To assess the content of corporate social responsibility, two models have been identified. The first model assumes that the mission of a business is to maximize profits and pay taxes. Within the second model, in addition to paying taxes, other measures (charity, environmental projects, etc.) are added to the social responsibility of business. The general question, however, is how should the law respond to corporate social responsibility measures? Consideration of corporate social responsibility measures in the general context of economic activity made it possible to develop a universal approach to legal regulation. Discussion and Сonclusion. The article substantiates that the promotion of corporate social responsibility measures at the level of legal regulation should be determined by the needs of society, the lack of entrepreneurs’ own incentives and the difficulty of implementing social projects by public authorities. At the same time, legal norms can both directly provide for legal consequences when implementing certain measures and indicate the possibility of concluding vertical (managerial) agreements, allowing, at the level of individual regulation, to establish modes of activity for entrepreneurs when implementing certain measures of corporate social responsibility.

Optimal environmental investment strategies for enterprise green technology innovation: An empirical study based on multiple drive models

Enterprise green technology innovation (GTI) is vital for global sustainable development. However, the optimal strategies are needed to understand how environmental investments (EIs) impact enterprise GTI. This study adopts multiple drive models to explore the impact of EIs on the GTI of A-share listed enterprises in China from 2008 to 2022. Our results show that EIs significantly promote enterprise GTI, and these findings are robust. Heterogeneity analysis reveals that non-state-owned enterprises (non-SOEs) and enterprises in the eastern and western regions benefit more from EIs in promoting GTI. Labor-intensive combinations of EIs contribute to the growth of enterprise GTI quantity, while technology-intensive combinations of EIs are detrimental to the growth of enterprise GTI quality. Specifically, the intermediary conduction mechanism identifies that EIs substantially enhance enterprise GTI through financial constraints, research and development (R&D) investment, and environmental awareness. The threshold test mechanism demonstrates that EIs inhibit enterprise GTI when the price-to-book (P/B) ratio crosses a certain threshold; however, EIs promote enterprise GTI once the book-to-market (B/M) ratio crosses the threshold. Our findings can provide valuable references for governments and enterprises, helping to promote environmentally sustainable development and economic growth.

Forecasting staffing needs in general education: HR-practices and staffing planning model for metropolitan schools

Introduction. The development of human capital is crucial for preparing an effective response of the Russian society to the great challenges related to ensuring sustainable economic growth, development and implementation of new promising technologies, increasing labour productivity, and improving the quality of life of citizens. The key role here is played by the state of the education sector, on which the population's mastering of competences, knowledge and skills demanded by the economy and the labour market directly depends. Ensuring the training of highly qualified specialists considering the changing staffing needs of society and trends in the development of the digital economy refers to the urgent problem of management and forecasting of staffing in the Russian education system. Materials and Methods. The methodological basis of the study was formed by reports of international organizations, national agencies in the field of education, reports of working groups, as well as domestic and foreign studies in the field of forecasting the staffing status; official web pages of federal and regional executive authorities that carry out management and control in the field of education; websites of educational organizations of general and higher education; information from open data sources. Qualitative analysis of data using general scientific methods of cognition was carried out on the obtained set of data. Results. The analysed solutions have limitations that make it difficult to directly transfer them to the staff forecasting model for Moscow schools. They do not consider the peculiarities of Moscow education, for example, the directions of the Moscow education development strategy, specifics of the nomenclature of positions and certification of managerial staff, city projects of pre-professional education, optimization of administrative staff, etc. When creating a staff forecasting service for Moscow schools, it is necessary to consider the advantages of platform solutions that provide an integrated interdisciplinary approach using large amounts of data. At the same time, the forecast should consider the peculiarities of the Moscow education system that can affect the staff composition of schools. Discussion and Conclusions. Based on the analysis, a model solution for forecasting the staffing status of educational organizations in the metropolitan education system has been developed, including methodological approaches to evaluation; directions for assessing the dynamics of changes in the staffing status of schools; the structure of the staffing composition of Moscow schools; the structure of primary data; and a set of indicators.

Impact of Fiscal Policy on Corporate Innovation in an Emerging Market Economy: Evidence from Brazil

This study investigates the impact of fiscal policy on corporate innovation in an emerging market economy, focusing on Brazil. Utilizing a comprehensive dataset of firms listed on the B3 Brazilian Stock Exchange from 2010 to 2020, we employ panel data analysis and the difference-in-differences (DiD) method to examine the effects of tax incentives, government subsidies, and public investment in innovation infrastructure on corporate innovation activities. Our findings reveal that tax incentives significantly enhance innovation outputs by reducing the financial burden of R&D investments. Similarly, government subsidies are shown to lower the cost and risk associated with R&D projects, thereby fostering greater innovation. Furthermore, public investment in innovation infrastructure plays a crucial role in creating an enabling environment for corporate innovation. These results provide robust evidence supporting the effectiveness of fiscal policy in promoting innovation in emerging markets, offering valuable insights for policymakers aiming to foster sustainable economic growth and competitiveness.

Inclusive and sustainable economic growth for MSME firms: examining the impact of sustainable HRM practices on women’s well-being

Inclusive and sustainable economic growth for MSME firms: examining the impact of sustainable HRM practices on women’s well-being

The Role of Geopolitics on Economic Growth in Indonesia

Inclusive and sustainable economic growth is a priority for countries around the world, including Indonesia. Geopolitics plays an important role in creating a legal framework that supports investment, innovation, and environmental protection - key components of sustainable economic growth. This research aims to explore how geopolitics contributes to Indonesia's economic growth, focusing on the development of technologies, regulations, and procedures that support economic sustainability. The research method used is a qualitative approach, with data collection through literature review and policy analysis. This research was conducted by exploring the influence of geopolitics in the context of economic policy, investment, and natural resource management. The results show that Indonesia's strategic location as an archipelago provides advantages in international trade and regional economic relations. In addition, political stability and economic policies influenced by geopolitics play an important role in creating an enabling environment for economic growth. The implication of this research is the importance of strengthening international and bilateral cooperation to capitalize on Indonesia's geographical and political potential to increase economic competitiveness globally and promote sustainable economic growth.

Relationship of Communication, Negotiation and Leadership on the Employee Performance for Sustainable Growth in Hotels

Objective: This research aims to investigate what soft skills affect the performance of employees at Hotels for their sustainable growth in China. Sustainable Development Goals (SDG) 8, promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all. Theoretical Framework: The study’s underpinning theory was derived from the Lippman, Ryberg, Carney and Moore (2015) model of key softskills. Method: This study adopts convenience sampling and analyzes the data from 158 questionnaires distributed through SPSS. The analysis results will find out the more important and useful skills in hotels. This study was conducted at the Guizhou Province, China using online survey. Three soft skills of communication, negotiation, and leadership were tested to be positively correlated with the performance of hotel employees. Results and Discussion: This research also allowed us to identify which soft skills are most important to a team to enable the overall team to succeed. This research can provide a reference for the human resource management of hotels to plan the soft skill development training of employees. More and more companies realize that employees are one of the important factors for the company’s further development. If you want to develop better in the information age, you must have a group of outstanding employees. Therefore, the training plan to improve employee performance is a relatively important work in human resource management. Hard skills are just our visible professional and technical indicators, while soft skills are invisible indicators, and they are also a scale to measure a person's ability to handle things. Research Implications: Academic implication sees the use of Lippman et al (2015) model in underpin the variables related in the study of employee performance and soft skills. Practical implication include to emphasize the role of negotiation skills foe the employee performance. Originality/Value: This study provide insight on the role of negotiation skill in increasing the employee performance in the hospitality industry in China.

Labor market dynamics in developing countries: analysis of employment transformation at the macro-level

Understanding labor market dynamics remains a pivotal aspect within contemporary economic discourse, as necessitates the pursuit of effective employment models to ensure steady progress in the conditions of changes in the economic structure. The aim of the research is to examine the dynamics of the labor market in developing countries, with particular emphasis on China and Kazakhstan, taking into account economic, social, and technological trends. The methodology includes the analytic and comparison of trends in the labor market in developing countries, such as China and Kazakhstan over the past 20 years, and also monitoring the socio-economic nature of the labor process. The study identified changes in the labor market and provided empirical evidence for new forms of employment, utilizing comparative analysis and data visualization of the sectoral structure of the economy and global labor market trends up to 2027. The obtained results provide three main conclusions: a decrease in demand for low-skilled workers and an increase in demand for highly qualified individuals; the emergence of jobs with low levels of social protection; new forms of employment-oriented towards workers outside the social security system, domestic workers, and self-employed individuals. These types of employment can fill jobs in platform and piecework economies, cooperativism, and the sharing economy, which allows employers in developing markets to optimize employment. The findings of the study can contribute to understanding the functioning of the labor market in developing countries including the development of small and medium-sized businesses, startups, and innovative projects, and may be applicable in the development of economic and social policies for sustainable economic growth and social stability.

Leveraging Aquaculture and Mariculture for Sustainable Economic Growth in Sri Lanka: Challenges and Opportunities

Leveraging Aquaculture and Mariculture for Sustainable Economic Growth in Sri Lanka: Challenges and Opportunities

Barriers and Opportunities for Women Entrepreneurs in Climate-Smart Industries in India

Enhancing women entrepreneurship is being increasingly recognized as a powerful driver for India’s economic growth (Ramya U et al, 2024). This study therefore examines the barriers and opportunities for women entrepreneurs in climate-smart industries in India- a sector that is crucial for sustainable development and economic growth. Although women's contributions to innovation and environmental sustainability are increasingly acknowledged, there are still barriers that prevent them from participating fully in these fields (Srinivasan A et al, 2012). The study identifies key barriers such as access to finance, lack of technical expertise, societal norms, and limited access to networks and mentorship. The prevailing gender prejudices in the entrepreneurial ecosystem exacerbate these barriers, making it more challenging for women to enter and succeed in climate-smart sectors (Arora M, 2024). The paper also highlights emerging opportunities for women entrepreneurs. Government initiatives, increased awareness about climate change, and the global shift towards sustainable practices are creating new avenues for women to engage in green businesses. ¬¬The study suggests that targeted interventions through capacity building and skill development programs, better access to finance and networks along with effective mentorship, can significantly enhance the participation of women in climate-smart industries (Banu J, 2024).

Financial inclusion through digitalization and economic growth in Asia-Pacific countries

Digital technology for financial inclusion tends to bring more benefits to people at the bottom of the economic pyramid across the Asia-Pacific region; therefore, financial inclusion is crucial for sustainable development and economic growth in this region. Digital financial services, based on technology-driven innovation, contribute to enhanced financial inclusion at affordable prices, which potentially reaches many new people who are unbanked or underbanked. This paper examines the impact of digital financial inclusion (DFI) on economic growth in 30 Asia-Pacific countries based on panel data for 2014, 2017, and 2021. A three-stage principal component analysis is used to develop the DFI index for the Asia-Pacific region, capturing both the digital and traditional aspects. We use fixed effect regression to examine the linear effect of DFI on economic growth, and results show a significant positive impact, contributing to the Theory of Finance and Growth, System Theory, and Diffusion Theory of Innovation. Given the different roles of DFI in different countries and the wide digital divide across the region, this paper employs a panel threshold regression model to identify any non-monotonic influence of DFI on economic growth. The results show a significant threshold effect of DFI, indicating the non-linear effect of financial inclusion on economic growth. The paper brings evidence-based policy implications to boost DFI to achieve inclusive growth.

THE GENESIS AND EVOLUTION OF THE THEORETICAL DISCOURSE OF ECOLOGICAL ECONOMICS

The article examines key trends and challenges in the modern global economy. Over the last four decades, structural changes have profoundly impacted industries and economic relations, emphasizing a growing divide between advanced and developing nations. This gap exacerbates existing inequalities, with developed countries often reaping more benefits from globalization, while developing nations face difficulties in keeping up. One of the most significant drivers of these transformations is the rapid pace of technological advancement. New industries and economic models have emerged, making innovation and digitalization central to modern economies. These changes are reshaping production methods, resource allocation, and labor structures, effectively marking a new industrial revolution and pushing even traditionally slow-to-adapt sectors to evolve rapidly. Simultaneously, the global economy faces increasing environmental challenges, including climate change, pollution, and resource depletion. The difficulty of achieving a lasting balance between economic growth and environmental sustainability is becoming more pressing. Without addressing these issues, economic systems risk further destabilization, deepening environmental crises and threatening long-term global stability. Given these intertwined challenges, there is a growing need for a comprehensive re-evaluation of the relationship between economic activities, social processes, and the natural environment. It has been emphasized that ecological economics, which integrates environmental concerns into economic theory, offers a valuable framework for understanding how to manage economic growth without exceeding the planet’s ecological limits. Future research and policy should not only address current challenges but also anticipate new approaches to resource management and ecological preservation. These approaches might include transitioning to circular economies, expanding the adoption of green technologies, and prioritizing renewable energy sources. In this context authors believe that it is crucial for policymakers, businesses, and civil society to collaborate in shaping new economic models that prioritize both human and environmental well-being. Only through such joint efforts can we hope to achieve sustainable economic growth that aligns with the planet's ecological boundaries, ensuring a stable future for generations to come.

Technological Innovation and Agricultural Productivity in Nigeria Amidst Oil Transition: ARDL Analysis

In contemporary discourse, Nigeria’s reliance on its oil sector is proving insufficient for sustained economic growth. The volatility of oil prices, geopolitical tensions, technological advancements, and environmental sustainability concerns have exposed the vulnerabilities of an oil-dependent economy, emphasizing the need for diversification and a renewed focus on agriculture. This study investigates the relationship between technological innovation and agricultural productivity in Nigeria, contrasting it with the oil sector. Using the ARDL estimation technique, our findings reveal a significant negative influence of immediate lagged agricultural productivity (AGTFP(−1)), indicating technological constraints. Technological innovation, proxied by TFP, shows a substantial impact on agricultural productivity, with a negative long-term effect (−90.71) but a positive, though insignificant, impact on agricultural output (0.0034). The comparative analysis underscores that the agricultural sector tends to benefit more from technological innovation than the oil sector. This highlights the critical need to prioritize technological advancements in agriculture to drive sustainable growth and economic resilience in Nigeria.

Efficiency analysis of manufacturing industries in Singapore using the DEA-Malmquist productivity index

This study evaluated the efficiency and productivity of the manufacturing industries of Singapore. Singapore is one of the world’s most competitive countries and manufacturing giants. All 21 manufacturing industries as classified by Singapore’s Department of Statistics were included in the study as decision-making units (DMUs). Using the Malmquist DEA on data spanning 2015–2021, we found that excerpt for the Paper and Paper product industry, all industries recorded positive total factor productivity (TFP). TFP ranged from 0.977 to 1.481. In terms of technical efficiency, 14 out of 21 industries showed positive efficiency change. The highest TFP was recorded in 2020 and the lowest in 2016. By measuring and improving efficiency, industries in Singapore can achieve cost savings, increase output, and enhance their competitiveness in the global marketplace. In addition, efficiency measurement can help policymakers identify potential areas for improvement and develop targeted policies to promote sustainable economic growth. Given these benefits, performance measurement is inevitable for industries and policymakers in Singapore to achieve economic objectives. Manufacturing industries need to find ways to manage the size and scale of operations as we flag this as an area for improvement.

A Dynamic Analysis of Sustainable Economic Growth and FDI Inflow in Saudi Arabia Using ARDL Approach and VECM Technique

This study investigates the relationship between sustainable economic growth and foreign direct investment (FDI) in Saudi Arabia from 1980 to 2023. The ARDL approach and VECM technique are employed to analyze the short-run and long-run dynamics. The short-run results show mixed effects. Sustainable economic growth has a positive impact on current and one-period lagged FDI but a negative impact on the two periods lagged. Trade openness and infrastructure negatively affect FDI in the short run. Interestingly, oil rents and real economic growth also have negative short-run impacts on FDI, but these effects become positive with a longer lag. Long-run analysis reveals a negative relationship between trade openness, infrastructure, and oil rents with FDI, suggesting a potential crowding-out effect. Trade openness has a positive long-run impact on most variables, including sustainable growth, FDI, real growth, and CO2 emissions. Oil rents also have a positive long-run impact on these variables. This study finds six bidirectional causal relationships in the short run, primarily between trade openness, infrastructure, oil rents, and FDI. Unidirectional causality runs from oil rents, trade openness, exchange rate, sustainable growth, and real growth to FDI and infrastructure. Additionally, CO2 emissions cause FDI, and trade openness causes sustainable growth. While sustainable economic growth benefits FDI in the long run, short-term policies regarding trade openness and infrastructure require reevaluation. Oil revenue and real economic growth may initially deter FDI, but this reverses in the long term. To attract sustainable FDI, policymakers should focus on long-term economic growth strategies and consider reforms in trade and infrastructure policies. A comprehensive FDI strategy that moves beyond oil dependence and leverages trade openness is crucial to long-term economic diversification.

The impact of digitalization and economic diversification on economic growth: evidence from Saudi Arabia

The present study aims to assess the impact of economic diversification and digitalization on economic growth in Saudi Arabia during the period 1990–2021. We have looked into this relationship in both the overall economic and non-oil economic sectors using the autoregressive distributed lag (ARDL) cointegration approach. The empirical results offer compelling evidence that economic diversification and digitization affect economic growth both directly and indirectly through their effects on non-oil GDP growth. The findings indicate that there is a long-run dynamic between economic growth, economic diversification, and digitalization. In the long run, digitalization contributes to the progress of non-oil economic growth and, therefore, sustainable economic growth. In addition, the causality test revealed that economic diversification develops the economy of new knowledge, which reinforces economic diversification, and non-oil economic growth supports digitalization. Consequently, digitalization played an important role in the Kingdom’s economic transition toward economic diversification. Indeed, our results prove that digitalization increases non-oil income and then reduces the supremacy of the oil sector in the economy, which promotes economic diversification. The KSA authority must accelerate the energetic transition process in order to support economic diversification and attract more foreign investment in information and communication technologies (ICTs).