Sustainable Economic Prosperity Research Articles

The Welsh Health Equity Solutions Platform – a mechanism for health equity solutions

Abstract Health inequities are a longstanding issue in Wales, as they are across the globe. They disproportionately affect the health and wellbeing outcomes of disadvantaged groups, restricting opportunities to live full and prosperous lives. Post COVID-19 new groups are emerging with disproportionately higher risk of poor health and premature death and disease, especially those with unmet needs and vulnerabilities, with the rising cost of living amplifying health inequities. Despite their prevalence, health inequities are avoidable. Efforts to reduce health inequities require action on all the social determinants of health across the life course. Improved understanding of the key drivers of health gaps is needed to address the problem and provide support for solutions-driven action to break down the barriers to health equity. The Welsh Health Equity Solutions Platform (WHESP) launched on 22nd June 2023, a collaboration between Public Health Wales, Welsh Government and WHO European Office for Investment in Health and Development. The WHESP is an innovative digital tool developed around the WHO Health Equity Status Report initiative framework of the ‘five essential conditions’ for healthy, prosperous lives for all. It is a mechanism for health equity solutions and aims to inform and facilitate policy and decision making to improve population health and address the increasing health gap through an online gateway to data, health economics, policies, and innovative health equity tools. Emerging evidence is highlighted to identify solutions for achieving healthy equity, which informs evidence-based decision making to reduce the health gap, improve overall population health and wellbeing, and achieve inclusive and sustainable economic growth and prosperity for all. Collating and sharing health equity solutions, evidence, data and best practice both across Wales and globally supports equitable, long-term action to improve the health and wellbeing of the population. Key messages • Highlighting health equity solutions informs best practice on tackling health inequalities. • WHESP provides extensive evidence to facilitate cross-sectoral action and policy change.

Unlocking the potential: How does technological innovation shape inclusive wealth? Empirical insights from top seven emerging economies

Amidst the pursuit of sustainable development and economic prosperity, there has been growing criticism directed towards traditional metrics such as GDP because of their narrow focus on societal well-being and environmental considerations. Therefore, our study shifts its focus from GDP to a more comprehensive measure of wealth, known as inclusive wealth. Our objective is to investigate how technology contributes to the advancement of inclusive wealth encompassing produced, natural, and human capital. We centred our analysis on the top seven emerging economies (E−7) and utilized data from the period of 1998–2022. Employing Fully Modified Least Squares (FMOLS), we develop four distinct models to examine the impact of technology on its various components and overall inclusive wealth. We also checked the robustness of our results by employing Cross-Sectionally Augmented Autoregressive Distributed Lag (CS-ARDL) model. Our findings reveal that technological advancement has a positive effect on each component of inclusive wealth, including produced capital, human capital and natural capital. Additionally, our results indicate a favourable impact of technological progress on overall inclusive wealth. These results emphasize the importance of incorporating technology into strategies for sustainable development and inclusive wealth.

Analysis of Monetary policy in Muslim Majority Countries: Tunisia

This research aims to analyze the monetary policy of Tunisia, a country with a Muslim-majority population, from both conventional and Islamic perspectives. Monetary policy, under the responsibility of the Central Bank, seeks to maintain currency stability and ensure overall economic strength. Islamic monetary policy specifically incorporates principles such as the prohibition of usury (riba), currency stability, the avoidance of excessive speculation, promoting productive financing, distributive justice, inflation control, and transparency. Tunisia, with its majority Muslim population, provides an interesting case for examining how Islamic principles are reflected—or not—in its monetary policy. This study employs a descriptive qualitative methodology, utilizing secondary data from library research, including websites and scientific journal articles. The findings show that Tunisia's monetary policy has a significant impact on economic indicators such as price stability, currency value, and overall economic growth, contributing to benefits like increased employment, higher purchasing power, improved investment levels, and sustainable economic prosperity. Key tools include interest rates, open market operations, reserve requirements, foreign currency interventions, selective credit policies, and macroprudential regulations.

ANALYSIS OF THE IMPACT OF DIGITALIZATION ON THE DEVELOPMENT OF OPPORTUNITIES FOR SMALL AND MEDIUM-SIZED ENTERPRISES

The article analyzes how the use of information and communication technologies and digital marketing tools contribute to increasing competitiveness, optimizing business processes, expanding sales markets, and improving customer relations. This article offers a comprehensive examination of the intricate dynamics between innovation, entrepreneurship, and economic growth, drawing from an extensive review of empirical studies, theoretical frameworks, and policy implications. Through a meticulous analysis of the symbiotic relationship between innovation and entrepreneurship, it elucidates their multifaceted contributions to driving sustained economic prosperity. By delving into the nuanced mechanisms and contextual factors that shape this relationship, the article provides insights for policymakers, researchers, and practitioners seeking to foster innovation-led growth in today's complex global economy. In the context of contemporary economic development, innovation and entrepreneurship have emerged as central pillars driving productivity growth, technological progress, and market dynamism. This paper embarks on a journey to unravel the complex interplay between these two phenomena and how their synergistic relationship shapes the trajectory of economic growth. By examining the underlying mechanisms, empirical evidence, and policy implications, we aim to shed light on the transformative potential of innovation and entrepreneurship in fostering sustainable development and competitiveness. Innovation and entrepreneurship are essential engines of economic growth. Innovation is characterized by the creation and adoption of novel ideas, technologies, and business models, and is a catalyst for entrepreneurial activity by providing opportunities for market differentiation and value creation

Exploring the pathways accounting: Foreign direct investment as a catalyst for idiosyncratic risk, sectoral GDP, economic activity, and economic growth

This study examines the interaction between foreign direct investment (FDI), idiosyncratic risk, sectoral GDP, economic activity, and economic growth in ASEAN countries using structural equation modeling (SEM) performed using AMOS software. The analysis uses data from the ASEAN Statistics Database 2023 to distinguish the significant direct and indirect impacts of FDI on idiosyncratic risks, sectoral GDP, economic activity and aggregate economic growth can. ASEAN, which includes ten Southeast Asian countries, has experienced rapid economic growth and increasing integration in recent decades, making it an interesting area to study these relationships. The study covers a comprehensive period to capture trends and differences among ASEAN member states. Applying SEM with AMOS allows a detailed examination of complex relationships between important economic variables. The results show a clear link between FDI inflows, idiosyncratic risks, industry GDP performance, economic activity, and overall economic growth. More specifically, FDI inflows have a notable direct influence on idiosyncratic risks, which then impact GDP growth by sector, and the level of economic activity and ultimately contribute to economic growth trends. economy more broadly in ASEAN countries. These findings highlight the importance of understanding and effectively managing the dynamics between FDI and various economic indicators to promote sustainable economic development across ASEAN. This information can inform policymakers, investors, and stakeholders in developing targeted strategies and policies that maximize the benefits of FDI while minimizing related risks to promote strong and inclusive economic growth in the region. This study highlights the multifaceted relationships in the ASEAN economic context, emphasizing the need for strategic interventions and policy frameworks to exploit the potential of foreign investment directed at ASEAN, to the Sustainable Development Goals and long-term economic prosperity in the region.

Transformative pathways to sustainable wealth: Do natural and human capital really matter?

In the quest for global prosperity, macro-environmental economists are emphasizing the shift towards sustainable wealth, a framework that harmonizes environmental sustainability with economic well-being. Our research contributes significantly to this field by examining the influence of human and natural capital on sustainable wealth in seven emerging economies (E−7) from 1998 to 2022. We utilized advanced methodologies including second-generation unit-root and cointegration techniques and a novel Cross-Sectional Auto Regressive Distributive Lag (CS-ARDL) approach to empirically analyze the results. Our study involved nine different models, each incorporating various combinations of natural and human capital. The results indicate that renewable natural capital and both male and female human capital positively affect sustainable wealth, whereas non-renewable natural capital has a detrimental impact. More importantly, our finding shows that over-reliance on non-renewable resources not only diminishes sustainable wealth but also attenuates the influence of other variables, such as human capital, on its creation. Conversely, dependence on renewable resources enhances sustainable wealth and strengthens its impact. Drawing on these insights, we strongly recommend that policymakers prioritize investments in both renewable natural capital and human capital. Such strategic investments are crucial for catalysing long-term sustainable economic growth and prosperity. By fostering environments that enhance the contributions of renewable resources and human potential, nations can secure a more sustainable and prosperous future, effectively navigating the challenges of modern economic landscapes.

REGIONAL COMPREHENSIVE ECONOMIC PARTNERSHIP AND THE EUROPEAN UNION: OPPORTUNITIES AND CHALLENGES

The Regional Comprehensive Economic Partnership (RCEP) is a historic trade deal that has had a huge impact on drastically reshaping the economic landscape of the entire world. Formally established in November 2020, it represents a monumental achievement in regional cooperation and integration. The European Union (EU) has been a pioneering force in forging global trade agreements that have far-reaching implications for the world economy. As one of the largest trading blocs, the EU plays a pivotal role in shaping international trade policies and fostering economic integration. This study investigates the crucial role that the European Union plays in global trade agreements, concentrating on their influence on the evolution of sustainable business practices, diplomatic ties, and economic growth and prosperity. The present study is a descriptive study on the implications of RCEP for the European Union, the challenges it poses and the available opportunities.

Unlocking Economic Growth: The Transformative Role of Infrastructure Finance in India

"Recognizing the transformative impact of strategic investments in PPP Model, this study investigates how infrastructure development can serve as a linchpin for sustained economic prosperity. Through an exploration of key sectors such as transportation connectivity-air, road and rail, energy, and water supply & sanitation, the paper aims to highlight the multifaceted benefits of robust infrastructure on overall efficiency, business expansion, and job creation. The research emphasizes the need for a comprehensive and sustainable approach to infrastructure finance, advocating for a balanced mix of public and private investments. The paper also addresses the importance of transparent regulatory frameworks, risk mitigation strategies, and efficient project planning to attract private investors and ensure the successful implementation of infrastructure projects. By elucidating the potential multiplier effects and global competitiveness implications, the paper provides valuable perspectives for investors, policymakers, and scholars seeking to comprehend the intricacies of transformative dynamics of infrastructure-led economic growth in India. This research paper delves into the pivotal role of infrastructure finance as a catalyst for unlocking economic growth in India."

Investigating the Effect of Property Investment and Inflation on Economic Growth in Indonesia

Sustained economic growth is essential to sustainable development and overall societal prosperity. This phenomenon denotes the continuous enhancement of a nation's economic conditions over time, characterised by elevated levels of economic activity compared to preceding periods. Economic growth is typically correlated with improved societal welfare, which is a key indicator of successful economic development. However, it is imperative to consider additional factors such as income distribution to comprehensively assess the impact of growth on well-being. Establishing economic growth is fundamental to sustainable economic development and prosperity. The primary objective of this study is to investigate the short- and long-run effects of Property Investment and Inflation on economic growth in Indonesia and examine the equilibrium relationship between Property Investment and Inflation on economic growth from the short run to the long run. To achieve this objective, this study employs the autoregressive distributed lag (ARDL) Panel Model and a cointegration test to establish short- and long-run relationships. The results indicate a short-to long-run equilibrium among the variables. An additional finding is that property investment has a positive effect on economic growth in the long run but no effect in the short run. The inflation variable demonstrates a positive effect on economic growth in the long run but no effect in the short run.

Sustaining Prosperity: Exploring Fiscal and Financial Sustainability in the Context of Dynamic Fiscal Policy

Purpose: This study explores how fiscal policy and financial sustainability support sustainable economic prosperity amid global instability. It examines the impact of government taxation and spending decisions on economic outcomes, aggregate demand, employment, inflation, social welfare, infrastructure development, and income inequality. Financial sustainability is analyzed through prudent fiscal management and debt sustainability, focusing on long-term government finance viability and mitigating fiscal risks. Research Design and Methodology: The study employs a qualitative methodology, incorporating a comprehensive literature review of theoretical works, empirical studies, and policy analyses. Data is collected through systematic reviews of scholarly articles, books, policy reports, and official publications. Thematic analysis techniques, including coding and categorization, synthesize findings, with reflexivity to consider assumptions and biases. Findings and Discussion: The research underscores the importance of flexibility and adaptability in fiscal policy, highlighting automatic stabilizers and countercyclical policies for economic stabilization and sustainable growth. Prudent debt management, including debt restructuring and fiscal consolidation, is vital for mitigating fiscal risks and ensuring debt sustainability. The findings emphasize integrating fiscal sustainability with broader economic and social goals and the need for institutional reforms and international cooperation to enhance fiscal governance. Implications: The study provides insights for policymakers on the importance of fiscal prudence and sustainability. It advocates for a balanced approach that addresses short-term stabilization and long-term goals and calls for institutional reforms to improve fiscal discipline, transparency, and accountability. By integrating interdisciplinary perspectives, policymakers can develop resilient and sustainable fiscal policies that promote long-term prosperity and social equity.

Towards social equity and sustainable economic prosperity through ecotourism: A case of caste diversified community along Annapurna Sanctuary trail (AST), Nepal

The key to social equity and sustainable economic prosperity rests on the inclusion of diverse socio-cultural and ethnic groups in socio-economic activities. Ecotourism promotes the fair and equitable sharing of available opportunities among local people to ensure social equity, sustainable economic prosperity, and tourism sustainability. This study presents an analysis of how ecotourism has contributed to social equity and sustainable economic prosperity within multicultural communities in three villages: Ghandruk, Landruk, and Dhampus along the Annapurna Sanctuary Trail (AST) in Nepal, through the lens of the local community with 120 face-to-face questionnaire surveys, five key informant interviews, six focus group discussions, and field observations. Ecotourism is found to be an effective mechanism for fostering social equity and economic prosperity through socio-economic empowerment, particularly among marginalized groups such as women, Dalits, and Janajatis through the reduction of gender-based income disparities, increased access to micro-financial services, enhanced social cohesion, and increased participation in decision-making processes. Furthermore, the study reveals that households from diverse castes and ethnic backgrounds have benefitted from ecotourism through various income-generating activities, including the sale of local handicrafts and agricultural products, leasing land and property, and infrastructure development. However, it also identifies challenges such as rising living costs, land prices, abandoned agricultural lands, and income inequality. For the sustainability of ecotourism in the region, the need for regulatory measures to control local prices, and integrate agricultural activities into tourism experiences is proposed. Additionally, it emphasizes the importance of engaging marginalized groups, particularly Janajatis and Dalits, in ecotourism development initiatives.

Multi-Stakeholder Analysis on Tourism Development in Zambales, Philippines

This paper outlined the findings from an empirical investigation to ascertain the differences on the extent of tourism development along with PESTLE factor and how tourism should be sustainably developed as analyzed and perceived by three groups of stakeholders in Zambales: Local Government Unit, Selected Resort Management/customers service office and customers. Based from the findings, the researcher concluded that the three groups of stakeholders such as; Local government unit, management/customer service office and customers/guests, had important contribution for the sustainable tourism development in the province of Zambales. The results of this study provide a better understanding of the perceptions held by tourism stakeholders towards the current state of the tourism industry and how it could be developed holistically. The tourism development in Zambales described as high extent as to political, economic, socio-cultural, technological, legal and environmental factor. The results concluded that tourism development could significantly contribute to economic growth in the province of Zambales through creating new business opportunities to improve standard of living of the community by providing employment. In this regard, in order to improve the current situation of tourism industry, Strategic Development Plan for Sustainable Tourism is proposed. Provincial government of Zambales must design and formulate programs to integrate tourism requirements into all levels of local government unit and would have to take a visionary local government official who has the grit to literally fight for a well-defined and managed tourism industry because it is a chance for municipalities to move up through the help of tourism, yet it requires the cooperation or input of every social and institutional organization such as stakeholders. Therefore, planning for the development of tourism based on sustainable economic development, growth and prosperity of local communities can be effective.

The linkages between energy efficiency, renewable electricity, human capital and inclusive growth: The role of technological development

This study highlights the important role of strategic policy interventions in promoting sustainable economic prosperity and social equity in OECD economies. It specifically focuses on the positive effects of technological development, energy efficiency, renewable electricity, and human capital on inclusive growth across 35 OECD economies from 1990 to 2019. We employed cross-sectional augmented distributed lag, fully modified ordinary least squares, and dynamic ordinary least squares to analyze the data. The long-run and short-run estimates show that technological development, energy efficiency, renewable electricity, human capital, and renewable energy consumption have positive effects on inclusive growth. Based on these findings, we propose that the government should provide funds for innovation and technological development, and it improves access to information and services, it increases productivity and efficiency, creates new job opportunities, and promotes inclusive growth. Moreover, the government should promote energy efficiency, which will help in cost savings, job creation, improved access to energy, inclusive growth, and environmental benefits.

The Influence of the Use Financial Technology, Owner Financial Literacy, and Risk Tolerance on the Performance of MSMEs in Indonesia

This study investigates the influence of financial technology adoption, owner financial literacy, and risk tolerance on the performance of Micro, Small, and Medium Enterprises (MSMEs) in Indonesia. Amidst the diverse landscape of Indonesian MSMEs, characterized by challenges in accessing formal financial services, the study examines the role of FinTech in overcoming these barriers and fostering business growth. Additionally, it explores the significance of owner financial literacy in facilitating informed decision-making and the strategic importance of risk tolerance in driving business innovation. Through a quantitative research design and Partial Least Squares Structural Equation Modeling (PLS-SEM) analysis, the study offers insights into the nuanced relationships between these factors and MSME performance. The findings provide actionable insights for policymakers, financial institutions, and MSME owners, aiming to promote sustainable MSME development and economic prosperity in Indonesia.

Energy, economy, financial development, and ecological footprint in Singapore

The escalating energy consumption resulting from rapid economic expansion is causing a decline in ecological health, therefore exacerbating the issue of climate change on a global scale. The juxtaposition of Singapore's ranking as having the most robust financial market with the largest ecological deficit globally implies the potential validity of the trade-off theory. The purpose of this study is to analyze the influence of Singapore's financial growth, energy use and economic development on the nation's ecological footprint. The investigation applied the Auto Regressive Distributed Lag (ARDL) method by using the annual time series data spanning from 1979 to 2021. The stationarity of data was confirmed by using several unit root tests. The ARDL bounds test revealed evidence for long term cointegration among the variables. The empirical results exposed that a 1% upsurge in financial growth, energy use, and economic expansion leads to a corresponding long-term increase in ecological footprint of 0.77%, 1.11% and 0.32%, as well as short-term increases of 0.44%, 0.61%, and 0.13%, respectively. Several diagnostic tests were used to confirm the accuracy of the ARDL outcomes. The findings of the analysis hold significant relevance for policymakers as they can inform the development of prudent policies that promote sustained economic prosperity without compromising environmental integrity.

The Role of Entrepreneurship in Changing the Employment Rate in the European Union

AbstractThe aim of this research is to examine the role of entrepreneurship in changing the employment rate in the European Union (EU). With the aim of understanding the relationship between entrepreneurship and employment dynamics, this research investigates the impact of entrepreneurial activities on job creation, job opportunities, and overall employment trends across EU member states. By analyzing a comprehensive dataset encompassing various economic indicators and entrepreneurial metrics, including business startups, self-employment rates, and entrepreneurial ecosystem factors, this study provides insights into the mechanisms through which entrepreneurship influences employment in the EU. The analysis considers both the direct and indirect effects of entrepreneurship on employment, exploring how entrepreneurial ventures contribute to job creation, stimulate economic growth, and shape labor market dynamics. The findings of this study reveal that entrepreneurship plays a crucial role in changing the employment rate in the EU. Entrepreneurial activities, such as new business startups and self-employment, contribute significantly to job creation, particularly in sectors characterized by innovation, technology, and services. Furthermore, entrepreneurship fosters a dynamic and flexible labor market, promoting job opportunities and reducing unemployment rates. The study also highlights the importance of supportive policies, access to financing, and a favorable regulatory environment in facilitating entrepreneurship and its positive impact on employment. Understanding the role of entrepreneurship in changing the employment rate has implications for policymakers, practitioners, and stakeholders involved in fostering economic growth and labor market development in the EU. The findings emphasize the need to encourage and support entrepreneurial initiatives, provide resources and support mechanisms for startups, and create an enabling environment that nurtures entrepreneurship and innovation. By leveraging the potential of entrepreneurship, the EU can stimulate employment growth, enhance competitiveness, and achieve sustainable economic prosperity.

Evaluating Innovation and Institutions for Tech-Trade: A Global Assessment in the Quest for Sustainable Economic Prosperity

Sustainable economic prosperity lies in the production of technological products that use the latest technology and do not depend upon natural, non-renewable sources. Trade of such goods boosts the economy and diversifies its existing trade pattern. This study analyses various variables that contribute to high-tech exports. All countries of the world that have more than one per cent share of high-tech exports to manufactured products are taken from 2008 to 2021. A robust statistical method called Feasible Generalized Least Squares (FGLS-hetero) is used to deal with heteroscedasticity. To minimize the impact of outliers, quantile regression, and bootstrap quantile regression techniques are also used. The main purpose of using multiple regression techniques is to assess whether the sign and significance of the coefficient will change by change in estimation techniques. The findings reveal that innovation, access to information, strong institutions, and partnerships between universities and industries all play a significant role in boosting high-tech exports in all estimation techniques. Financial development has a significant direct impact on high-tech export in the case of simple linear regression and FGLS (hetero) but an insignificant positive impact in the case of quantile regression and bootstrap quantile regression.

Accelerating SME growth in the African context: Harnessing FinTech, AI, and cybersecurity for economic prosperity

The economic landscape of Africa is evolving rapidly, and the role of Small and Medium Enterprises (SMEs) is increasingly recognized as a key driver of sustainable development. This review explores the potential of leveraging Financial Technology (FinTech), Artificial Intelligence (AI), and Cybersecurity to accelerate SME growth in the African context, ultimately contributing to economic prosperity. In recent years, FinTech has gained prominence for its ability to revolutionize financial services. By facilitating seamless transactions, enhancing access to capital, and streamlining financial processes, FinTech presents a significant opportunity for SMEs in Africa to overcome traditional barriers to growth. The integration of AI technologies further amplifies this potential, enabling SMEs to harness data-driven insights for informed decision-making, operational efficiency, and personalized customer experiences. However, the adoption of FinTech and AI in the African SME sector necessitates robust cybersecurity measures. As digital transformation accelerates, the risk of cyber threats becomes more pronounced. Addressing these challenges requires a strategic approach to cybersecurity, encompassing robust data protection, threat intelligence, and resilient infrastructure. This review underscores the importance of a holistic approach, wherein the synergy between FinTech, AI, and Cybersecurity becomes a catalyst for economic prosperity. Policymakers, financial institutions, and technology providers must collaborate to create an enabling environment that fosters innovation, supports digital literacy, and ensures the security of digital ecosystems. By embracing this technological trifecta, African SMEs can navigate the complexities of the modern business landscape, foster innovation, and contribute significantly to job creation and economic growth. As Africa positions itself on the global stage, the strategic utilization of FinTech, AI, and Cybersecurity emerges as a pivotal driver for unlocking the full potential of SMEs and propelling the continent toward sustained economic prosperity.

New economy and Knowledge Management in Emerging Markets

This paper delves into the interplay between the new economy and knowledge management within the context of emerging markets. As globalization intensifies and technology propels change, emerging markets stand at the crossroads, poised to leverage knowledge management for sustainable economic growth. Through exhaustive research, we found that successful integration of knowledge management practices within these markets led to increased innovation, competitive advantage, and economic resilience. However, challenges in infrastructure, cultural nuances, and technology adaptation pose significant obstacles. Our recommendations emphasize the need for a hybrid approach, blending traditional wisdom with modern knowledge management strategies, and fostering collaboration between the public and private sectors. By adopting these tailored approaches, emerging markets can navigate the challenges of the new economy, harnessing knowledge management as a robust tool for sustained economic prosperity.

Exploring the Role of E-Entrepreneurship in Fostering Future Green Economy and Environmental Policies: A Study on Saudi Women Entrepreneurs

This study examines the role of e-entrepreneurship in fostering the future economy, with a specific focus on Saudi women entrepreneurs. The emergence of digital technologies and the internet has opened up new opportunities for entrepreneurship, especially for women facing traditional barriers to business participation. In particular, the Kingdom of Saudi Arabia (KSA) has witnessed many women entrepreneurs who leverage e-commerce platforms to establish and grow their businesses. Combining e-entrepreneurship with environmental conscience depicts a future in which sustainable development and economic prosperity coexist. This research will explore the motivations, challenges, and strategies employed by Saudi women entrepreneurs in the e-commerce sector and analyse the impact of their entrepreneurial activities on the future economy. The study followed a quantitative and post-positivist approach. Data were collected cross-sectionally from the women working in different start-ups in the big cities of KSA. The study adopted the systematic random sampling approach to reach the respondents. A total of 500 questionnaires were distributed. However, 388 were included for analysis after the screening process. The findings reveal that e-entrepreneurial significantly impacts women’s entrepreneurial and economic growth. Moreover, Entrepreneurial self-efficiency significantly mediates the relationship between women’s entrepreneurial and economic growth. The findings comprehensively understand complex dynamics and guide future research and practical applications in related domains. Furthermore, the study found that Saudi women entrepreneurs should receive financial and technical support to initiate their ventures. Moreover, policy recommendations of the study demand addressing cultural barriers and fostering an enabling environment for their entrepreneurial endeavours.