Terms Of Economic Growth Research Articles

Correlation Analysis between Tourism and Economic Growth Based on Computable General Equilibrium Model (CGE)

The current tourism industry has the problems of low service efficiency, poor coordinated development, and slow economic growth in terms of service volume and economic growth. This paper is based on computable general equilibrium (CGE) model. Firstly, a CGE data analysis model based on bee colony intensive breakthrough algorithm is established to store and analyze the data in the whole chain of tourism. Then, combined with the comparative analysis of tourism economic data over the years, it is fed back to the CGE model for error analysis. Finally, relevant experiments are designed to analyze the relationship between tourism and economic growth. The correlation degree of local economic growth is analyzed. The results show that, compared with the traditional research method of tourism economic growth based on module data analysis, this CGE model can realize the correlation analysis of the data involved in the process of tourism economic growth and analyze the factors affecting the speed of economic growth, which has the advantages of good reliability and strong pertinence.

Economic Development and Economic Growth: Case Study

The paper motion to differentiate the terms of economic growth and economic development, the first being a quantitative component of the second one. Economic development also has a qualitative element on the quality of life or living conditions. We propose a case study to compare the level of economic growth measured by GDP with that of economic development, measured by several indicators, that would cover aspects of quality of life, beside having GDP to cover the quantitative aspect. The database is composed from World Bank for countries on 3 continents, the purpose being to cluster the countries according to their level of development, respectively economic growth. For the given data set, the results prove to be identical for both studies, i.e. grouping by the levels of economic development could have been done only based on GDP.

The Nexus of Financial Development and Economic Growth Across Developing Economies

Abstract The relationship between financial development and economic growth has been discussed in the literature, but there is no consensus on it. This study aims to examine the relationship between financial development and economic growth in terms of developing countries. The data of 19 developing countries were analyzed individually in an attempt to reveal which of the views explaining the relationship between financial development and economic growth is predominantly valid. In the analysis, the bounds test developed by Pesaran et al. (2001) was used to determine the cointegration relationship, and the Toda Yamamoto causality test (1995) was used to determine the causality relationship. As a result, causality was determined from economic growth to financial development in four countries and from financial development to economic growth in four countries. In 11 countries, no causality was found. The results support the view that no approach is valid for every country.

AN EMPIRICAL INVESTIGATION OF THE RELATIONSHIP BETWEEN THE INSURANCE INDUSTRY AND THE ECONOMIC GROWTH IN TURKEY

Insurance provides risk management by providing compensation for potential losses of people. The insurance sector, which is an important part of the financial sector, can have a positive impact on economic growth. This effect is mainly due to the reliability and stability of the insurance, the private savings, and the resource-increasing feature of the financial sector. In recent years, it has been given importance to investigate the relationship between insurance and economic growth. In Turkey, which has a significant potential in terms of economic growth, there is a limited study on the relationship between insurance and growth, since the insurance activities have just started to widen. Accordingly, the aim of this study is to fill in this gap and explore this relation between the insurance sector and economic growth for Turkey. For this purpose, by applying annual data between 1983-2020, the relationship between insurance premiums, penetration rate and economic growth in Turkey is analyzed by Pesaran et al. (2001) ARDL method. The Bound test results show that there is a long-term relationship among the variables. According to the ARDL result, while a significant relationship was measured between the total insurance premium and economic growth in the long run, no significant relationship was found between the penetration rate and economic growth.

The Potential use of Phenolic Compounds Recovered from Olive Mill Wastewater in Food Model Systems

In terms of economic growth, health benefits, and culture, the olive oil industry is a critical sector for many countries. However, olive mill wastewater (OMWW) is one of the most polluting by-products of the manufacture of virgin olive oil. Several studies have reported that OMWW is a valuable resource of usable compounds for recovery and valorization. Because of its high content of phenolic compounds, it may serve a significant function in food because of the phenolics' strong antioxidant value. The current paper provides a survey of OMWW's phenolic recovery methods, focusing on their application as active constituents in food products. In addition, this contribution provides an overview of key research describing the potentialities of OMWW phenolics in food model systems. The Scopus, Web of Science, and Science Direct databases were chosen as our paper references. Based on the available studies, traditional techniques like solvent extraction, membranes, and, more recently, innovative technologies that promise minimum impact on these phytochemicals’ compounds are used to recover phenolics from OMWW. Various food products, such as vegetable oils, bakery products, milk beverages, and meat products, can be fortified. All of these applications are based on phenolics' antibacterial and antioxidant properties to minimize food matrix alteration and contamination.

SOCIO-ECONOMIC DEVELOPMENT IN THE CONTEXT OF USING REASONABLE SPECIALIZATION IN THE ECONOMY OF UKRAINE

. The article analyzes the uneven economic growth in the regions of Ukraine and proposes the development of regional policy based on the use of the smart specialization idea. As a tool for analyzing the uneven economic development of regions, we used a method based on the comparison of regions by gross regional product per capita, which formed the basis for determining the funnel of backwardness of the region among others in terms of economic growth. The analysis was conducted for 2010 and 2020. The calculations made it possible to identify areas that differ significantly in development potential. It is proposed to use the ideas of the smart specialization concept as a new model of the Ukraine’s regions economic development in order to equalize interregional disparities. Revealed the essence of this concept implementation on the example of the Carpathian region economy in 2020 is revealed. It is determined that the formation of educational, tourist and construction clusters in the region are the foundations that will form a long-term strategy for its development. The main measures for the introduction of construction and educational clusters are proposed. The components that determine the innovative development of Ukraine on the basis of the Global Indices of Competitiveness and Innovation are analyzed. Proposed the formation of economic policy, which is aimed at solving strategic tasks of the regions socio-economic development - ensuring economic growth and quality of life in Ukraine. It is justified that the application of the smart specialization approach in long-term regional strategies will contribute to a synergistic effect for both human and innovative development, which is the goal of the new regional economic policy.
 To solvethe tasks used general and special research methods, namely: theoretical generalization to clarify the essence of smart specialization), statistical, comparative, comparative and strategic analysis (to calculate and build the dynamics of GRP per capita by region of Ukraine), graphical (for a visual representation of the results of the analysis). In addition, the visualization method was used to build the algorithm for forming the regional policy of Ukraine.

Regulatory Measures and Priorities in Response in Oman to the COVID-19 Pandemic

The coronavirus is a type of virus that can cause a variety of illnesses, from minor respiratory infections to serious pneumonia. The coronavirus (COVID-19) is a brand-new form of coronavirus that has never been seen in humans before. The virus's first case was discovered in Wuhan. The first incident in Oman included a trip to Iran. The impact of coronavirus (COVID-19) is having a significant impact on every aspect of our lives in the Middle East and other countries across the world. The local government has made every effort to reduce the impact of this virus on citizens and residents by launching a national campaign for Oman Vs. COVID-19 and the work from home (WFH) initiative were very successful during the lockdown in support of companies, according to the mandate of the government. The present study aims to explore the role of various initiatives taken by authorities and measures the other viable options to the pandemic. Omanis trust the country's ability to rebound from the global COVID-19 pandemic and in the country's ability to outperform other countries in the region in terms of economic growth. It concludes that the authorities have considered adopting emergency measures to assist residents in managing their work and care, to strengthen and expand income support measures, to broaden support for SMEs and self-employed people, and to improve measures for health care services for all.

Why is ecological sustainability so difficult to achieve? An in‐context discussion of conceptual barriers

AbstractDespite all kinds of environmental goals and programmes, there has been a severe overshooting of the planet's ecological boundaries. The paper investigates various conceptual barriers contributing to the lack of ecological sustainability. The concepts discussed are weak sustainability, eco‐efficiency, ecological modernization, and neoliberalism. This paper's empirical field comprises the UN Sustainable Development Goals (SDGs) and what preceded them. It is about the report Our Common Future, the green economy, ecological modernization and the Millennium Development Goals. Even with partially positive effects, these programmes have not fulfilled their promises. The various conceptual barriers are recognizable in these programmes; they are exponents of an unshaken belief in efficient markets and conventional economic growth. This appears to be the overriding issue as economic growth in terms of GDP does not respect ecological boundaries, so that ecological sustainability comes closer to being realized. Neoliberalism—coupled with the power of the World Bank and the IMF and their long maintained “market fundamentalism”—has produced unsatisfactory outcomes in the social and ecological domains. The various crises during the last decades have caused governments to expand their roles, but every time this happened under the promise of a speedy return to normal, that is, small government and austerity. Ecological sustainability requires strong governmental roles. This paper does not provide a complete path towards ecological sustainability but discusses three possible conceptual foundations for it: steady‐state economics, eco‐development, and post‐growth economics.

Relevance of trusteeship model in modern business world

The background of Gandhian economy is very strong. Gandhi was fighting against extreme poverty, backwardness and socio-economic challenges as a part of the freedom movement. While the world has progressed manifold over the past century, the past few decades has forced to pursue that progress, mostly in terms of economic growth. The poster word for development, capitalism, has been busy in most countries. Trusteeship is a unique concept advocated by Gandhi to establish social and economic equality. It is a concept that has its origins in spirituality, in which a person voluntarily surrenders his surplus wealth, and entrusts it for the welfare of the poor section of the society.

International sanctions and development: Evidence from Latin America and the Caribbean (1950–2019)

AbstractThis article examines the impact of international sanctions on the economic development of sanctioned countries in the Latin American and Caribbean regions over seven decades (1950–2019). The estimates arise from a two‐way fixed effects model that combines data from the Global Sanctions Database and the World Development Indicators Database to examine outcomes in terms of economic growth, income inequality, and the incidence and gap of poverty. The findings confirm a significant worsening of development in sanctioned countries. This includes lower growth (−0.6 percentage points) and higher inequality (+1.5 Gini coefficient points). Reduced investment as well as reduced access to credit in the private sector are the mechanisms through which the above effects take place. The results are robust to multiple specifications and have important implications for international sanctions policies. If the sanctioning country seeks to minimise the consequences for the poorest in the sanctioned country, military sanctions appear to be the most appropriate, while if the objective is to maximise these consequences, sanctions on mobility are optimal.

Perlindungan Konsumen E-Commerce Dalam Kerangka Masyarakat Ekonomi Asean (MEA)

The development of information technology with the transformation that occurs has resulted in the development of trading activities. It's not just about what is traded but also the method of trading. The trading method in question is a transaction through electronic media or what is known as electronic commerce or e-commerce. The development of e-commerce is in line with the growth of the internet. This is because e-commerce runs through the internet network. The presence of the ASEAN Economic Community (EAC) is an integration of countries in the Southeast Asian region in particular, which aims to reduce the gap between ASEAN countries in terms of economic growth. In addition to the positive impact of e-commerce trading, there are also problems, including those related to defaults that occur in the future. So that clear regulations are needed regarding dispute resolution between ASEAN member countries.

Export quality, economic growth, and renewable-nonrenewable energy use: non-linear evidence through regime shifts.

Since export has a key role in economic growth in terms of national production quantity, export quality can be considered another important factor regarding the revenue from the export product. Hence, both export and export quality can contribute to the economic growth process positively when the countries' terms of trade have moved in a favorable direction from this point of view, it is essential to examine the relationship between the energy-growth nexus and export quality. Although available seminal studies are monitoring the energy-growth nexus, there exists a limited number of works employing the export quality. Besides, one might claim that there exists no research on how the terms of trade (export quality) alter the economic growth and energy use through regime shifts. Markov regime-shifting models estimate (a) the impact of export and terms of trade on growth, and (b) the effect of growth on the use of fossil energy and renewable energy for the USA at regime 1 and regime 2 for the period 1980:Q4-2019:Q2. After conducting the non-linear analyses, this paper (i) reveals the estimated parameters varying from one regime to another regime through transition probabilities, (ii) finds evidence that (a) export and export quality growths affect positively GDP growth, (b) GDP growth increases fossil fuel consumption growth, (c) renewable energy growth increases at decreasing rate due to GDP growth, and (iii) yields relevant energy-environmental policy proposals by underlying the prominence of terms of trade within growth-energy nexus.

The Influence of the State Budget of Income and Expenditure on the Defense Budget

The economic war that was going on between strong countries such as America and China had a wide impact on various countries including Indonesia. This study aims to examine how the Influence of the State Development and Expenditure Budget on the 2010-2020 Defense Budget. The method used in this research is quantitative. The results of the study indicate that in terms of economic growth, there are contradictions in both the estimation results and the theory, where based on the estimation results, economic growth has a significant negative effect on the defense budget. The Keynesian view is that the increase in government spending will encourage an increase in demand for various goods and services produced by the economy in aggregate so as to encourage economic growth. In other words, state spending, including defense spending, is an important and ideal policy tool used by the government in an effort to create and increase quality economic growth.

Development Challenges in South Asia: A Contemporary Discussion on Gender Inequality

The human development index (HDI) ranking and its value indicate the development challenge in South Asia, where the region is performing impressively in terms of economic growth. However, social development is still perceived in terms of the worst scenario. The South Asian region continues the policy of socio-economic exclusion on the basis of caste, ethnicity, religion and gender. According to the study, the international organisations and the countries of the region are following the development indicator adopted by the United Nations and its institutions. The background of South Asia is like a battleground for a cycle of conflicts; religious, ethnic, and caste conflict cause people to be economically marginalised due to these tensions. The political tension between India and Pakistan results in a constantly fragile situation. In this context, the article explores contemporary development challenges and gender inequality in South Asia.

The Effects of Trade Openness on Economic Growth in Africa

This study aimed to enhance how trade openness is measured by including facets of nations’ global trade integration to generate four distinct measures: exports plus imports to GDP ratio, the ratio of exports to GDP, the ratio of imports to GDP, and their combined effect index. We use the pooled ordinary least square, fixed effects, and the system generalized methods of moment’s estimation approaches to analyze balanced panel data from 52 African nations from 2000 to 2018. The results show an intriguing mixed pattern between trade openness and GDP per capita: 1) POLS show trade openness has a mixed influence on economic growth. Similarly, when subdividing Africa into sub-regions, trade openness demonstrated a non-linear relationship with GDP, but the result in Northern Africa is sturdy in terms of economic growth. 2) Trade openness has a negative and statistical effect on GDP per capita, as per the fixed-effects model. 3) Finally, the sys-GMM verifies that trade openness is not resilient across various openness measures and robustness regression estimates. In particular, the findings suggest that imports stifle growth while exports boost growth in Africa. In this context, we advocate that governments pursue the new structural economic policies to encourage export expansion and promote economic growth.

Efficiency evaluation of sustainable development in BRICS and G7 countries: a Data Envelopment Analysis approach

Abstract In order to measure the impact of the economic growth over the years, the sustainable development concept works to balance three pillars of sustainability - economic, social and environmental. This paper has the objective to compare emerging countries (BRICS) with the most developed countries (G7) by analysing sustainable development. Data Envelopment Analysis (DEA) was used, thorugh the variant SBM (Slacks Based Measured) model. The inputs were CO2 emission, percentage of unemployed and energy utilization. GDP and life expectancy at birth were used as outputs. The main result was a global average efficency ranking, having the emerging countries in top positions (India, China and Brazil, respectively). In addition, emerging countries have always stood out in the average of the slacks of each analyzed variable. These results are important in terms of being useful for public policies related to sustainable development, especially: (1) to contribute to the discussions related to evaluating the countries, helping to identify those with the best practices with regard to environmental, social and economic aspects in each group; and (2) to guide policy decisions regarding government incentives to promote the development of efficient countries in terms of economic growth and welfare social without harming the environment.

Causal relationship between electricity consumption and economic growth in Assam, India

The aim of this study is to find the causal relationship between electricity consumption (EC) and economic growth in terms of Gross State Domestic Product (GSDP) in Assam considering the time period 1980-81 to 2018-19 with the help of Granger Causality Test. The stationarity of the series are tested through the Augmented Dickey Fuller (ADF) and Phillips Perron (PP) tests and reveal that both the series become stationary in first order differences but the result of Johansen Cointegration test indicates no cointegration between them. Applying Granger Causality test, no causal relationship is observed in either direction between EC and GSDP during the considered time period in Assam implying that energy conservation policies may not harm the economic growth in Assam.

Inclusive economic growth through employment and income: Experience of the Russian Federation

The COVID-19 pandemic has affected all areas of society. Among the most tangible consequences of the “coronacrisis” in Russia, one can single out a decrease in the number of employed people and a drop in incomes of the population in 2020. The high speed of the spread of the coronavirus has determined the need for the introduction of prompt measures to combat COVID-19, as well as supportive measures for both the population and businesses. Despite the scale and breadth of the measures of state support implemented in 2020, the question of methods for assessing their effectiveness is acute. The purpose of the study is to assess the inclusiveness of economic growth in the Russian Federation in the context of COVID-19 in the areas of state support for employment and income of the population. The following hypotheses are being tested: 1) the inclusiveness of economic growth in terms of employment and income of the population has decreased in the context of the COVID-19 pandemic; 2) measures of state support for employment and incomes of the population made it possible to mitigate the drop in the value of the inclusiveness of economic growth. A new approach to analyze the effectiveness of public policy measures is suggested, on the basis of the author's dynamic approach to assessing the inclusiveness of economic growth. The proposed methodological approach is being tested for the case of analysis of the effect of state support measures in Russia in the context of the COVID-19 pandemic on employment and incomes of the population. The increase in state welfare funding in 2020 compared to the modeled value made it possible to reduce the level of decline in the inclusiveness of economic growth (by 0.16 points), as a result of which this indicator in the areas of employment and income of the population decreased in 2020 by only 0.11 points. The results indicate relative effectiveness of the support measures adopted by the government that showed in mitigating the pandemic-induced fall in the inclusiveness of economic growth in 2020. The hypotheses under study were confirmed. The practical significance of this study lies in the proposal of a new dynamic approach to assessing the inclusiveness of economic growth, which can be used as a tool for assessing the effectiveness of the state policy pursued both at the federal and regional levels.

Repercussions of the labor reform on nursing work in the context of the covid-19 pandemic.

To reflect on the repercussions of the Labor Reform on nursing work during the COVID-19 pandemic. This is a reflective study based on the legal aspects of the Labor Reform in dialog with scientific productions pertaining to nursing work. With the rise of the COVID-19 pandemic, the flexibilization of labor is being intensified, legally backed up by the Labor Reform. For nursing workers, the repercussions are felt in the work relationship, during the workday, in the salary, in union action, and in job protection. It is evident that, after the legislative changes, there's no certainty that the flexibilization of labor and social security laws will bring favorable results in terms of economic growth, reduction of inequalities, and lower unemployment rates for the nursing workers. Therefore, the political organization of the professional categories is the way to overcome this scenario.

КОНЦЕПТ НАГРОМАДЖЕННЯ КАПІТАЛУ ТА ЕКОНОМІЧНОГО ЗРОСТАННЯ В КЛАСИЧНІЙ ШКОЛІ ПОЛІТИЧНОЇ ЕКОНОМІЇ

The article is devoted to the theoretical review of the main ideas of the classical school of political economy on the content and drivers of economic growth and the possibility of their application in the current economic environment. The main ideas of classical economic theory on the nature and factors of economic growth in terms of fundamental developments of the main representatives of this scientific trend are described in the article. It is established that the representatives of the classical school of political economy firstly provide a meaningful theoretical and methodological explanation of economic categories, laws and processes (production, circulation, accumulation, savings and investment, capital etc.) of economic growth, identifying forces influencing economic growth and social welfare outlining the mechanisms underlying the growth process of various socio-economic formations. It was found that the classics of political economy as a key driver of economic growth considered the accumulation and reproduction of capital, which in turn depends on the creation of savings and investment, proportionality of various forms of capital, institutional environment, scientific and technological progress, public policy, globalization and other factors. It was found that the conceptual theoretical provisions for expanded economic reproduction are an important basis for understanding the determinants and mechanisms of qualitative changes in the economic system, and can be used to consider the possibility of economic growth in modern economic conditions. The acuteness of application of ideas of classical school of political economy to the analysis and substantiation of reasons and levers of economic growth in conditions of modernity is confirmed, in fact, as the example of economic theory shows, classical positions of influence of reproduction of capital on economic growth were successfully adapted for explanation of economic processes in conditions of free and planned economy in conditions of formation of capitalist and socialist economy and other macroeconomic conditions.