Driving Growth with the Blue Economy: An Empirical Study of South China Sea Countries
DOI:
https://doi.org/10.37134/Keywords:
Blue economy, South China Sea Countries, Panel ARDLAbstract
Many South China Sea countries are developing nations that rely significantly on marine resources. Some areas within these countries still face poverty, particularly in rural or remote regions. Hence, the blue economy presents a significant opportunity for these nations to address the economic challenges and improve the well-being in the region. This study investigates the impact of blue economy elements on economic growth in South China Sea countries from 2000 to 2022 using panel ARDL. Focusing on aquaculture and fisheries production as key blue economy indicators, alongside control variables such as labour, capital, government expenditure, and trade openness. Findings reveal the significant long-run relationship between blue economy elements and economic growth, whereas no such relationship is observed in the short-run. The study may provide insights for policymakers to design effective policy and allocate resources strategically. The study focuses primarily on the economic impacts of the blue economy, the future researches may focus on the blue economy impacts social and environmental dimensions.
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