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Renewable Energy and Economic Growth in Saudi Arabia
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Journal Article
Renewable Energy and Economic Growth in Saudi Arabia
2024
Overview
This study examines the nexus between energy consumption, financial development, urbanization, and growth in Saudi Arabia, employing an Autoregressive Distributed Lag (ARDL) model with an Error Correction Model (ECM). Our findings reveal a long-run co integrating relationship among the variables, with industry value added, power consumption, renewable energy, and financial development having positive long-run impacts on economic growth. The results underscore the crucial role of renewable energy consumption in driving economic growth, highlighting its importance as a proxy for technological progress in the energy sector. The study's findings provide a comprehensive framework for sustainable economic growth, emphasizing the need for policymakers to prioritize investments in renewable energy and financial development to promote economic growth. The results have significant policy implications for resource-rich countries like Saudi Arabia, informing energy transition strategies and economic reforms efforts.
Publisher
مؤسسة التربية الخاصة والتأهيل التربوي
Subject
