{"title":"Critical Analysis of Energy Consumption and Its Impact on Countries Economic Growth: An empirical analysis base on Countries income level","authors":"Muhammad Naveed Jamil","doi":"10.56556/jescae.v1i2.11","DOIUrl":null,"url":null,"abstract":"Energy is a very important and key factor for developing countries like China, India, and Pakistan have a growth rate of population is very high. In today's changing world scenario of Petroleum price high, that increasing the gap between demand and supply of energy in the World. Energy shortage is a test case for governments due to the high demand for energy due to rising commercial need, consumption, and industrialization. Current economic and energy crisis scenarios force me to work on those issues. An objective of the study is to test the long-run connection between energy consumption and economic progress from 1971 to 2021. This study adopts the Unit Root Test for stationary, Cointegrating equation and Vector Error Correction used for short-run/long-run relationship; Granger Causality test used for find-out the causal association, and Ordinary least square to examine the impact between energy sources and economic progress. The study result shows Oil, Gas and Electricity are equally important short run/long run, while the Coal log-run is more than in the short-run. The energy consumption to economic growth has a unidirectional causality, indicating energy is a factor that affects country growth. Regression results also confirm that energy significance on top for economic growth, Energy Sources; Gas and Electricity were useful but energy source Oil getting more attention in past decades. Currently, high-cost sources of energy, i.e. up Oil prices, this study suggest the alternate energy source nuclear, wind and solar to ensure low-cost energy generation to economic growth.","PeriodicalId":53187,"journal":{"name":"Journal of Environmental Science and Economics","volume":"3 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2022-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"24","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Environmental Science and Economics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.56556/jescae.v1i2.11","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 24
Abstract
Energy is a very important and key factor for developing countries like China, India, and Pakistan have a growth rate of population is very high. In today's changing world scenario of Petroleum price high, that increasing the gap between demand and supply of energy in the World. Energy shortage is a test case for governments due to the high demand for energy due to rising commercial need, consumption, and industrialization. Current economic and energy crisis scenarios force me to work on those issues. An objective of the study is to test the long-run connection between energy consumption and economic progress from 1971 to 2021. This study adopts the Unit Root Test for stationary, Cointegrating equation and Vector Error Correction used for short-run/long-run relationship; Granger Causality test used for find-out the causal association, and Ordinary least square to examine the impact between energy sources and economic progress. The study result shows Oil, Gas and Electricity are equally important short run/long run, while the Coal log-run is more than in the short-run. The energy consumption to economic growth has a unidirectional causality, indicating energy is a factor that affects country growth. Regression results also confirm that energy significance on top for economic growth, Energy Sources; Gas and Electricity were useful but energy source Oil getting more attention in past decades. Currently, high-cost sources of energy, i.e. up Oil prices, this study suggest the alternate energy source nuclear, wind and solar to ensure low-cost energy generation to economic growth.
期刊介绍:
Journal of environmental science and economics (JESCAE), ISSN: 2832-6032 is an open access peer-reviewed journal that considers articles and reviews articles on all aspects of environmental economics.
Aim and Scope
Journal of Environmental Science and Economics is an international scholarly refereed research journal that aims to promote the theory and practice of environmental economics, Sustainability research, technological innovation, and economics. A broad outline of the journal''s scope includes; peer-reviewed original research articles, case, and technical reports, reviews and analyses papers, short communications and notes to the editor, in interdisciplinary information on the practice and status of research in environmental science, sustainability, technological innovations, and economics.
The main aspects of research areas include, but are not limited to; Environmental pollution control and abatement technology, Sustainable and economic Development, sustainable consumption and Sustainability, Environmental and sustainability assessment, transport and fate of pollutants in the environment, concentrations and dispersion of wastes in air, water, and non-point sources pollution, atmospheric pollutants and trace gases, environmental impact assessment, industrial ecology, ecological and human risk assessment; improved energy management and auditing efficiency and environmental standards and criteria.