Dynamics Between Sustainable Economic Development and Macro-Economic Variables: Indian Evidence
Dynamics Between Sustainable Economic Development and Macro-Economic Variables: Indian Evidence
Author(s): Subrata ROYSubject(s): Economy, National Economy, Business Economy / Management
Published by: Centrul European de Studii Manageriale și Administrarea Afacerii - CESMAA
Keywords: gross domestic product; human development index; commitment to development index; ARIMA; VECM;
Summary/Abstract: This paper examines the relationships among selected macro-economic variables such as GDP, GCI, GCNI, SSI, CDI, CPI, and HDI from 2001 to 2022. Utilizing multiple regression analysis, the ARIMA model, co-integration, and causality techniques, the research finds a decreasing trend in economic growth over the coming years. There is a long-run equilibrium relationship among the variables, along with short-run uni-directional relationships among a few variables. The forecasted values of these macroeconomic variables, projected from the base year 2018 up to 2025, indicate that while economic growth (GDP) gradually declines, the other variables show a slow but not significant increase. This suggests that adverse economic growth may hinder the remarkable performance of other variables.
Journal: Journal of Applied Economic Sciences (JAES)
- Issue Year: XIX/2024
- Issue No: 2(84)
- Page Range: 179-199
- Page Count: 22
- Language: English
