Impact of Environmental Degradation on Sustainable Economic Development: An Empirical Assessment for Selected Developing Countries
Abstract
The most critical issue faced by the world today is the increasing degradation of the environment. The developing world in this case has no exception in this regard. To understand the nature of the issue and its impact on the developing countries this study, therefore, attempts to empirically assess the impact of environmental degradation on sustainable economic development for a panel data of 40 developing countries from different regions of the world over a period of 2005 to 2020 through Generalized Method of Movements (GMM) approach. Results of the study showed that environmental degradation negatively and significantly determine the sustainable economic development, other control variables namely financial development, foreign direct investment and research & development positively determine the sustainable economic development for the selected countries. This negative relation between environmental degradation and economic development poses a matter of great concern for the developing countries. It is suggested that a collective effort is required from the selected countries to take measure to control the environmental degradation and the path for sustainable economic development can be set.
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