Role of Blue Economy and Green Economy in Economic Growth: Evidence From Pakistan

The role of blue economy and green economy factors in economic growth is promising and multifaceted. Pakistan has enormous potential for maritime and green economy factors; however, not enough attention has been given to the role of green and maritime practices in the economic growth in Pakistan. Therefore, to fill this significant literature gap, the current study aims to empirically estimate the significance of the blue economy and green economy factors in promoting economic growth over the 1990–2019 period. More specifically, the study explores the role of fish production, aquaculture production, renewable energy, and green innovations in economic growth in Pakistan. For empirical estimation, the ARDL Bound Testing approach is used in the study. The findings confirm that blue economy factors and green economy factors significantly contribute to economic growth in Pakistan. For robustness check, dynamic OLS (DOLS) and fully modified OLS (FMOLS) are used, and the findings of both estimations prove the validity of the ARDL long-run estimation. The findings of the blue economy and green economy factors are useful for policy implications which can help achieve higher economic growth in Pakistan.