The roles of renewable energy, globalization and technological innovation in improving economic growth: empirical evidence from Saudi Arabia
摘要
Given the role of global economic integration in shaping Saudi Arabia’s economic growth path, understanding this relationship is vital for maximizing its benefits and reducing its challenges, especially in line with Vision 2030’s goals of global integration and economic diversification. In this context, this study examines the impact of renewable energy, globalization, and technological innovation on economic growth in Saudi Arabia for the 1989–2021 period. Using the quantile regression (QR) model, the results show that renewable energy consumption negatively and significantly affects economic growth in the middle and upper quantiles. In contrast, globalization and technological innovation exert positive and significant effects across all quantiles. The empirical findings show that gross fixed capital formation positively influences economic growth only in the middle and upper quantiles, whereas labor force has a negative and significant impact on the higher quantiles. To check the robustness of these results, the FMOLS, DOLS, and CCR estimators confirm the QR outcomes. The results of this research provide valuable insights for policymakers to address globalization, renewable energy, technological innovation, and economic activities simultaneously in the context of the Saudi Arabia.
Graphical Abstract