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<p>Sustainable development is now at the forefront of policy agenda for developing economies, particularly South Asia, where population pressure, environmental degradation and economic disparities have emerged as central challenges to development. This research investigates the long-term link between human capital, green growth, macroeconomic factors, and Sustainable Development Goals (SDGs) performance in eight South Asian countries—Bangladesh, India, Sri Lanka, Bhutan, Nepal, Maldives, Pakistan and Afghanistan—throughout 2000–2023. This analysis employs a balanced panel dataset, where the proxy variable for sustainable development is the SDG index. Life expectancy at birth and government expenditure on education capture the human capital aspect, while consumption of renewable energy and carbon dioxide emissions represent the environmental sustainability component. As such, macroeconomic indicators also include GDP growth and inflation. Panel econometric advanced techniques are applied such as second-generation unit root tests, panel cointegration tests, Augmented Mean Group (AMG) and Common Correlated effects Mean Group (CCEMG) estimators. The results show that there exists a long run relationship between the variables. Our results suggest that renewable energy consumption is a major driver of sustainable development whereas human capital variables exert varying effects on it. In conclusion, the results imply that achieving sustainable development requires a combination of policies which promote transition to renewable energy sources; fostering human capital; and environmentally sustainable economic growth.</p>

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Human capital, green growth, and sustainable development goals in South Asia evidence from panel data analysis

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  • 发表日期：

    2026年7月10日

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  • Mohammad Mahadi Hasan,
  • Md. Shah Jalal,
  • Mst. Maliha Aktar,
  • Abrar Fahim

摘要

Sustainable development is now at the forefront of policy agenda for developing economies, particularly South Asia, where population pressure, environmental degradation and economic disparities have emerged as central challenges to development. This research investigates the long-term link between human capital, green growth, macroeconomic factors, and Sustainable Development Goals (SDGs) performance in eight South Asian countries—Bangladesh, India, Sri Lanka, Bhutan, Nepal, Maldives, Pakistan and Afghanistan—throughout 2000–2023. This analysis employs a balanced panel dataset, where the proxy variable for sustainable development is the SDG index. Life expectancy at birth and government expenditure on education capture the human capital aspect, while consumption of renewable energy and carbon dioxide emissions represent the environmental sustainability component. As such, macroeconomic indicators also include GDP growth and inflation. Panel econometric advanced techniques are applied such as second-generation unit root tests, panel cointegration tests, Augmented Mean Group (AMG) and Common Correlated effects Mean Group (CCEMG) estimators. The results show that there exists a long run relationship between the variables. Our results suggest that renewable energy consumption is a major driver of sustainable development whereas human capital variables exert varying effects on it. In conclusion, the results imply that achieving sustainable development requires a combination of policies which promote transition to renewable energy sources; fostering human capital; and environmentally sustainable economic growth.