Munich Personal RePEc Archive

Sustainable Development: Economic, Social, and Environmental Sustainability in Asian Economies

Younis, Fizza and Chaudhary, Muhammad Aslam (2017): Sustainable Development: Economic, Social, and Environmental Sustainability in Asian Economies. Published in: Forman Journal of Economic Studies , Vol. 15, (2019): pp. 87-114.

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Abstract

The study analyzes the relationship between social, economic, and environmental sustainability in a paradigm of sustainable development. Panel analysis is carried out for nineteen Asian economies, these are divided into three sub-groups; South Asia, Southeast Asia, and Central & East Asia. Results divulge a trade-off between economic and environmental sustainability when all countries are considered. Whilst, in the case of sub-regions no such trade-off is apparent. Furthermore, interactions between economic, social, and environmental sustainability with each other are found to be statistically significant, thus proving that these factors affect each other. It implies that, regarding the allocation of scarce financial resources, policymakers should be cautious while prioritizing among economic, social, or environmental sustainability and it should be done with discretion and prudence, nevertheless, ultimately these three pillars should converge to culminate in sustainable development. Some of the important factors, such as institutional quality, technological change, globalization, and social inclusiveness need to be the focus of sustainable development policies in Asia. These factors may act as transmission channels to achieve sustainable development in the region.

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