The analysis of green growth indicators in predicting the economic development of southeast Asian Countries

Emmanuel A. Onsay 1,·

1MAE Scholar, School of Economics, De La Salle University, Manila, Philippines  & Partido State University, Camarines Sur, Philippines

 Article History

Received: 11 May 2021       Revised: 26 July 2021       Accepted: 1 August 2021     Available Online: 6 September 2021

Keywords: green growth indicators, environmental accounting, country-panel regression, economic development, ASEAN Region

JEL classification: O13, O11, O44

Citation: Onsay, E. A. (2021). The analysis of green growth indicators in predicting the economic development of southeast Asian Countries, Review of Socio-Economic Perspectives, Vol 6(3), 1-15.


Green Economic Accounting and reporting through various green growth indicators is needed because it maintains the balance between profit, people, and the planet. This study examines the green growth indicators and economic development from 2010-2019 of four countries in Southeast Asia, namely: Philippines, Singapore, Indonesia, and Cambodia. The green growth indicators were examined in four aspects and are measured through the growth rates of environmental and resource productivity, environmental dimension of quality of life, economic opportunities and policy responses, and socio-economic context in specific measures, while the economic development is captured by the growth rates of gross domestic product and gross national income per capita. This paper asserts that the four countries have different economic statuses and green growth performances. It then goes on to claim the following. First, the green growth indicators tested in the study have no significant relationship with the economic development variables. Second, the green growth indicators have no significant influence on the gross domestic product per capita. Third, two of the green growth indicators tested in the study have a significant influence on the growth rates of gross national income per capita. Fourth, the means of green growth indicators and economic development presented in the study are statistically different from each other. Finally, it evaluates whether the green growth indicators can predict the Economic Development of Southeast Asian Countries. The study conducts country-panel regression analyses through random-effects and variability econometrics based on presupposes conceptual basis of empirics and practices

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Article Type: Original Paper


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