Journal
STRUCTURAL CHANGE AND ECONOMIC DYNAMICS
Volume 66, Issue -, Pages 213-227Publisher
ELSEVIER
DOI: 10.1016/j.strueco.2023.04.008
Keywords
Sustainable economic growth; Governance; Saudi Arabia; Dynamic ARDL
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The goal of this study is to examine and analyze the role of governance in achieving, manipulating, and modifying sustainable economic growth in Saudi Arabia. Using ARDL and dynamic ARDL simulated econometric approaches, it also highlights the impact of governance measures before and after Vision 2030. Contrary to previous literature, the empirical estimations show a negative effect of governance effectiveness on economic growth. However, the findings confirm the significant and positive influence of voice of accountability, rule of law, and corruption control. Moreover, the study suggests that addressing political stability and governance effectiveness is crucial for sustainable economic growth in Saudi Arabia, while the institutional dimension of governance has a substantial and positive effect. This study provides valuable insights for policymakers to monitor current strategies and inform decision-making in the future.
The study's goal is to explore and scrutinize the role of governance in achieving, manipulating, and modifying sustainable economic growth in Saudi Arabia. It also highlight the role of governance measures prior and after Vision 2030, by using ARDL and dynamic ARDL simulated econometric approaches. On contrary to the existing literature, the empirical estimations have reported the adverse impact of governance effectiveness on economic growth. Further, the findings have endorsed the significant and positive impact of voice of accountability, rule of law and corruption control. Moreover, the results of post Vision 2030 have illustrated that institutional dimension of governance has substantial and positive coefficients, while political stability and governance effectiveness need to be addressed to undertake sustainable economic growth in Saudi Arabia. In turn of policy recommendations, this study empowers administration in monitoring current strategies and later decisionmaking.
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