Title: An empirical analysis of economic growth: new evidence of decoupling economy

Authors: Effnu Subiyanto

Addresses: Widya Mandala Surabaya Catholic University (UKWM) Surabaya, Graha Widya Mandala, 6th Floor, Jl. Dinoyo 48A, Surabaya, 60265, Indonesia

Abstract: This study aims to provide evidence that economic decoupling has occurred worldwide as an indication that the current economic systems need a new reconstruction in adopting recent developments. As many as 68.58%, or 155 countries out of 226 countries, failed to maintain their economic growth to come near the average world achievement in 2021 despite little improvement in 2022. We employ spreadsheet analyses enriched by descriptive methods to disclose these phenomena. We analysed 226 countries within the period 2001 to 2022 from secondary data published online by the World Bank in July 2023. We found that ten countries could sustain their economic growth by relying on internal renewable natural sources, surpassing developed countries. Surprisingly, three countries came from the poor third countries. The findings showed that the decoupling of economic first emerged in 2009 and continued until today. This is a new challenge for economists and researchers to get attention.

Keywords: economic growth; decoupling; neo and post-Keynesian; developing countries; third countries.

DOI: 10.1504/IJGE.2023.136742

International Journal of Green Economics, 2023 Vol.17 No.3, pp.241 - 264

Received: 22 May 2023
Accepted: 16 Nov 2023
Published online: 19 Feb 2024 *

Full-text access for editors Full-text access for subscribers Purchase this article Comment on this article