Abstract
This study investigates the relationship between energy consumption and economic development using yearly data from various demographic, economic, and geographic country groups worldwide. The study examines this link at both an aggregated and per-country basis to reduce potential bias. Additionally, the paper explores the possibility of an asymmetric effect between energy usage and economic performance. The results suggest that an increase in energy usage tends to boost economic output while a decrease in energy usage does not significantly impact most of the studied groups and countries. The findings are presented through maps and tabulated data for readers to visualize and explore in detail. The purpose of this paper is to analyze the link between energy consumption and economic performance, with the goal of determining whether an asymmetric effect exists. The data used in this study is comprised of yearly information from different demographic, economic, and geographic country groups worldwide. The methodology involves both aggregated and per-country analyses to reduce potential bias. The study finds that an increase in energy usage tends to boost economic output, while a decrease in energy usage does not significantly impact most of the studied groups and countries. The findings are presented visually through maps and in detail through tabulated data. The results of this study provide insight into the relationship between energy consumption and economic development and indicate the existence of an asymmetric effect. The study finds that an increase in energy usage tends to boost economic output while a decrease in energy usage does not significantly impact most of the studied groups and countries. The findings are presented through maps and tabulated data, which offer a visual representation of the results and allow for further exploration. Based on these findings, policymakers may consider promoting an increase in energy usage to stimulate economic growth. Additionally, the study highlights the importance of considering an asymmetric effect when examining the relationship between energy consumption and economic performance.
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Notes
Classification from WDI for Afghanistan, Armenia, Azerbaijan, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, Comoros, Congo, Dem. Rep., Congo, Rep.Eritrea, Ethiopia, Guinea-Bissau, Haiti, Iraq, Kiribati, Kosovo, Lebanon, Libya, Mali, Marshall Islands, Micronesia, Fed. Sts., Mozambique, Myanmar, Niger, Nigeria, Papua New Guinea, Solomon Islands, Somalia, South Sudan, Sudan, Syrian Arab Republic, Timor-Leste, Tuvalu, Venezuela, Rb, West Bank And Gaza, Yemen, Rep., Zimbabwe.
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Acknowledgements
The numerical calculations reported in this paper were partially performed at TUBITAK ULAKBIM, High Performance and Grid Computing Center (TRUBA resources).
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Demir, H.U., Karamelikli, H. Does energy usage reduction hinder economic performance?. Energy Efficiency 16, 60 (2023). https://doi.org/10.1007/s12053-023-10131-7
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DOI: https://doi.org/10.1007/s12053-023-10131-7