A Study of Econometrics on Sustainable Development Outcomes on Global Economic Growth

Abstract

Sustainable development has emerged as a paramount objective in global economic policy, particularly in addressing inequality, labor market shifts, and financial volatility. This research investigates the intricate relationships among economic growth, labor markets, and financial development, and their collective influence on sustainable development outcomes across diverse nations. Employing sophisticated econometric techniques, including panel unit root tests, cointegration analysis, and fixed and random effects models, on panel data from selected developed and developing countries between 2000 and 2022, the study reveals a stable long-term equilibrium among these variables. The findings indicate that both economic growth and financial development significantly contribute to sustainable development, with labor market efficiency acting as a crucial mediating factor. The research underscores the necessity of implementing inclusive labor policies and robust financial regulatory frameworks to achieve sustainable development goals.