How Can the Blue Economy Contribute to Inclusive Growth and Ecosystem Resources in Asia? A Comparative Analysis

Abstract

This study investigated the impact of economic, environmental, and social indicators on inclusive growth in 19 member countries of the Asian Cooperation Dialogue from 1995 to 2021. This research employed the Driscoll–Kraay standard error regression technique. The findings reveal that the impact of independent variables on inclusive growth differs significantly among three distinct income categories: lower-middle-income countries (LMYCs), upper-middle-income countries (UMYCs), and high-income countries (HYCs). One of the primary contributions of this research is the provision of empirical evidence concerning the role played by fishery and aquaculture production in fostering inclusive growth in the Asian context. This research also highlights the trade-offs between economic development and environmental sustainability in terms of trade openness; agriculture, forestry, and fishing; the ecological footprint; and renewable energy utilization. Enhancing inclusive growth in Asia requires improving fishery and aquaculture management, diversifying economic activities, reducing the ecological footprint, and increasing renewable energy utilization. This paper suggests some future work directions for extending the analysis to other regions and indicators. The paper also suggests some policy implications for fostering inclusive growth in Asia through regional cooperation, capacity building, technology transfer, and green financing.