DOES INDUSTRIALIZATION AND RENEWABLE ENERGY CONSUMPTION DETERMINE ECONOMIC GROWTH? EMPIRICAL EVIDENCE FROM ASEAN COUNTRIES

Abstract

As a result of the uncertainty surrounding the environment and the economy, economic growth (EG) has become a global demand. Researchers and policymakers need to pay attention to this aspect. As a result, the current article examines how the EG of ASEAN countries is affected by industrialization, renewable energy (RE) output, RE consumption, inflation, and energy import. The study extracted the data from 2006 to 2020 using secondary sources like World Development Indicators (WDI). The association between the constructs was examined using the Methods of Moments-Quantile-Regression (MMQR) technique. The findings showed that the EG of ASEAN countries has a significant positive association with industrialization, RE output, RE consumption, energy import, and inflation. The study aids the regulatory agencies in creating policies using industrialization and RE consumption to achieve satisfactory EG.