Exploring the Impact of Sustainable Development on Social-economic, and Science and Technological Development in Selected Countries

A Panel Data Analysis

Abstract

This study examined the construct and latent factors of social, economic, and environmentally sustainable development and Science & technological progress across 39 economies from 2000 to 2016 using a Confirmatory Factor Analysis (CFA). The linear production function model was used to explore the influence of sustainable development on social-economic development and Science & technological progress using country-wise panel data. The age dependency ratio, education expenditure, female labor force, life expectancy, and gender equality were detected as crucial factors of social development. Further, FDI net inflows, gross capital formation, per capita GDP, total employers, and labor force participation rate were found to be valuable variables for increasing economic development. The use of electricity, renewable energy, and green technology in production activities would be helpful in diminishing CO2 emissions and improving environmental sustainability. High-technology exports, ICT goods exports, and R&D expenditure were perceived as essential drivers of increasing Science & technological progress. Sustainable development, Science & technological progress, environmental technology, and job creation in all sectors appeared to be vital indicators to increase social-economic development. Science & technological progress was positively associated with social-economic development, sustainable development, the share of the industrial sector in GDP, and green technology. It was noticed that factors positively related to economic, social, environmental, Science & technological development seemed beneficial to increasing sustainable development. The global economies should implement integrated policy in the social, economic, Science & technology, and environmental sectors to achieve sustainable development. Otherwise, global economies cannot reach the 17 sustainable development goals of the United Nations by 2030.