Relationship between Population Demographics and Economic Growth in Belt and Road Countries
Keywords:
population demographics, Economic growth, BRI, urbanization, age distributionAbstract
The Belt and Road Initiative is a program that aims to hamper trade and investment across nations by improving connectivity across economies. The research aims to assess the association between population demographics and economic growth in BRI nations. For this purpose, the study incorporates an analysis of panel data across all BRI nations from 2001 to 2020. It includes the Hausman test, the RE model, and the FE model. The results of the analysis represent an increase in the urbanization rate among BRI economies causing an addition to the GDP as it raises employment and technological advancement across nations. Similarly, the age distribution in BRI nations stimulates the nation’s economic growth as the working-age population adds to the GDP. However, a rise in population affects the GDP growth rate in BRI nations negatively as it leads to resource scarcity and creates competition in the market. The research highlights policy recommendations such as a rise in urbanization by the government, along with an increase in working population dynamics to foster the nation’s GDP growth. At the same time, it also highlights government policies like a rise in political stability, government effectiveness, a rise in government measures to reduce the rising population, etc can further hamper BRI economies’ growth.
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