Renewable, Non-Renewable Energy Consumption, and Economic Growth: Evidence from West African Countries.
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Abstract
The study investigated the relationship between renewable, non-renewable energy consumption energy consumption and economic growth in West Africa countries using World Bank Development Indicator (WDI) data between 2010-2020. The study employed General Method of Moment (GMM) to estimate the relationship. The findings revealed that both renewable and non-renewable energy consumption have significant impact on the economic growth of West African countries within the period under sample. It was revealed that non-renewable energy exerts more influence on the economic growth as compared to renewable energy consumption. The study further revealed that trade openness exerts a positive influence on renewable energy consumption validating earlier literature that concludes that economies with more openness tends to enjoy more technology diffusion as compared to economies with less economic openness.
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