Macroeconomic Impacts of Oil Price Fluctuations: Panel Data Evidence from Oil-Importing Developing Countries
DOI:
https://doi.org/10.52131/joe.2024.0602.0224Keywords:
Oil Prices, GDP, Inflation, Panel DataAbstract
This study reconnoiters the impact of oil price fluctuations on the macroeconomic performance of 95 oil-importing countries for the period 1981-2023. Due to an unobserved heterogeneity among the countries, the fixed effect approach of panel data estimation is employed. This approach is advantageous because it controls for the country-specific time invariant characteristics. According to our empirical findings, oil price fluctuations substantially affect GDP and Inflation. However, the coefficient on unemployment remains statistically insignificant. Our findings suggest that governmental policies should focus on reducing oil dependency by promoting renewable energy sources for improved macroeconomic performance and sustainable development.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Iftikhar Ahmad, Muhammad Azhar Bhatti, Muhammad Atiq-ur Rehman, Tusawar Iftikhar Ahmad
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.