Globalization and Sustainable Development: Empirical Evidence from CIS Countries.

Gasimli, Oruj; Haq, Ihtisham ul; Munir, Shahid; Khalid, Muhammad Hasnain; Gamage, Sisira Kumara Naradda; Khan, Alam; Ishtiaq, Muhammad

Sustainable development is the ultimate objective of the nations around the world, and the adoption of development strategies is the driving force for obtaining long-run economic growth, environmental protection and social inclusion. On other hand, globalization integrates the countries around the globe economically, politically and socially. Thus, it is vital to conduct a study on the impact of globalization on sustainable development in Commonwealth of Independent States (CIS) countries, as most of the countries are in a transition state from socialism to capitalism and are opening their doors to the world. Globalization comprises three main components, which are economic, political and social. Henceforth, this study investigates the effect of economic globalization, political globalization and social globalization on sustainable development. Energy has been highlighted in the literature and received attention from researchers as a factor of income and environmental quality; thus, it is added as a control variable in this study. The long-run relationships among variables are established through panel cointegration once the order of integration is determined. This study finds a positive and significant effect of economic globalization and political globalization on sustainable development, whereas energy consumption is deteriorating in CIS countries. Policy implications are recommended.

COMMONWEALTH of Independent States; ECONOMIC globalization; GLOBALIZATION; ENVIRONMENTAL quality; SOCIAL integration; ENVIRONMENTAL protection; SUSTAINABLE development

Sustainability (2071-1050), 2022, Vol 14, Issue 22, p14684

2071-1050

Academic Journal

10.3390/su142214684