The Impact of Consumption of Natural Hydrocarbons and Alternative Energy Sources on Economic Growth in Countries Around the World

Purpose of the study. The established priorities of hydrocarbon neutrality in the leading countries of the world and the uncertainty of the prospects for the realization of hydrocarbons make topical studies aimed at analyzing the impact of consumption of fossil fuels and other energy sources on economic growth. The aim of the research is to study the long-term impact of energy consumption by natural sources of hydrocarbons and alternative sources on economic growth in countries of the world using regression analysis.

Research methods. The research methodology consists of a ShapiroWilk test for normal distribution and a Generalized Linear model (GLM) method. A generalized linear model of the relationship between primary consumption of different sources of energy, final consumption of steel, cereal crops and economic growth in countries from different regions of the world: America, Middle East, Europe, Africa, Australia, New Zealand and Asia was constructed.

Results. The result of the study is the different direction of the impact of the consumption of natural hydrocarbon sources and alternative energy sources on economic growth in the regions of the world. Most observations have shown that there is no relationship between the consumption of natural sources of hydrocarbons and alternative energy in general and economic growth. The obtained results show that a decrease in the consumption of natural hydrocarbons sources is accompanied by the economic growth in a small group of European countries, while for some countries in South America and Asia, a dependence of economic growth on an increase in the consumption of such sources was found.

Conclusion. The identified dependence of economic growth on various energy sources is presumably due to the economic type and export orientation of certain countries. In some cases, reduced coal consumption has caused economic growth, but a simultaneous decrease in oil and gas consumption may have a negative impact on economic growth.

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