The effect of natural resource utilization efficency, financial development for the economic development In Asian Countries

Understanding the factors that influence economic development has drawn a lot of interest in light of the continuously changing economic environment of Asian nations. Using a Generalized Method of Moments (GMM) model, this research examines the link between natural resource use effectiveness, financial development, and economic growth in selected Asian nations from 2010 to 2021. The empirical research shows a positive and statistically significant association between natural resource consumption efficiency and economic development, highlighting the importance of resource management. Financial development also positively correlates with economic growth, highlighting the need for well-functioning financial systems. Economic growth is boosted by natural resource efficiency and financial development, indicating a synergistic effect. To promote economic development, policymakers in Asian countries should concentrate on improving resource management procedures.