ABSTRACT
The coronavirus disease (COVID-19) pandemic led to a catastrophic burden on the healthcare system and increased expenditures for the supporting medical infrastructure. It also had dramatic socioeconomic consequences. The purpose of this study is to identify the empirical patterns of healthcare expenditures' influence on sustainable economic growth in the pandemic and pre-pandemic periods. Fulfilment of the research task involves the implementation of two empirical blocks: (1) development of a Sustainable Economic Growth Index based on public health, environmental, social, and economic indicators using principal component analysis, ranking, Fishburne approach, and additive convolution; (2) modelling the impact of different kinds of healthcare expenditures (current, capital, general government, private, out-of-pocket) on the index using panel data regression modelling (random-effects GLS regression). Regression results in the pre-pandemic period show that the growth of capital, government, and private healthcare expenditures positively influence sustainable economic growth. In 2020-2021, healthcare expenditures did not statistically significantly influence sustainable economic growth. Consequently, more stable conditions allowed capital healthcare expenditures to boost economic growth, while an excessive healthcare expenditure burden damaged economic stability during the COVID-19 pandemic. In the pre-pandemic period, public and private healthcare expenditures ensured sustainable economic growth; out-of-pocket healthcare expenditures dominantly contributed to the pandemic period.
Subject(s)
COVID-19 , Health Expenditures , Humans , Economic Development , Pandemics , Delivery of Health CareABSTRACT
The impact of the COVID-19 pandemic on the economy and society has gained the interest of academics and policymakers in recent years. Our paper aims to investigate and systemize the evidence from 1901 publications belonging to the top 1% of worldwide topics by prominence. This paper helps estimate a pandemic's short-run and longer-run effects on energy economics and environmental pollution. By systematizing the literature, we analyze key parameters influencing the deviation of previous worldwide economic and environmental development trajectories due to the COVID-19 pandemic. This paper examines research on the consequences of COVID-19 in five dimensions, particularly the impact of COVID-19 on (1) the environment and climate change, (2) sustainable development, (3) renewable energy and energy policy, and (4) methodology for forecasting and evaluating the energy sector and economic sectors. Our results indicate that the pandemic crisis's impact on achieving sustainable development goals in the context of energy change and pollution is controversial and complex. On the one hand, scientists are unequivocal about the positive impact of the COVID-19 pandemic on improving air quality and reducing CO2 emissions. Nevertheless, the long-term effects are threatened by gaps between countries in economic prosperity and different vaccination rates. Most studies have found that only a joint social effort and international collaboration can move to a clean energy system. In addition, using the Scopus database and modern tools of machine analysis, we determine leading authors in the subject area of 'renewable energy, sustainability, and the environment';, as well as the top networks and scientific communities that appear within energy. The analysis of this manuscript can be helpful to policymakers and stakeholders in developing comprehensive energy efficiency programs and energy-saving strategies to achieve SDG targets.