The Spirit of Social Entrepreneurship and Institutional Environment as Drives of Sustainable Economic Growth

The impact of the COVID-19 pandemic is widely spread, not only multi-sectoral, but also across many fields, especially in socio-economic life and institutions of the communities. The purpose of this paper is to explain the importance of building a spirit of social entrepreneurship and the institutional environment to accelerate economic recovery and growth caused by the impact of the COVID-19 pandemic. The research method used a mixed methods research design. Qualitative and quantitative descriptive analysis was used through exploratory and explanatory designs. The main data source is primary data obtained through a survey of social entrepreneurship actors in various regions in Indonesia. The main contribution is to provide a conceptual model that integrates the spirit of social entrepreneurship (SSE) into new institutional economic theory (NIE). The results of the study concluded that the role of social entrepreneurship (SE) and the institutional environment has not been optimized to support economic growth. Hence, there is a need for a spirit and existing institutional environment quality to encourage sustainable economic growth. Without a strong spirit and encouragement from the quality of the institutional environment which has political authority, the SE will be difficult to become a formal and strong entrepreneurial and cultural economic movement. © 2022 WITPress. All rights reserved.

Model selection with decision support model for US natural gas consumption forecasting

Reliable prediction of natural gas consumption helps make the right decisions ensuring sustainable economic growth. This problem is addressed here by introducing a hybrid mathematical model defined as the Choquet integral-based model. Model selection is based on decision support model to consider the model performance more comprehensively. Different from the previous literature, we focus on the interaction between models when combine models. This paper adds grey accumulation generating operator to Holt-Winters model to capture more information in time series, and the grey wolf optimizer obtains the associated parameters. The proposed model can deal with seasonal (short-term) variability using season auto-regression moving average computation. Besides, it uses the long short term memory neural network to deal with long-term variability. The effectiveness of the developed model is validated on natural gas consumption due to the COVID-19 pandemic in the USA. For this, the model is customized using the publicly available datasets relevant to the USA energy sector. The model shows better robustness and outperforms other similar models since it consider the interaction between models. This means that it ensures reliable perdition, taking the highly uncertain factor (e.g., the COVID-19) into account. © 2023 Elsevier Ltd

Impact of Coronavirus Disease COVID-19 on the Relationship between Healthcare Expenditures and Sustainable Economic Growth.

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.

Evaluation of E-commerce Impact on Sustainable Economic Growth: The Case of Vietnam

Instruments for the sustainable growth attract a lot of attention. An assessment of e-commerce development through the example of the Socialist Republic of Vietnam allows determining the prospects for this branch of digital economy in most of the developing countries. The aim of this study is to assess the role of e-commerce in sustainable economic growth and to identify areas in which the strategy for e-commerce development in Vietnam until 2025 can be improved. The research methods include dynamic SWOT analysis, correlation analysis, and cluster analysis using IBM SPSS Statistics 23 software. Within the study the conditions for the development of the e-commerce market in Vietnam are identified;the role of e-commerce in ensuring sustainable economic growth is analyzed;the relationship between e-commerce and other economic and social factors affecting growth and development is analyzed;directions for the development of e-commerce in each Vietnamese province are proposed. The scientific novelty of this work consists in the approach proposed for assessing the contribution of e-commerce to the sustainable growth of GDP and the classification of e-commerce development policies based on the level of regional development. The authors provide recommendations for improving the government strategy for e-commerce development in Vietnam based on the grouping of administrative entities according to their technological and infrastructural development. The results of the study can be used in the elaboration of the government policy on the development of e-commerce and the digital economy in general – not only in Vietnam, but in other developing countries as well. © 2022, Springer Nature Switzerland AG.

THE CURRENT STATE AND DEVELOPMENT TRENDS OF EDUCATION SYSTEMS IN RUSSIA AND CHINA DURING THE CORONAVIRUS PANDEMIC

This article examines changes in the economic and managerial relations in education under pandemical conditions. The authors aimed to identify the key problems that arose after national governments introduced restrictive measures and there was a transition from traditional to distance learning. Also, the authors proposed recommendations for ensuring universal access to education as a prerequisite for sustainable economic growth. The methodological basis was the provisions of the public goods and human capital theories. These theories consider education as a public good and an area of human capital accumulation. The authors concluded that the economic crisis caused by the coronavirus pandemic decreased the quality of human capital and created prerequisites for introducing innovative education technologies. Furthermore, the authors established that the universal right to high-quality education with innovative technologies is a key condition for ensuring sustainable economic growth.

An outlook on the development of renewable energy, policy measures to reshape the current energy mix, and how to achieve sustainable economic growth in the post COVID-19 era.

Currently, COVID-19 due to emergence of various variants shows no signs of slowing down and has affected every aspect of life with significant negative impact on economic and energy structures around the world. As a result, the governments around the world have introduced policy responses to help businesses and industrial units to overcome the consequences of compliance with COVID-19 strategies. Our analysis indicates that global energy sector is one of the most severely affected industries as energy price mechanisms, energy demand, and energy supply have shown great uncertainty under these unprecedented economic and social changes. In this regard, we provide brief overview of demand, supply, and pricing structure of energy products as well as policy mechanisms to provide better outlook about how industrial sector can cope with energy consumption in the post pandemic era. We further propose changes in the existing policy mechanisms so that transition towards renewable energy sources under different environmental agreements can be achieved. Moreover, as a reference, we outline major challenges and policy recommendations to ease energy transition from fossil fuels to environmental friendly energy mix.

Digital Transformation as a Demographic and Economic Integrated Policy for Southeast Asian Developing Countries

The age of Southeast Asian developing countries’ populations is still younger than that of other regions around the world. However, recent statistics show that the tide is now turning in this regard, with many of these populations beginning to age at rates much faster than many other countries. Such developments require immediate policy action in order to create a sustainable path towards economic growth before demographic changes become less benign in the medium term. In this study, we discuss the economic consequences of population aging, increases in the economic support ratio, and a declining potential growth rate. We argue that it is essential for Southeast Asian developing countries to raise total factor productivity (TFP) growth rates so as to achieve more sustainable economic outcomes. By conducting panel regressions using data from 82 countries across the 1996–2019 study period, our study shows that increasing research and development (R&D) spending and the facilitation of structural changes that transform the digital economy landscape are key policy options that promote TFP growth.

Does external debt as a new determinants of fiscal policy influence sustainable economic growth: implications after COVID-19

External debt correlation and the sustainable economic development pathway within the South Asian sub-region is analysed in this research paper. The longitudinal root-analysis, the pooled ordinary least square, quantile estimation, and output estimation were utilized to evaluate the data obtained from the World Bank Development Indicators for the period of 2000-2018. We discovered that total external debt and external debt services affect 39% plus 31%, respectively, after the robust regression analysis was carried out. Besides that, the findings demonstrate direct expansionary impacts of fiscal policy crosswise in developing economies within the study timeframe. Remarkably, the advancements in state establishments encourage the "gathering impact" of fiscal policy implementation. The findings depict that the entire circumstances set a stiffer restraint on public expenditure, indicating a self-losing fiscal austerity situation which entails the impact of the company's liabilities. Inversely, the unrestrained countercyclical policy bars the knock-on impact of external problems, resulting in an improved economic system activity performance as well as decreasing the probability of economic predicaments after COVID-19.