The Impact of Human Capital on Economic Growth in Saudia Arabia
الكلمات المفتاحية:
Human capital, economic growth, Saudi Arabia, VECM
الملخص
This study examines the impact of human capital development on economic growth in Saudi Arabia over period 1990- 2022. Specifically, it investigates the relationship between human capital and economic growth. employing the Johnsen test and error correction model (ECM). The findings of the study show that human capital development indicators had positive but insignificant impact on economic growth in Saudi Arabia. Further, evidence from the results indicated that labor and physical capital have contributed largely to economic growth in Saudi Arabia. However, their impacts were largely statistically significant which indicates the importance of these two variables in increasing the economic growth. The result also, revealed that there exists a long-run relationship among the economic growth and regressors in the model and the explanatory variables are highly correlated with economic growth in the model. On this basis of the findings, this study recommends there is need for government to invest more in human capital development process and similarly, government should endeavor to pay attention to the issue of school enrolment.
المراجع
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22. Khan, R., & Chaudhry, I., S. (2019). Impact of Human Capital on Employment and Economic Growth in Developing Countries. Review of Economics and Development Studies, Vol. 5, No 3.
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24. Kweka, P. J., & Morrissey, O. (2000). ‘Government Spending and Economic Growth in Tanzania’. CREDIT Research Paper 00/6. Nottingham: The University of Nottingham
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28. Papageorgiou, C. (2001). Distinguishing between the effects of primary and post-primary education on economic growth. Mimeo. University of Louisian
29. Pritchett, L. (2001). Where has all the education gone? World Bank Economic Review 15(3): 367-391
30. Qamruzzaman, M., Jianguo, W., Jahan, S., & Yingjun, Z. (2020). Financial innovation, human capital development, and economic growth of selected South Asian countries: An application of ARDL approach. International Journal of Finance & Economics, 26(3), 4032–4053
31. Saha. S & Pinki Das. (2023) Contribution of Human and Physical Capital to the Economic Growth in India: Post-reform Scenario. First Online: 21 September 2023
32. Shahid, M. (2014). Impact of Labour Force Participation on Economic Growth in Pakistan, Journal of Economics and Sustainable Development www.iiste.org ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online) Vol.5, No.11, 2014
33. Spence, A.M. (1973). Job market signaling. Quarterly Journal of Economics 87(3): 355-374.
34. Sultana, T., Dey, S. R., & Tareque, M. (2022). Exploring the linkage between human capital and economic growth: A look at 141 developing and developed countries. Economic Systems, 46(3), 101017.
35. Sydney. C., & Godwi, O• (2018). Dynamic Linkage Between Economic Growth and Human Development: Time Series Evidence from Nigeria Journal of International Development. First published: 07 September 2018© 2018 John Wiley & Sons, Ltd.
36. Ul Haque, A., Muhaiminul, G., K., Dilruba, I., S., and Smrity., Y. (2019). Labor Force Participation Rate and Economic Growth: Observations for Bangladesh. International Journal of Economics and Financial Research ISSN(e): 2411-9407, ISSN(p): 2413-8533 Vol. 5, Issue. 9, pp: 209-213, 2019
37. Uwatt, B. U. (2002). Human development and economic growth In Nigeria (1960-2000): Selected papers for the Annual Conference of the Nigeria Economic Society. (NES). Ibadan, Polygraphics Ventures Ltd
38. Yadav , P & Mohapatra, G. (2023).Examining the linkages between human capital and economic growth in India 2023), Journal of Economic and Administrative Sciences, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JEAS-09-2022-0212
39. WBO-human capital development project (2020). World Bank Organization
2. Adawo, M. A. (2011). Has education (human capital) contributed to the economic growth of Nigeria? Journal of Economics and International Finance 3(1): 46-58.
3. Abougabal, H.(2016 ). Middle east intelligence, MEED.
4. AL Faisal Centre for Research & Consultancy Studie. (2023) Centre for applied Research
5. Al-Ghalayini, B. M.K. (2018), Human capital and education are key Success to Saudi. Middle east intelligence, MEED.
6. Almutairi. N. T. (2023). Does Investment in Human Capital via Education Stimulate Economic Growth in an Oil-Rich Country? A Case Study of Saudi Arabia. Journal of the knowledge economy
7. Awad.A., & Yussof.I. (2013). Human Capital and Economic growth: Sudan Case. Arab Planning Institute, Kuwait
8. Badwan, N (2022). Perspective Chapter: The Impact of Human Capital Investment on Economic Growth –Arab Countries Evidence from 2001 to 2021; In book: Public Economics - New Perspectives and Uncertainty (pp.1-22) Global Development Network website: http://www.gdnet.org/subpages/projects_3.htmlG
9. Benhabib, J. & Spiegel, M. (1994). The Role of Human Capital in Economic Development: Evidence from Aggregate Cross-Country Data. Journal of Monetary Economics, 34 (2): 143-173.
10. Borojo. D. G., & Yushi.J. (2015). The Impact of Human Capital on Economic Growth in Ethiopia. Journal of Economics and Sustainable Development
11. www.iiste.org ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online) Vol.6, No.16, 2015
12. Cárdenas, M. (2007). Economic Growth in Colombia: A Reversal of ‘fortune’? Working papers series - Documentos de trabajo, No. 36, 1-36.
13. Chikalipah, S., & Makina, D. (2019). Economic growth and human development: Evidence from Zambia. Sustainable Development, 27(6), 1023–1033.
14. Engle, R. & Granger, C. (1987). Cointegration and Error Correction: Representation, Estimation and Testing. Econometrics, 55, 251-276. http://dx.doi.org/10.2307/1913236
15. Gebreegziabher, S. (2018). Effects of Tax and Government Expenditure on Economic Growth in Ethiopia: Part of the Perspectives on Development in the Middle East and North Africa (MENA) Region book series (PDMENA): Springer Singapore Published: 27 April 2018
Gebrehiwot, K.G. (2015). The Impact of Human Capital Development on Economic Growth in Ethiopia: Evidence from ARDL Approach to Cointegration. Journal of Economics and Sustainable Development www.iiste.org ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online) Vol.6, No.13, 2015
16. Hussin, M.Y.M., Muhammad, F., Hussin, M.F.A., Razak, A.A. (2012), Education expenditure and economic growth: A causal analysis for Malaysia. Journal of Economics and Sustainable Development, 3(7), 71-81.
17. Hassan, M.S., Kalim, R. (2012). The triangular causality among education, health and economic growth: A time series analysis of Pakistan. World Applied Sciences Journal, 18(2), 196-207.
18. Human capital project (2020).
19. World Bank 19Husnain, MI., Khan, M., Akram, N., & Haider, A. (2011). Public Spending, FDI and Economic Growth: A Time Series Analysis for Pakistan (1975-2008). International Research Journal of Finance and Economics 61(1):21-27
20. Intisar, M., R., Yaseen, M. R., Kousar, R., Usman, M., & Makhdum, M. S. A. (2020). Impact of trade openness and human capital on economic growth: A comparative investigation of Asian countries. Sustainability, 12(7), 2930.
21. Khatoon, I. J., & Haya, M.M.(2021). impact of human capital on economic growth: A case study of Pakistan. Journal of Social Sciences Advancement. ISSN: 2788:6174(print) 2788:6182 online
22. Khan, R., & Chaudhry, I., S. (2019). Impact of Human Capital on Employment and Economic Growth in Developing Countries. Review of Economics and Development Studies, Vol. 5, No 3.
23. Kartal, Z., Zhumasheva, A. &Acaroglu, H. (2017). The Effect of Human Capital on Economic Growth: A Time Series Analysis for Turkey. Regional Studies on Economic Growth, Financial Economics and Management. Springer
24. Kweka, P. J., & Morrissey, O. (2000). ‘Government Spending and Economic Growth in Tanzania’. CREDIT Research Paper 00/6. Nottingham: The University of Nottingham
25. Mengesha.Z.D & Singh,L (2022). Human capital accumulation and economic growth of Ethiopian economy, Pages 211-226 | Published online: 11 May 2022
26. OCOB (2017). Annual County Governments Budget Implementation Review Report. Nairobi, Kenya. Available at: https://nairobiassembly.go.ke/ncca/wp-content/uploads/paperslaid/2017/Annual-County-Governments-Budget-Implementation-Review-Report-FY-2016-17.pdf
27. Ochonogor, W., Achugbue C., & Iroroeavwo, E. (2013) Education and Human Capital Development through Appropriate Utilization of Information Service. An International Multidisciplinary Journal, Ethiopia Vol. 7 (3), Serial No. 30, July, 2013:75-85.
28. Papageorgiou, C. (2001). Distinguishing between the effects of primary and post-primary education on economic growth. Mimeo. University of Louisian
29. Pritchett, L. (2001). Where has all the education gone? World Bank Economic Review 15(3): 367-391
30. Qamruzzaman, M., Jianguo, W., Jahan, S., & Yingjun, Z. (2020). Financial innovation, human capital development, and economic growth of selected South Asian countries: An application of ARDL approach. International Journal of Finance & Economics, 26(3), 4032–4053
31. Saha. S & Pinki Das. (2023) Contribution of Human and Physical Capital to the Economic Growth in India: Post-reform Scenario. First Online: 21 September 2023
32. Shahid, M. (2014). Impact of Labour Force Participation on Economic Growth in Pakistan, Journal of Economics and Sustainable Development www.iiste.org ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online) Vol.5, No.11, 2014
33. Spence, A.M. (1973). Job market signaling. Quarterly Journal of Economics 87(3): 355-374.
34. Sultana, T., Dey, S. R., & Tareque, M. (2022). Exploring the linkage between human capital and economic growth: A look at 141 developing and developed countries. Economic Systems, 46(3), 101017.
35. Sydney. C., & Godwi, O• (2018). Dynamic Linkage Between Economic Growth and Human Development: Time Series Evidence from Nigeria Journal of International Development. First published: 07 September 2018© 2018 John Wiley & Sons, Ltd.
36. Ul Haque, A., Muhaiminul, G., K., Dilruba, I., S., and Smrity., Y. (2019). Labor Force Participation Rate and Economic Growth: Observations for Bangladesh. International Journal of Economics and Financial Research ISSN(e): 2411-9407, ISSN(p): 2413-8533 Vol. 5, Issue. 9, pp: 209-213, 2019
37. Uwatt, B. U. (2002). Human development and economic growth In Nigeria (1960-2000): Selected papers for the Annual Conference of the Nigeria Economic Society. (NES). Ibadan, Polygraphics Ventures Ltd
38. Yadav , P & Mohapatra, G. (2023).Examining the linkages between human capital and economic growth in India 2023), Journal of Economic and Administrative Sciences, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JEAS-09-2022-0212
39. WBO-human capital development project (2020). World Bank Organization
منشور
2024-02-28
كيفية الاقتباس
Assistant Professor Ahlam Abdelhadi Hassan Elamin. (2024). The Impact of Human Capital on Economic Growth in Saudia Arabia. International Journal on Humanities and Social Sciences, (54), 160-177. https://doi.org/10.33193/IJoHSS.54.2024.677
إصدار
القسم
المقالات
الحقوق الفكرية (c) 2024 Assistant Professor Ahlam Abdelhadi Hassan Elamin
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