Navigating economic growth challenges in developing countries: a case study of BIMSTEC

Abstract

Economic growth remains a central concern for policymakers and global scholars, especially in the context of pandemics like Covid-19. This study delves into the multifaceted growth issues in the BIMSTEC region. Drawing from empirical evidence, this study identifies significant factors influencing economic growth, including landlockedness, corruption and political crises. Landlockedness has a negative impact on economic growth. Corruption acts as grease in the wheel, while political crises hamper the economic growth rate in the pandemic era. These findings are robust under random effect models. The synthesis of this study focuses on accelerating good governance, providing coastal access to landlocked states and implementing free trade agreements to stimulate regional economic growth.

Keywords

• Economic growth
• landlockedness
• corruption
• BIMSTEC
• pandemic
• political crisis