Investigation of the Relationship between Energy Consumption and Economic Growth in Black Sea Economic Cooperation
Abstract
This study examines the relationship between gross domestic product (GDP) per capita and the CO2 ratios per capita of countries including the Black Sea Economic Cooperation Organization (BSEC) with the help of panel data analysis. The improvement in economic indicators, the increase in production, the increase in per capita income also increases consumption. The increase in consumption is also the biggest factor of environmental pollution. Especially in the developing countries, environmental protection activities are not completed yet, so environmental pollution is also a common condition with the increase of income.
In this study, the relationship between per capita GDP and CO2 values of the CEE member countries between 1993 and 2013 was investigated and statistically significant correlations were found. Within the framework of the Environmental Theory of Kuznets Curve, we have come to the conclusion that these countries are still on the positive sloping side of the curve, and that their economic growth has caused environmental pollution.
Keywords
Black Sea Economic Cooperation Organization,Economic Growth,Energy Consumption,Panel Data Analysis
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