THE EXPORTS OF MARINE RESOURCES AND ITS IMPACT ON ECONOMIC DEVELOPMENT IN PAKISTAN: AN ECONOMETRIC ANALYSIS USING VECTOR ERROR CORRECTION MODEL (VECM)
S. Oad1, Q. Jinliang*2, , S. S. B. Hussain3, M. Ali3, and Z. U. Jattak4
1Department of Cultural Industries Management, College of Management, Ocean University of China, Qingdao, 266003, China
2Institute of Maritime Culture Studies, Ocean University of China, Qingdao, 266003, China.
3Department Fisheries Economics & Management, College of Fisheries, Ocean University of China, Qingdao, 266003, China
4Lasbela University of Agriculture, Water and Marine Sciences, Uthal, Balochistan-Pakistan
*Corresponding Author’s Email: firstname.lastname@example.org
This study examines the link between marine resources exports and their impact on economic development in Pakistan by using Vector Error-Correction Models (VECM). The data of 57 years from 1960 to 2017 were used to analyse the impact among variables. The findings of this research were obtained as there is no long-run association discovered between the fisheries exports and economic development. However, we discovered that there is a short-run relationship sustained between them. In addition, the results from the Ordinary Least Squares (OLS) regression also validates that there is a robust relationship between GDP and exports of fisheries products. The findings indicated that the sub-sector (Fisheries) of the agriculture sector is playing an extensive role in the economic growth of Pakistan.
Keywords: Marine resources, Fishery sector, GDP, VECM and Pakistan.