The Role of Agriculture and Forestry on the Transition to Bio-economy: Empirical Evidence from ASEAN Countries

Abstract

Currently, the transition towards bio-economy has become a global requirement due to the degradation of the environment globally and capturing the attention of researchers and policymakers. Thus, the current research examines the impact of agricultural and forestry resources on the transition towards bio-economy in ASEAN countries. The researchers have used secondary sources of data collection, such as world development indicators (WDI), and extracted the data from 2012 to 2019. For the analysis purpose, the current study has used the STATA and executed the correlation matrix, variance inflation factor (VIF), robust standard error, and fixed-effect model (FEM) to examine the relationships among the constructs. The results indicated that agricultural resources (agricultural land, agriculture, forestry and fishing, and agricultural irrigated land) and forestry resources (forest area and forest rent) have a positive association with the transition towards bio-economy in ASEAN countries. The current study provides the guidelines to the upcoming researchers while examining this area in the future and also provides help to the policymakers while developing regulations regarding the transition to bio-economy.