The Impact of Financial Sustainability in Stimulating Sustainable Development in Iraq
Keywords:
Financial Sustainability, Public Debts, Tax Revenue, GDP Growth, Industrialization, Sustainable Development, Inflation.Abstract
The imperative of sustainable development (SD) has gained international prominence in response to widespread environmental degradation, underscoring the need for scholarly attention. Consequently, this research endeavours to investigate the influence of financial sustainability indicators, including public debts, tax revenue, gross domestic product (GDP) growth, and industrialization, on the trajectory of sustainable development in Iraq. Moreover, inflation is incorporated as a control variable to refine the predictive model of SD. Drawing upon data from the World Development Indicators (WDI) spanning from 1990 to 2022, the study employs the Dynamic Autoregressive Distributed Lag (DARDL) model to analyse the interconnections among these variables. The findings reveal a positive correlation between public debts, tax revenue, GDP growth, inflation, industrialization, and sustainable development in Iraq. This study offers valuable insights for policymakers seeking to foster sustainable development through strategic interventions in financial sustainability domains.