The Impact of Healthcare and Socioeconomic Factors on Economic Growth: A Panel Data Study

Abstract

The research investigates the relationship between healthcare and socioeconomic variables on economic expansion in eight countries from the SAARC: Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. This research investigates economic growth as the outcome variable by exploring independent variables that consist of current health expenditure together with inflation, human development index, environmental degradation (PM2.5 air pollution) and Health infrastructure (medical doctors). The data spans 15 years from 2009-2023. The study employs a panel data mechanism which includes Panel Least Square (PLS) random effects regression to evaluate the model. The findings highlight the fact that the economic prospects of a developing region depend on not only the overall economic performance, but also a well-put-together social structure and strong institutions. The long-term effects of health and human development demonstrate that investing in people rather than achieving short-term economic targets is what allows for enduring inclusive growth. This underscores the need to formulate a development strategy that reconciles economic advancement with the welfare of the populace. In unison, the findings of the research along with the development theories enrich comprehension and enhance policy formulation.