Impact of Livestock and Fisheries on Economic Growth: An Empirical Analysis from Pakistan
Impact of Livestock and Fisheries on Economic Growth: An Empirical Analysis from Pakistan
Farrukh Ilyas1, Durdana Qaiser Gillani2, Mudassar Yasin3, Muhammad Amjed Iqbal4, Iqbal Javed5*, Shahbaz Ahmad6 and Iftikhar Nabi7
ABSTRACT
This study aims an investigating the impact of the agricultural sector on the economic growth of Pakistan. Johansen co-integration was used to show the long-run relation between livestock, fisheries, major crops, minor crops, gross capital formation, and economic growth in Pakistan. The data were taken from the Pakistan Economic Surveys for the period 1987-2017. The Vector-Correction Model results show that in the short run livestock and fisheries have a negative and insignificant effect on growth. The significant negative value of the Vector Error Correction Model coefficients shows that the parameters will do adjustment and return to equilibrium in the long run. The co-integration results showed a positive link between sub-sectors of agriculture and economic growth. The study is crucial for policy makers regarding the promotion of agricultural sector. The agriculture sector is very important for the growth of Pakistan’s economy, but it has not been given due importance. The study recommends the formulation of suitable policies to promote the livestock and fisheries sector in Pakistan to raise the sources of foreign revenue.
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