Abstract
The oil industry is one of the most significant contributors to the nation’s economic prosperity and growth. Oil consumption and economic growth have been analyzed in different contexts and countries. The relationship has been from unidirectional to bidirectional to negative. This chapter re-examines the relationship between oil consumption and economic growth in India, China, and Japan. They are the largest oil-consuming countries with significant oil dependence. Economists and policy planners view oil intensity and nation growth as interrelated. According to India’s results, oil consumption has a short-term and unidirectional effect on the economy but does not have a long-term impact. Japan shows a short-term relationship and not a long-term relationship. The Chinese oil industry does not affect the nation’s growth.
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Paul, E.V. (2023). The Nexus of Oil Consumption and Economic Growth in India, China, and Japan. In: The Palgrave Handbook of Global Social Problems. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-68127-2_423-1
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DOI: https://doi.org/10.1007/978-3-030-68127-2_423-1
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