Blue Economy and Health Sector Outcomes as a Drivers of Economic Development in BRICS Countries

Abstract

This study examined the blue economy, health sector outcomes on economic development in BRICS nations. The panel data were collected from world development indicator and Central bank of Nigeria respectively, covering 4 years span from 2021 to 2024 were used. The expost factor research design was used for this work. The study employed the econometric estimation of generalize method of moment model were used for the analysis, adopting panel data method of analysis. The estimated result shows a positive but statistically insignificant relationship between Agriculture, Forestry, and Fishing (AFF) and economic development. The coefficient suggests that a 1% increase in AFF is associated with a 1.95E-13% rise in unemployment, ceteris paribus. This extremely small and insignificant effect indicates that the AFF sector currently plays a limited role in reducing unemployment or driving economic development in BRICS nations. The weak influence could be due to structural challenges, low productivity, limited modernization, or reduced investment attraction within the sector. Strengthen structural reforms in labor markets: Given the strong dependence of economic development on past unemployment conditions, BRICS nations should prioritize policies that reduce structural unemployment and enhance labor productivity. This includes strengthening vocational training, labor mobility, and youth employment programs. Enhance investment in blue economy sectors: Although marine activities showed a negative and insignificant effect, the sector holds substantial potential for diversification and sustainable growth. Investment in fisheries governance, maritime infrastructure, port efficiency, and marine research can help unlock the sector’s development benefits.