Transition to a Circular Economy in ASEAN-5: Inferences on Sustainable Development in a Globalised World
Green Wealth: Navigating towards a Sustainable Future
ISBN: 978-1-83662-219-2, eISBN: 978-1-83662-218-5
Publication date: 12 February 2025
Abstract
Purpose: The main purpose of the undertaken research is to analyse the effects induced by the specific coordinates of circular economy (CE), environment, and sustainability on the ASEAN-5 countries by assessing the economic dynamics in the context of this transition.
Methodology: The research methodology focuses on robust regression (RREG) models and Gaussian graphical models (GGMs) applied to panel data, including a complex set of fundamental macroeconomic aggregates as variables. Indicators were compiled for the ASEAN-5 member states: the Philippines, Indonesia, Malaysia, Singapore, and Thailand, over the period 2000–2023, including International Monetary Fund projections for the period 2024–2028.
Findings: The results highlight the importance of environmental coordinates in modelling the sustainable economic development of the ASEAN countries. Significant positive developments in the transition to a CE have been recorded with the end of the pandemic period, but fluctuations in carbon dioxide emissions (CO2_EMIS) are still present. Although values have fallen by almost 30% compared to the last decade, countries have failed so far to ensure a downward trend.
Significance/Implications/Conclusions: To bring about change, ASEAN-5 countries should focus on implementing a CE framework, enforcing stricter measures, and raising awareness among the population.
Limitations: The current research encountered certain limitations primarily due to the lack of data availability and the restricted sample of indicators.
Future Research: Innovation, digitalisation, and adopting emerging technologies are indispensable in expediting diverse processes. These facets are fundamental in the assimilation and institutionalisation of CE principles and signify the future trajectory of research.
Keywords
Acknowledgements
Acknowledgements
This work was supported by a grant from the Romanian Ministry of Research, Innovation, and Digitalisation, the project with the title ‘Economics and Policy Options for Climate Change Risk and Global Environmental Governance’ (CF 193/28.11.2022, Funding Contract no. 760078/23.05.2023), within Romania’s National Recovery and Resilience Plan (PNRR) – Pillar III, Component C9, Investment I8 (PNRR/2022/C9/MCID/I8) – Development of a programme to attract highly specialised human resources from abroad in research, development, and innovation activities.
Citation
Noja, G.-G., Boldea, M., Purdescu, M.-I. and Ionaşcu, A. (2025), "Transition to a Circular Economy in ASEAN-5: Inferences on Sustainable Development in a Globalised World", Grima, S., Maditinos, D., Noja, G.-G., Stankevičienė, J., Tarczynska-Luniewska, M., Thalassinos, E.I. and Nermend, K. (Ed.) Green Wealth: Navigating towards a Sustainable Future (Contemporary Studies in Economic and Financial Analysis, Vol. 117), Emerald Publishing Limited, Leeds, pp. 195-210. https://doi.org/10.1108/S1569-375920250000117010
Publisher
:Emerald Publishing Limited
Copyright © 2025 Grațiela-Georgiana Noja, Monica Boldea, Maria-Izabela Purdescu and Alina Ionaşcu