Analysis shows a positive correlation between ESG performance and economic growth in developed countries, suggesting broader implications for global economic strategies.
This paper investigates whether better ESG performance enhances economic growth. The study sample covers both the MSCI universal ESG performances of the USA, China, Europe, and Japan, and their annual GDP growth rates from 2010 to 2023. The results show that ESG performance has a positive relationship with economic growth. This relationship is much stronger in developed countries’ samples. Moreover, developed countries have more positive ESG correlations with developed countries than with developing countries.
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Yifei Zhu (2025) studied this question.
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