To enact sustainable health and development, both the developed and emerging economies are focusing on facilitating the health sector while increasing their economic well-being. To examine the health-related costs and economic growth, we used variables including public health expenditure, private health expenditure, environmental quality, environment index, foreign direct investment, age, education, and economic growth. A panel dataset of six developing countries for the 1994–2021 period was analyzed. By using the novel econometric techniques of continuously updated fully modified (CUP-FM) and continuously biased corrected approach (CUP-BC), the results reveal a uniform positive correlation between public–private health spending and economic growth. The long-run estimation of the first and second models showed that CO 2 emissions and the environment index positively impacted the government’s healthcare spending. All four long-run models showed a uniformly positive correlation between public and private health spending and economic growth.
Rahman et al. (Mon,) studied this question.