Blue economy and economic development: The function of aquaculture and capture fisheries in Next-11 nations

Capture fisheries and aquaculture are sectors that provide important benefits and support for the economic development of the countries. Especially for developing countries, these sub-sectors of blue economy are of great importance. The aim of the study is to investigate the impact of capture fisheries and aquaculture sector on economic development in the Next 11 countries for the period from 1990 to 2022.To achieve this goal, we use the novel Method of Moments Quantile Regression (MMQR) approach. The Driscoll-Kraay estimator was also used in the research to test for robustness. The influence of trade openness, energy use, total labor force participation rate, and value added in forestry, agriculture, and fishery (as a percentage of GDP) on economic development in the Next-11 nations was also examined. According to an examination of the study's MMQR findings, aquaculture and capture fisheries have a positive impact on economic development across all quantiles. The research also found that although trade openness and value added in forestry, agriculture, and fisheries (as a percentage of GDP) decrease economic development, labor force participation rate and energy use in the Next-11 nations increase economic development. Additionally, the robustness test results support these findings. We provide policy suggestions based on our results.