Blue Economy Resources and Sustainable Development in Advanced Maritime Economies: Evidence From ANZUS Countries

ABSTRACT The blue economy has emerged as a central pillar of sustainable development, yet empirical evidence on its macroeconomic contribution remains limited, particularly for advanced maritime economies. This study investigates the impact of key blue economy factors on economic development within the ANZUS bloc, comprising Australia, New Zealand and the United States. Using balanced panel data spanning 1995–2021, the analysis applies the pooled mean group autoregressive distributed lag (PMG‐ARDL) and fully modified ordinary least squares (FMOLS) models to explore dynamics between blue economy indicators and economic growth. The empirical results reveal a stable long‐run cointegration relationship among the variables. Renewable energy consumption and fisheries production have positive and statistically significant long‐run effects on economic development, while non‐renewable energy consumption shows a positive but statistically insignificant association. Specifically, a 1% increase in renewable energy consumption and fisheries production leads to approximately 1.33% and 1.72% increases in economic development, respectively. Tourism has a positive short‐run effect but a negative long‐run association, suggesting that tourism‐led growth requires stronger sustainability and resilience policies. The error correction term indicates that approximately 93% of short‐run disequilibrium is corrected within one period. FMOLS estimates confirm the positive long‐run association of renewable energy and the negative association of tourism. The fisheries coefficient remains positive but becomes substantially smaller and statistically insignificant, indicating that the strength of the fisheries result is sensitive to the estimator employed. This study contributes to the literature by providing a macroeconomic assessment of blue economy determinants within a strategic maritime alliance. From a policy perspective, the findings suggest that coordinated blue economy strategies emphasising clean energy transitions, sustainable fisheries management and resilience‐oriented tourism can support long‐term sustainable development in advanced coastal economies.