Department of Economics, PMAS Arid Agricultural University, Rawalpindi, Pakistan
*Corresponding author:Saima Akhtar, Ph. D Scholar, Department of Economics PMAS Arid Agricultural University, Rawalpindi, Pakistan
Submission: September 24, 2024;Published: October 21, 2024
ISSN 2639-0612Volume5 Issue2
Globally, livestock production has the potential to boost national economies and spur economic progress significantly. Accounting for 40% of total agricultural output in developed countries and 20% in developing economies in 2014. The present study identifies the connection between economic growth and livestock production, evaluates the link between livestock production and industry (trade), and highlights the market value, land use, and annual growth linked with livestock. Meta-analysis was done to gain insight into the existing literature whereas descriptive statistics were computed to analyze the demographic variables. Regression analysis was done on the five major subthemes of the study livestock Production, Productivity, land use, Annual Growth, and Market Value. The data was taken from FAO regarding livestock Production. The analysis was conducted on EViews Software. Regression Analysis revealed that livestock productivity has a positive and statistically significant effect on the economic impact of livestock production and trade. For every unit increase in livestock production, the economic impact is determined to increase by 0.743 units. For productivity, it is expected to grow by 0.235 units. For annual growth, it is anticipated to expand by 0.152 units. While for land use, the anticipation is up to an extension of 0.065 units. Also, in the case of market performance, it is expected to expand by 0.327 units. The Analysis and Regression model suggests that livestock production, productivity, and market performance are the most important factors influencing the economic impact of livestock production and trade. Policymakers and industry stakeholders may consider strategies to improve these factors to promote economic growth and development in the livestock sector.
Keywords:Economic impact; Livestock; Productivity; Trade; Market value; Annual growth; Land use