The Importance of the Energy of Electricity for the Economic Development of Countries

Abstract

An economic growth is upmost desire of government of every country in the World. It is well known that industrial revolution created huge economic power to Britain. Within a short period of time, to some degree, other European countries also followed Britain. Now this age is called as an age of science and technology. In this age for economic growth, numbers of factors can be taken into consideration. Energy is one of the most important major factors for the economic development of countries. Some scientists are pointing out that they are realizing the 4th revolution in technology. All technologies, especially high technology, use electric energy. Energy of electricity is the secondary energy. It can be produced from coal, natural gas, oil, nuclear power reactors and renewable energy resources include: hydro (conventional hydroelectric power), geothermal, solar, tidal action, ocean thermal, wave action, wind and biomass. It is necessary to collect data from reliable sources. It is no doubt that data of World Energy Council, OECD International Energy Agency and International Atomic Energy Agency….so forth have accepted reliable sources. Then regression and correlation analysis have been made for energy and GDP. Data has been pointing out that electric energy (electric energy consumption kWh per capita) are directly correlated with GDP and ppp. It means energy of electricity has an important contribution to the economic growth of the countries in the world.