RETRACTED: An integration of oil price volatility, green energy consumption, and economic performance: assessing the mediating role of trade (Retracted article. See vol. 31, pg. 58655, 2024)

The economic development of globalized economies is facing severe challenges in the context of a new era. Therefore, the purpose of the study is to assess how crucial factors like oil price fluctuations, renewable energy use, economic growth, the exchange rate, exports, imports, and trade affect the economic performance in the top 25 oil-importing countries using panel data from 2005 to 2021 collected annually. The present investigation employs a method for calculating the stability of associations between variables called AMG estimation. The robustness and reliability of CCEMG and DCCEMG estimates are tested in the present study. Consumption, exports, and trade in renewable energy all had a favorable effect on economic growth. The fluctuation of oil prices, the state of the economy, the currency exchange rate, and imports make things worse. In addition, the findings of the study indicate that the moderate effect of trade with fluctuating oil prices, rising finance, and economic expansion is aided by the current exchange rate. In addition to helping create an appropriate path forward for economic growth, the computed coefficients have policy implications for both the chosen developing economy and the other markets.