Research Article

How Does Information and Communication Technologies Affect Economic Growth? A Comparative Analysis of the Economies of the European Union and Asia-Pacific Region

Volume: 11 Number: 1 February 16, 2024
TR EN

How Does Information and Communication Technologies Affect Economic Growth? A Comparative Analysis of the Economies of the European Union and Asia-Pacific Region

Abstract

In the contemporary era of digitization, economies have been significantly influenced by the emergence of information and communication technology (ICT). In this digital age, the ICT sector all over the world has entered a period of rapid growth. The swift advancements within the ICT sector have played a pivotal role in shaping the global economy while simultaneously influencing the economic landscape of the European Union (EU) and Asia-Pacific region (APAC) countries. The purpose of this study is to comparatively evaluate ICT, its place in the EU and APAC countries’ economies, and how it affected economic growth between 2007-2019. The dataset was analyzed using the Levin, Lin, and Chu unit root test, pooled ordinary least-squares (OLS), fixed effects, random effects, and two-step system generalized method of moments (GMM) estimators. The two-step system GMM findings show ICT’s effects on economic growth to vary according to regional conditions. While Internet use has been found to contribute positively to the economic growth of the countries within the EU, this situation was observed to have had the opposite effect in the APAC region countries. These region-specific dynamics highlight the need for tailored policy considerations, suggesting the impact of ICT on economic development to be contingent upon regional conditions. The novelty of this research lies in its cross-regional perspective, thus contributing valuable knowledge for informed policy decisions in the increasingly interconnected global landscape. This study emphasizes the importance of regional dynamics in understanding the influence ICT has on economic growth and can guide policy makers and business leaders in shaping ICT strategies and investments according to regional characteristics. JEL Classification : O11 , O20 , O33

Keywords

References

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Details

Primary Language

English

Subjects

Macroeconomics (Other)

Journal Section

Research Article

Publication Date

February 16, 2024

Submission Date

November 18, 2023

Acceptance Date

February 12, 2024

Published in Issue

Year 2024 Volume: 11 Number: 1

APA
Mashadihasanli, T., & Zülfikar, H. (2024). How Does Information and Communication Technologies Affect Economic Growth? A Comparative Analysis of the Economies of the European Union and Asia-Pacific Region. İktisat Politikası Araştırmaları Dergisi, 11(1), 99-114. https://doi.org/10.26650/JEPR1392777
AMA
1.Mashadihasanli T, Zülfikar H. How Does Information and Communication Technologies Affect Economic Growth? A Comparative Analysis of the Economies of the European Union and Asia-Pacific Region. JEPR. 2024;11(1):99-114. doi:10.26650/JEPR1392777
Chicago
Mashadihasanli, Tamerlan, and Haluk Zülfikar. 2024. “How Does Information and Communication Technologies Affect Economic Growth? A Comparative Analysis of the Economies of the European Union and Asia-Pacific Region”. İktisat Politikası Araştırmaları Dergisi 11 (1): 99-114. https://doi.org/10.26650/JEPR1392777.
EndNote
Mashadihasanli T, Zülfikar H (February 1, 2024) How Does Information and Communication Technologies Affect Economic Growth? A Comparative Analysis of the Economies of the European Union and Asia-Pacific Region. İktisat Politikası Araştırmaları Dergisi 11 1 99–114.
IEEE
[1]T. Mashadihasanli and H. Zülfikar, “How Does Information and Communication Technologies Affect Economic Growth? A Comparative Analysis of the Economies of the European Union and Asia-Pacific Region”, JEPR, vol. 11, no. 1, pp. 99–114, Feb. 2024, doi: 10.26650/JEPR1392777.
ISNAD
Mashadihasanli, Tamerlan - Zülfikar, Haluk. “How Does Information and Communication Technologies Affect Economic Growth? A Comparative Analysis of the Economies of the European Union and Asia-Pacific Region”. İktisat Politikası Araştırmaları Dergisi 11/1 (February 1, 2024): 99-114. https://doi.org/10.26650/JEPR1392777.
JAMA
1.Mashadihasanli T, Zülfikar H. How Does Information and Communication Technologies Affect Economic Growth? A Comparative Analysis of the Economies of the European Union and Asia-Pacific Region. JEPR. 2024;11:99–114.
MLA
Mashadihasanli, Tamerlan, and Haluk Zülfikar. “How Does Information and Communication Technologies Affect Economic Growth? A Comparative Analysis of the Economies of the European Union and Asia-Pacific Region”. İktisat Politikası Araştırmaları Dergisi, vol. 11, no. 1, Feb. 2024, pp. 99-114, doi:10.26650/JEPR1392777.
Vancouver
1.Tamerlan Mashadihasanli, Haluk Zülfikar. How Does Information and Communication Technologies Affect Economic Growth? A Comparative Analysis of the Economies of the European Union and Asia-Pacific Region. JEPR. 2024 Feb. 1;11(1):99-114. doi:10.26650/JEPR1392777