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Measuring Multidimensional Growth in Turkey: Sustainable and Inclusive Economic Growth (SIEG) Index

Year 2025, Issue: 124, 103 - 121, 01.10.2025

Demet Özocaklı

Abstract

This study develops a multidimensional index that includes sustainability and inclusiveness as well as quantitative measures to assess Türkiye's growth performance. The Sustainable and Inclusive Economic Growth (SIEG) Index brings together economic, social and sustainability indicators in a holistic framework. The index is built on ten variables, including education level, income inequality, labour force participation of women and youth, R&D expenditures, labour productivity and the share of renewable energy. The SIEG index created by using Principal Component Analysis was constructed with data covering the years 1992-2023. The results show that Türkiye's long-term growth has faced significant disruptions in terms of sustainability and inclusiveness, with a more pronounced structural transformation emerging after 2010. The study suggests that growth policies should emphasise qualitative and inclusive approaches rather than focusing solely on GDP. The SIEG Index provides a powerful decision support tool for policymakers.

Keywords

Sustainable Economic Growth Inclusive Economic Growth Principal Component Analysis

References

  • Acs, Z. J., & Audretsch, D. B. (1990). Innovation and small firms. MIT Press.
  • Akagündüz, H. K. (2022). Sürdürülebilir kalkınma yolunda yeşil ekonomi: Türkiye üzerine ampirik bir çalışma (Yüksek Lisans Tezi). Uludağ Üniversitesi, Sosyal Bilimler Enstitüsü.
  • Alesina, A., & Rodrik, D. (1994). Distributive Politics and Economic Growth. The Quarterly Journal of Economics, 109(2), 465–490. https://doi.org/10.2307/2118470OECD. (2022). Income inequality (indicator). https://data.oecd.org/inequality/income-inequality.htm
  • Asian Development Bank (2015). Inclusive Green Growth Index. https://greengrowthindex.gggi.org/wp-content/uploads/2020/02/08_Comparison_with_other_green_growth_indices.pdf
  • Barro, R. J., & Lee, J. W. (2013). A New Dataset of Educational Attainment in the World, 1950–2010. Journal of Development Economics, 104, 184–198. https://doi.org/10.1016/j.jdeveco.2012.10.001
  • Barro, R. J., & Sala-i-Martin, X. (2004). Economic Growth (2nd ed.). MIT Press.
  • Bynner, J., & Parsons, S. (2002). Social Exclusion and the Transition From School to Work: The Case of Young People Not in Education, Employment or Training (NEET). Journal of Vocational Behavior, 60(2), 289–309. https://doi.org/10.1006/jvbe.2001.1868
  • Coe, D. T., & Helpman, E. (1995). International R&D Spillovers. European Economic Review, 39(5), 859–887. https://doi.org/10.1016/0014-2921(94)00100-E
  • Commission on Growth and Development. (2008). The Growth Report: Strategies for Sustained Growth and Inclusive Development. World Bank.
  • Cubeddu, L., Tytell, I., Wang, H., & Zhang, J. (2013). External Balance Assessment (EBA) Methodology: Technical Background (IMF Working Paper No. WP/13/272). International Monetary Fund. https://www.imf.org/external/pubs/ft/wp/2013/wp1372.pdf
  • Elder, S., & Kring, S. D. (2016). Young and Female – A Double Strike? Gender Analysis of School-to-Work Transition Surveys in 32 Developing Countries. International Labour Organization. https://www.ilo.org/global/publications/WCMS_508938/lang--en/index.htm
  • Gini, C. (1921). Measurement of Inequality of Incomes. The Economic Journal, 31(121), 124–126. https://doi.org/10.2307/2223319
  • Global Green Growth Institute (2022). Green Growth Index 2022. https://greengrowthindex.gggi.org/
  • Gönenç, R., Röhn, O., & Koen, V. (2014). Fostering inclusive growth in Turkey by promoting structural change in the business sector. OECD Economics Department Working Papers, (1127), 1–32. https://doi.org/10.1787/5jxx0554v07c-en
  • Hamilton, J. D. & Xi, J. (2024). Principal component analysis for a mix of stationary and nonstationary variables. NBER Working Paper No. w32068, Available at SSRN: https://ssrn.com/abstract=4702282.
  • Hamilton, J. D., & Xi, J. (2022), Principal Component Analysis for Nonstationary Series, Working Paper, UC San Diego.
  • Hanushek, E. A., & Woessmann, L. (2008). The Role of Cognitive Skills in Economic Development. Journal of Economic Literature, 46(3), 607–668. https://doi.org/10.1257/jel.46.3.607
  • International Energy Agency. (2021). World Energy Outlook 2021. OECD/IEA. https://www.iea.org/reports/world-energy-outlook-2021
  • Jackson, T. (2009). Prosperity Without Growth: Economics for a Finite Planet. Earthscan.
  • Klasen, S., & Lamanna, F. (2009). The İmpact of Gender Inequality in Education and Employment on Economic Growth: New Evidence for a Panel of Countries. Feminist Economics, 15(3), 91–132. https://doi.org/10.1080/13545700902893106
  • Mankiw, N. G. (2016). Principles of Economics (7th ed.). Cengage Learning.
  • McKinsey & Company. (2021). Economic Growth for the Good of All: Sustainable and Inclusive. https://www.mckinsey.com/featured-insights/sustainable-inclusive-growth/our-future-lives-and-livelihoods-sustainable-and-inclusive-and-growing
  • Naimoğlu, M. (2024). Road map from dirty growth to sustainable green growth in Türkiye. Journal of Environmental Management, 360, 120805. https://doi.org/10.1016/j.jenvman.2024.120805
  • Obstfeld, M., & Rogoff, K. (1995). The Intertemporal Approach to the Current Account. In G. M. Grossman and K. Rogoff (Eds.), Handbook of International Economics
  • OECD. (2001). The Well-Being of Nations: The Role of Human and Social Capital. OECD Publishing. https://doi.org/10.1787/9789264189515-en
  • OECD. (2015). Frascati Manual 2015: Guidelines for Collecting and Reporting Data on Research and Experimental Development. OECD Publishing. https://doi.org/10.1787/9789264239012-en
  • Romer, P. M. (1990). Endogenous Technological Change. Journal of Political Economy, 98(5), S71–S102. https://doi.org/10.1086/261725
  • Rusu, R., & Oprean-Stan, C. (2025). The Impact of Digitalisation and Sustainability on Inclusiveness: Inclusive Growth Determinants. arXiv preprint arXiv:2501.07880.
  • Social Progress Imperative (2021). Social Progress Index 2021. https://www.socialprogress.org/
  • Solow, R. M. (1956). A Contribution to the Theory of Economic Growth. Quarterly Journal of Economics, 70(1), 65–94. https://doi.org/10.2307/1884513
  • Sovacool, B. K. (2016). How Long Will It Take? Conceptualizing the Temporal Dynamics of Energy Transitions. Energy Research and Social Science, 13, 202–215. https://doi.org/10.1016/j.erss.2015.12.020
  • Stojkoski, V., Koch, P., & Hidalgo, C. A. (2022). Multidimensional Economic Complexity: How the Geography of Trade, Technology, and Research Explain Inclusive Green Growth (No. 2228). Utrecht University, Department of Human Geography and Spatial Planning, Group Economic Geography.
  • Tapio, P. (2005). Towards a Theory of Decoupling: Degrees of Decoupling in the EU and the Case of Road Traffic in Finland between 1970 and 2001. Transport Policy, 12(2), 137–151. https://doi.org/10.1016/j.tranpol.2005.01.001
  • United Nations Development Programme (UNDP). (2020). Human Development Report 2020: The Next Frontier – Human Development and the Anthropocene. United Nations Publications. https://hdr.undp.org
  • United Nations Development Programme (UNDP). (2025). Sustainable Development Goals, https://www.undp.org/sustainable-development-goals?utm_source=chatgpt.com Access date:11.05.2025
  • United Nations Environment Programme (2018). Inclusive Wealth Report 2018. https://www.unep.org/resources/inclusive-wealth-report-2018
  • United Nations. (2015). Transforming Our World: The 2030 Agenda for Sustainable Development. https://sdgs.un.org/goals/goal5
  • World Bank. (2009). Global Development Finance 2009: Charting A Global Recovery (Vol. 1: Review, Analysis, and Outlook). The World Bank. https://doi.org/10.1596/978-0-8213-7874-5
  • World Bank. (2012). Inclusive Green Growth: The Pathway to Sustainable Development. World Bank Publications.
  • World Bank. (2019). The Changing Nature of Work (World Development Report). https://www.worldbank.org/en/publication/wdr2019
  • World Bank. (2020). World Development Indicators 2020. The World Bank.
  • World Bank. (2022). Tracking SDG 7: The Energy Progress Report 2022. International Renewable Energy Agency (IRENA), IEA, UN Stats. https://trackingsdg7.esmap.org
  • World Bank. (2022). World Development Indicators. https://databank.worldbank.org/source/world-development-indicators
  • World Commission on Environment and Development. (1987). Our Common Future. Oxford University Press.
  • World Economic Forum (2018). The Inclusive Development Index 2018. https://www.weforum.org/reports/the-inclusive-development-index-2018
  • Xin C, Fan S, Mbanyele W, & Shahbaz M. (2023). Towards inclusive green growth: does digital economy matter? Environ Sci Pollut Res Int. 2023 Jun;30(27):70348-70370. doi: 10.1007/s11356-023-27357-8. Epub 2023 May 6. PMID: 37148510; PMCID: PMC10163300. https://pmc.ncbi.nlm.nih.gov/articles/PMC10163300/
  • Zhang, C., & Da, Y. (2015). The Decomposition of Energy-Related Carbon Emission and its Decoupling With Economic Growth in China. Renewable and Sustainable Energy Reviews, 41, 1255–1266. https://doi.org/10.1016/j.rser.2014.09.021

Türkiye'de Çok Boyutlu Büyümenin Ölçülmesi: Sürdürülebilir ve Kapsayıcı Ekonomik Büyüme (SIEG) Endeksi

Year 2025, Issue: 124, 103 - 121, 01.10.2025

Demet Özocaklı

Abstract

Bu çalışma, Türkiye'nin büyüme performansını değerlendirmek için nicel ölçütlerin yanı sıra sürdürülebilirlik ve kapsayıcılığı da içeren çok boyutlu bir endeks geliştirmektedir. Sürdürülebilir ve Kapsayıcı Ekonomik Büyüme (SKEB) Endeksi ekonomik, sosyal ve sürdürülebilirlik göstergelerini bütüncül bir çerçevede bir araya getirmektedir. Endeks, eğitim seviyesi, gelir eşitsizliği, kadın ve gençlerin işgücüne katılımı, Ar-Ge harcamaları, işgücü verimliliği ve yenilenebilir enerjinin payı dahil olmak üzere on değişken üzerine inşa edilmiştir. Temel Bileşenler Analizi kullanılarak yaratılan SKEB endeksi 1992-2023 yıllarını kapsayan verilerle oluşturulmuştur. Sonuçlar, Türkiye'nin uzun vadeli büyümesinin sürdürülebilirlik ve kapsayıcılık açısından kayda değer kesintilerle karşı karşıya kaldığını ve 2010 yılından sonra daha belirgin bir yapısal dönüşümün ortaya çıktığını göstermektedir. Çalışma, büyüme politikalarının yalnızca GSYH'ye odaklanmak yerine niteliksel ve kapsayıcı yaklaşımları vurgulaması gerektiğini önermektedir. SKEB Endeksi, politika yapıcılar için güçlü bir karar destek aracı sunmaktadır.

Keywords

Sürdürülebilir Ekonomik Büyüme Kapsayıcı Ekonomik Büyüme Temel Bileşenler Analizi

References

  • Acs, Z. J., & Audretsch, D. B. (1990). Innovation and small firms. MIT Press.
  • Akagündüz, H. K. (2022). Sürdürülebilir kalkınma yolunda yeşil ekonomi: Türkiye üzerine ampirik bir çalışma (Yüksek Lisans Tezi). Uludağ Üniversitesi, Sosyal Bilimler Enstitüsü.
  • Alesina, A., & Rodrik, D. (1994). Distributive Politics and Economic Growth. The Quarterly Journal of Economics, 109(2), 465–490. https://doi.org/10.2307/2118470OECD. (2022). Income inequality (indicator). https://data.oecd.org/inequality/income-inequality.htm
  • Asian Development Bank (2015). Inclusive Green Growth Index. https://greengrowthindex.gggi.org/wp-content/uploads/2020/02/08_Comparison_with_other_green_growth_indices.pdf
  • Barro, R. J., & Lee, J. W. (2013). A New Dataset of Educational Attainment in the World, 1950–2010. Journal of Development Economics, 104, 184–198. https://doi.org/10.1016/j.jdeveco.2012.10.001
  • Barro, R. J., & Sala-i-Martin, X. (2004). Economic Growth (2nd ed.). MIT Press.
  • Bynner, J., & Parsons, S. (2002). Social Exclusion and the Transition From School to Work: The Case of Young People Not in Education, Employment or Training (NEET). Journal of Vocational Behavior, 60(2), 289–309. https://doi.org/10.1006/jvbe.2001.1868
  • Coe, D. T., & Helpman, E. (1995). International R&D Spillovers. European Economic Review, 39(5), 859–887. https://doi.org/10.1016/0014-2921(94)00100-E
  • Commission on Growth and Development. (2008). The Growth Report: Strategies for Sustained Growth and Inclusive Development. World Bank.
  • Cubeddu, L., Tytell, I., Wang, H., & Zhang, J. (2013). External Balance Assessment (EBA) Methodology: Technical Background (IMF Working Paper No. WP/13/272). International Monetary Fund. https://www.imf.org/external/pubs/ft/wp/2013/wp1372.pdf
  • Elder, S., & Kring, S. D. (2016). Young and Female – A Double Strike? Gender Analysis of School-to-Work Transition Surveys in 32 Developing Countries. International Labour Organization. https://www.ilo.org/global/publications/WCMS_508938/lang--en/index.htm
  • Gini, C. (1921). Measurement of Inequality of Incomes. The Economic Journal, 31(121), 124–126. https://doi.org/10.2307/2223319
  • Global Green Growth Institute (2022). Green Growth Index 2022. https://greengrowthindex.gggi.org/
  • Gönenç, R., Röhn, O., & Koen, V. (2014). Fostering inclusive growth in Turkey by promoting structural change in the business sector. OECD Economics Department Working Papers, (1127), 1–32. https://doi.org/10.1787/5jxx0554v07c-en
  • Hamilton, J. D. & Xi, J. (2024). Principal component analysis for a mix of stationary and nonstationary variables. NBER Working Paper No. w32068, Available at SSRN: https://ssrn.com/abstract=4702282.
  • Hamilton, J. D., & Xi, J. (2022), Principal Component Analysis for Nonstationary Series, Working Paper, UC San Diego.
  • Hanushek, E. A., & Woessmann, L. (2008). The Role of Cognitive Skills in Economic Development. Journal of Economic Literature, 46(3), 607–668. https://doi.org/10.1257/jel.46.3.607
  • International Energy Agency. (2021). World Energy Outlook 2021. OECD/IEA. https://www.iea.org/reports/world-energy-outlook-2021
  • Jackson, T. (2009). Prosperity Without Growth: Economics for a Finite Planet. Earthscan.
  • Klasen, S., & Lamanna, F. (2009). The İmpact of Gender Inequality in Education and Employment on Economic Growth: New Evidence for a Panel of Countries. Feminist Economics, 15(3), 91–132. https://doi.org/10.1080/13545700902893106
  • Mankiw, N. G. (2016). Principles of Economics (7th ed.). Cengage Learning.
  • McKinsey & Company. (2021). Economic Growth for the Good of All: Sustainable and Inclusive. https://www.mckinsey.com/featured-insights/sustainable-inclusive-growth/our-future-lives-and-livelihoods-sustainable-and-inclusive-and-growing
  • Naimoğlu, M. (2024). Road map from dirty growth to sustainable green growth in Türkiye. Journal of Environmental Management, 360, 120805. https://doi.org/10.1016/j.jenvman.2024.120805
  • Obstfeld, M., & Rogoff, K. (1995). The Intertemporal Approach to the Current Account. In G. M. Grossman and K. Rogoff (Eds.), Handbook of International Economics
  • OECD. (2001). The Well-Being of Nations: The Role of Human and Social Capital. OECD Publishing. https://doi.org/10.1787/9789264189515-en
  • OECD. (2015). Frascati Manual 2015: Guidelines for Collecting and Reporting Data on Research and Experimental Development. OECD Publishing. https://doi.org/10.1787/9789264239012-en
  • Romer, P. M. (1990). Endogenous Technological Change. Journal of Political Economy, 98(5), S71–S102. https://doi.org/10.1086/261725
  • Rusu, R., & Oprean-Stan, C. (2025). The Impact of Digitalisation and Sustainability on Inclusiveness: Inclusive Growth Determinants. arXiv preprint arXiv:2501.07880.
  • Social Progress Imperative (2021). Social Progress Index 2021. https://www.socialprogress.org/
  • Solow, R. M. (1956). A Contribution to the Theory of Economic Growth. Quarterly Journal of Economics, 70(1), 65–94. https://doi.org/10.2307/1884513
  • Sovacool, B. K. (2016). How Long Will It Take? Conceptualizing the Temporal Dynamics of Energy Transitions. Energy Research and Social Science, 13, 202–215. https://doi.org/10.1016/j.erss.2015.12.020
  • Stojkoski, V., Koch, P., & Hidalgo, C. A. (2022). Multidimensional Economic Complexity: How the Geography of Trade, Technology, and Research Explain Inclusive Green Growth (No. 2228). Utrecht University, Department of Human Geography and Spatial Planning, Group Economic Geography.
  • Tapio, P. (2005). Towards a Theory of Decoupling: Degrees of Decoupling in the EU and the Case of Road Traffic in Finland between 1970 and 2001. Transport Policy, 12(2), 137–151. https://doi.org/10.1016/j.tranpol.2005.01.001
  • United Nations Development Programme (UNDP). (2020). Human Development Report 2020: The Next Frontier – Human Development and the Anthropocene. United Nations Publications. https://hdr.undp.org
  • United Nations Development Programme (UNDP). (2025). Sustainable Development Goals, https://www.undp.org/sustainable-development-goals?utm_source=chatgpt.com Access date:11.05.2025
  • United Nations Environment Programme (2018). Inclusive Wealth Report 2018. https://www.unep.org/resources/inclusive-wealth-report-2018
  • United Nations. (2015). Transforming Our World: The 2030 Agenda for Sustainable Development. https://sdgs.un.org/goals/goal5
  • World Bank. (2009). Global Development Finance 2009: Charting A Global Recovery (Vol. 1: Review, Analysis, and Outlook). The World Bank. https://doi.org/10.1596/978-0-8213-7874-5
  • World Bank. (2012). Inclusive Green Growth: The Pathway to Sustainable Development. World Bank Publications.
  • World Bank. (2019). The Changing Nature of Work (World Development Report). https://www.worldbank.org/en/publication/wdr2019
  • World Bank. (2020). World Development Indicators 2020. The World Bank.
  • World Bank. (2022). Tracking SDG 7: The Energy Progress Report 2022. International Renewable Energy Agency (IRENA), IEA, UN Stats. https://trackingsdg7.esmap.org
  • World Bank. (2022). World Development Indicators. https://databank.worldbank.org/source/world-development-indicators
  • World Commission on Environment and Development. (1987). Our Common Future. Oxford University Press.
  • World Economic Forum (2018). The Inclusive Development Index 2018. https://www.weforum.org/reports/the-inclusive-development-index-2018
  • Xin C, Fan S, Mbanyele W, & Shahbaz M. (2023). Towards inclusive green growth: does digital economy matter? Environ Sci Pollut Res Int. 2023 Jun;30(27):70348-70370. doi: 10.1007/s11356-023-27357-8. Epub 2023 May 6. PMID: 37148510; PMCID: PMC10163300. https://pmc.ncbi.nlm.nih.gov/articles/PMC10163300/
  • Zhang, C., & Da, Y. (2015). The Decomposition of Energy-Related Carbon Emission and its Decoupling With Economic Growth in China. Renewable and Sustainable Energy Reviews, 41, 1255–1266. https://doi.org/10.1016/j.rser.2014.09.021
There are 47 citations in total.

Details

Primary Language English
Subjects Growth
Journal Section Articles
Authors

Demet Özocaklı 0000-0003-3766-7012

Early Pub Date September 30, 2025
Publication Date October 1, 2025
Submission Date May 30, 2025
Acceptance Date September 30, 2025
Published in Issue Year 2025 Issue: 124

Cite

APA Özocaklı, D. (2025). Measuring Multidimensional Growth in Turkey: Sustainable and Inclusive Economic Growth (SIEG) Index. Maliye Ve Finans Yazıları(124), 103-121. https://doi.org/10.33203/mfy.1710133
AMA Özocaklı D. Measuring Multidimensional Growth in Turkey: Sustainable and Inclusive Economic Growth (SIEG) Index. Maliye ve Finans Yazıları. October 2025;(124):103-121. doi:10.33203/mfy.1710133
Chicago Özocaklı, Demet. “Measuring Multidimensional Growth in Turkey: Sustainable and Inclusive Economic Growth (SIEG) Index”. Maliye Ve Finans Yazıları, no. 124 (October 2025): 103-21. https://doi.org/10.33203/mfy.1710133.
EndNote Özocaklı D (October 1, 2025) Measuring Multidimensional Growth in Turkey: Sustainable and Inclusive Economic Growth (SIEG) Index. Maliye ve Finans Yazıları 124 103–121.
IEEE D. Özocaklı, “Measuring Multidimensional Growth in Turkey: Sustainable and Inclusive Economic Growth (SIEG) Index”, Maliye ve Finans Yazıları, no. 124, pp. 103–121, October2025, doi: 10.33203/mfy.1710133.
ISNAD Özocaklı, Demet. “Measuring Multidimensional Growth in Turkey: Sustainable and Inclusive Economic Growth (SIEG) Index”. Maliye ve Finans Yazıları 124 (October2025), 103-121. https://doi.org/10.33203/mfy.1710133.
JAMA Özocaklı D. Measuring Multidimensional Growth in Turkey: Sustainable and Inclusive Economic Growth (SIEG) Index. Maliye ve Finans Yazıları. 2025;:103–121.
MLA Özocaklı, Demet. “Measuring Multidimensional Growth in Turkey: Sustainable and Inclusive Economic Growth (SIEG) Index”. Maliye Ve Finans Yazıları, no. 124, 2025, pp. 103-21, doi:10.33203/mfy.1710133.
Vancouver Özocaklı D. Measuring Multidimensional Growth in Turkey: Sustainable and Inclusive Economic Growth (SIEG) Index. Maliye ve Finans Yazıları. 2025(124):103-21.
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