The Impact of Foreign Direct Investment on Economic Growth in the MENA Region

Öz

Economic growth is one of the basic objectives of countries' economic programs, which is influenced by various factors such as the amount of capital available. Attracting capital and foreign direct investment is an important way to accelerate the economy towards development and job creation, which can be considered an engine of economic growth and development. Considering the special importance of foreign direct investment (FDI) in economic growth, this article examines the impact of FDI on economic growth. For this purpose, the data of some countries in the Middle East and North Africa (Egypt, Saudi Arabia, Morocco, Jordan, Tunisia, Iran, Turkey, and Yemen) were selected for the period from 1980 to 2020. A second-generation panel cointegration method was used to achieve the study's objective. According to the results, the impact of FDI on economic growth in Egypt, Saudi Arabia, Morocco, Tunisia, Turkey, and Yemen during the study period is positive and statistically significant. In Jordan and Iran, FDI was found to have no impact on economic growth. Moreover, the impact of capital stock and labor on the economic growth of member countries is positive and significant, except in Tunisia, Egypt, Jordan, and Yemen.

Anahtar Kelimeler

• Panel Data
• Panel Cointegration
• Economic Growth
• Foreign Direct Investment

MENA Bölgesinde Doğrudan Yabancı Yatırımın Ekonomik Büyüme Üzerindeki Etkisi

Öz

Ekonomik büyüme, mevcut sermaye miktarı gibi çeşitli faktörlerden etkilenen ülkelerin ekonomik programlarının temel hedeflerinden biridir. Sermayeyi ve doğrudan yabancı yatırımı çekmek, ekonomiyi kalkınmaya ve istihdam yaratmaya doğru hızlandırmanın önemli bir yoludur. Bu, aynı zamanda ekonomik büyüme ve kalkınmanın motoru olarak da düşünülebilir. Doğrudan Yabancı Yatırımın (DYY) ekonomik büyüme üzerindeki özel önemi göz önüne alındığında, bu makale doğrudan yabancı yatırımın ekonomik büyüme üzerindeki etkisini incelemektedir. Bu amaçla 1980-2020 dönemi için Ortadoğu ve Kuzey Afrika bölgesindeki bazı ülkeler (Mısır, Suudi Arabistan, Fas, Ürdün, Tunus, İran, Türkiye ve Yemen) seçilmiştir. Araştırmanın amacına ulaşmak için panel eşbütünleşme yönteminin ikinci nesil metodolojisi kullanılmıştır. Elde edilen bulgulara göre, inceleme döneminde Mısır, Suudi Arabistan, Fas, Tunus, Türkiye ve Yemen'de doğrudan yabancı yatırımların ekonomik büyüme üzerindeki etkileri pozitif ve istatistiksel olarak anlamlıdır. Ürdün ve İran'da ise doğrudan yabancı yatırımların ekonomik büyüme üzerinde herhangi bir etkisinin olmadığı tespit edilmiştir. Ayrıca, sermaye stoku ve işgücü Tunus, Mısır, Ürdün ve Yemen dışında üye ülkelerin ekonomik büyümelerini pozitif ve anlamlı olarak etkilemektedir.

Anahtar Kelimeler

• Panel Veri
• Panel Eşbütünleşme
• Ekonomik Büyüme
• Doğrudan Yabancı Yatırım

Kaynakça

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