Akademik Veri Yönetim Sistemi
International Journal of Hydrogen Energy, cilt.119, ss.406-415, 2025 (SCI-Expanded)
This study is motivated by the need to understand the key macroeconomic determinants influencing economic growth in emerging and developing economies, particularly in the context of globalization, financial integration, and policy shifts over the past two decades. Despite significant economic transformations, disparities in growth patterns persist among countries, necessitating a deeper analysis of the underlying factors driving these variations. The primary objective of this research is to examine the impact of trade openness, investment, inflation, and financial development on economic growth in a panel of selected countries over the period 2005–2024. Using the Generalized Method of Moments (GMM) panel model, the study focuses on a group of economies, including China, Turkey, India, Brazil, Russia, Indonesia, Mexico, South Africa, Thailand, and Malaysia. The results indicate that (1) trade openness and investment significantly enhance economic growth, (2) inflation exerts a negative impact on growth, (3) financial development contributes to economic expansion but with diminishing returns in some cases, (4) external shocks, such as global crises, have varying effects across countries, and (5) institutional quality plays a crucial role in moderating economic performance. The findings suggest that policymakers should focus on fostering investment-friendly environments, promoting trade liberalization, and ensuring financial stability to sustain long-term economic growth.