Impact of Macroeconomic and Financial Indicators on Economic Growth: A Case of Eight Eurasian Countries

Abstract

This study examines the multifaceted determinants of GDP growth in eight Eurasian countries (Azerbaijan, Kazakhstan, Kyrgyz Republic, Mongolia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan) focusing on the interplay of macroeconomic and financial indicators, labor markets, demographics, and trade. The research aims to provide a comprehensive analysis of the factors influencing economic growth in the Eurasian region and to offer insights for policymakers. Utilizing a panel data analysis approach over a specified time span from 1993 to 2020, the study explores the individual as well as the collective impacts of these factors on GDP growth, considering both country-specific effects and time trends. The study's findings underscore the significance of macroeconomic stability, characterized by low inflation rates and high industrial concentration in domestic GDP, in fostering GDP growth. Furthermore, the analysis highlights the anticipated substantial impact of labor market dynamics, as measured by unemployment levels, on economic growth. The study also underscores the significance of demographic trends, such as population growth and urbanization, in driving GDP growth. Furthermore, it is anticipated that trade openness and financial market development will have a positive effect on GDP growth in the Eurasian region. These expectations underscore the complex nature of economic growth in Eurasian countries, and the empirical results imply that policymakers should consider a comprehensive approach that addresses various factors to promote sustainable economic development in the long run.

Makroekonomik ve Finansal Göstergelerin Ekonomik Büyüme Üzerindeki Etkisi: Sekiz Avrasya Ülkesini Kapsayan Bir Analiz

Özet

Bu çalışma, makroekonomik ve finansal göstergeler, işgücü piyasaları, demografi ve ticaretin karşılıklı etkileşimine odaklanarak, GSMH büyümesinin çok yönlü belirleyicilerini sekiz Avrasya ülkesi çerçevesinde (Azerbaycan, Kazakistan, Kırgızistan Cumhuriyeti, Moğolistan, Tacikistan, Türkmenistan, Ukrayna, Özbekistan) incelemektedir. Araştırma, Avrasya bölgesinde ekonomik büyümeyi etkileyen faktörlerin kapsamlı bir analizini sunmayı ve politika yapıcılara içgörü sağlamayı amaçlamaktadır. Çalışma, 1993'ten 2020'ye kadar olan zaman aralığında panel veri analizi yaklaşımı kullanarak ve hem ülkeye özgü etkileri hem de zaman eğilimlerini dikkate alarak, bu faktörlerin GSMH büyümesi üzerindeki gerek ayrı ayrı ve gerekse topluca birlikte etkilerini araştırmaktadır. Çalışmanın bulguları, düşük enflasyon oranları ve yurtiçi GSMH içindeki yüksek sanayi yoğunluğu ile karakterize edilen makroekonomik istikrarın, GSMH büyümesini teşvik etmedeki öneminin altını çizmektedir. Bu bulguların analizi, işsizlik seviyeleri ile ölçülen işgücü piyasası dinamiklerinin ekonomik büyüme üzerindeki beklenen önemli etkisini de vurgulamaktadır. Çalışma, aynı zamanda, nüfus artışı ve kentleşme gibi demografik eğilimlerin GSMH büyümesini yönlendirmedeki önemine dikkat çekmektedir. Ayrıca, ticarete açıklık ve gelişmiş finansal piyasaların Avrasya bölgesinde ekonomik büyümeye pozitif etkilerinin olacağını beklemektedir. Bu beklentiler, Avrasya ülkelerindeki ekonomik büyümenin karmaşık yapısının altını çizmekte ve ampirik sonuçlar, politika yapıcıların uzun vadede sürdürülebilir ekonomik kalkınmayı teşvik etmek için çeşitli faktörleri ele alan kapsamlı bir yaklaşımı dikkate almaları gerektiğini ima etmektedir.

Asst. Prof. Dr. Mert Gül (Istanbul Beykent University, Istanbul, Türkiye)
0000-0002-6605-3274  mertgul@beykent.edu.tr

Submitted on: 2024-11-10 Accepted on: 2025-01-12

Year:2025 - Volume:4 Issue:1 Pages: 7-15

DOI: https://doi.org/10.36880/J04.1.0134

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APA style citation: Gül, M. (2025). Impact of Macroeconomic and Financial Indicators on Economic Growth: A Case of Eight Eurasian Countries. Journal of Eurasian Economies, 4(1), 7-15.

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