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 çal??ma, makroekonomik ve finansal göstergeler, i?gücü piyasalar?, demografi ve ticaretin kar??l?kl? etkile?imine odaklanarak, GSMH büyümesinin çok yönlü belirleyicilerini sekiz Avrasya ülkesi çerçevesinde (Azerbaycan, Kazakistan, K?rg?zistan Cumhuriyeti, Mo?olistan, Tacikistan, Türkmenistan, Ukrayna, Özbekistan) incelemektedir. Ara?t?rma, Avrasya bölgesinde ekonomik büyümeyi etkileyen faktörlerin kapsaml? bir analizini sunmay? ve politika yap?c?lara içgörü sa?lamay? amaçlamaktad?r. Çal??ma, 1993'ten 2020'ye kadar olan zaman aral???nda panel veri analizi yakla??m? kullanarak ve hem ülkeye özgü etkileri hem de zaman e?ilimlerini dikkate alarak, bu faktörlerin GSMH büyümesi üzerindeki gerek ayr? ayr? ve gerekse topluca birlikte etkilerini ara?t?rmaktad?r. Çal??man?n bulgular?, dü?ük enflasyon oranlar? ve yurtiçi GSMH içindeki yüksek sanayi yo?unlu?u ile karakterize edilen makroekonomik istikrar?n, GSMH büyümesini te?vik etmedeki öneminin alt?n? çizmektedir. Bu bulgular?n analizi, i?sizlik seviyeleri ile ölçülen i?gücü piyasas? dinamiklerinin ekonomik büyüme üzerindeki beklenen önemli etkisini de vurgulamaktad?r. Çal??ma, ayn? zamanda, nüfus art??? ve kentle?me gibi demografik e?ilimlerin GSMH büyümesini yönlendirmedeki önemine dikkat çekmektedir. Ayr?ca, ticarete aç?kl?k ve geli?mi? finansal piyasalar?n Avrasya bölgesinde ekonomik büyümeye pozitif etkilerinin olaca??n? beklemektedir. Bu beklentiler, Avrasya ülkelerindeki ekonomik büyümenin karma??k yap?s?n?n alt?n? çizmekte ve ampirik sonuçlar, politika yap?c?lar?n uzun vadede sürdürülebilir ekonomik kalk?nmay? te?vik etmek için çe?itli faktörleri ele alan kapsaml? bir yakla??m? dikkate almalar? gerekti?ini 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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