The impact of technology on economic growth in Turkey

The Turkish economy has been suffering from trade imbalance for a long time. Exporting high value-added products will diminish Turkey's dependence on foreign resources for capital and imported products. At the same time, it may be possible to divert more resources from gross domestic product (GDP) to R&D funds. Appropriate and efficient usage of technology will help companies innovate and find new areas of employment. As a result, the Turkish economy may have a better chance of obtaining a sustainable economic growth for the longer term. This study concludes that increased R&D expenditures leads to a rise in technology and this in turn contributes positively to economic growth. The results obtained from the study show that technology affects Turkey's economic growth. Therefore, Turkey needs to work harder in the field of technology in order to achieve sustainable growth. Improving the situation and quality of research and development activities in Turkey, encouraging research and development investments by both the government and the business sector should be priority reform movements for Turkey. Policy makers should support science and technology, make institutional arrangements for intellectual property rights and raise the level of education, and make arrangements to increase R&D spending.