The effects of knowledge economy on economic growth: An analysis for BRICS countries and Turkey

Many of today's developed countries have significantly shortened and facilitated this process by utilizing knowledge, innovation and technology in their development processes. Due to this experience of both developed countries and the fact that knowledge economy elements are rapidly developing especially today, many countries that want to increase the economic growth performance and increase the level of welfare, have transferred important resources and produced policies to this field. The knowledge economy is particularly important for developing countries to take the lead in the growth race and to increase living standards . In this context, the aim of the study is to understand how the knowledge economy affects on economic growth in some developing countries. To realize this purpose; Brazil, Russia, India, China, South Africa (BRICS) countries with the Turkey were analyzed by panel data analysis technique using gross domestic product per capita, internet usage rate, education index and patent applications variables for the period of 1995-2017. Looking at the empirical results obtained; with the various elements of the knowledge economy positively influence on economic growth and these results are generally consistent with the literature. According to the results obtained from the study; developing countries, wanting to grow their economies and increase their competitiveness and living standards in today's fast and knowledge-based world, need to increase the importance they attach to the knowledge economy elements, produce policies for their economic and socio-cultural structures in this field and cooperate with each other on an international scale.