The effects of social capital on economic growth: The case of BRICST countries

This study empirically analyzes the effects of social capital on economic growth in the context of BRICST countries. Social capital is evaluated as a multi-dimensional and strategic concept that increases the efficiency of economic relations through elements such as trust, mutual cooperation, social networks, and social participation. With the increasing interest in the impact of social-based factors on economic performance in recent years, social capital has emerged as one of the significant determinants of economic growth. The findings obtained based on panel data analysis for the period 2006-2022 in the study indicate that social capital has a positive and statistically significant effect on economic growth. The analysis results suggest that economic growth is stronger in countries with higher levels of social capital. This situation reveals that social capital is one of the fundamental elements contributing to economic development in developing countries. The results of the study show that development policies that prioritize social capital can be effective in achieving sustainable growth targets. Strengthening social ties and cooperation-based structures can provide supportive contributions to economic performance. Furthermore, the sharing of social capital-based experiences and regional collaborations among BRICST countries can contribute to the development of social capital and the support of economic growth. Keywords: Social capital, economic growth, BRICST countries, panel data analysis