Relationship between education expendituresand economic growth in developed anddeveloping countries: Panel data analysis

This study analyzes the relationship between education expenditures and economic size in the context of developed and developing countries. Education contributes to economic growth by improving the skills of individuals and increasing the quality of the labor force. However, the magnitude and quality of this effect may vary depending on the level of development of countries. In this study, the effects of education expenditures on economic growth in countries with different levels of development are analyzed using panel data analysis. In the analysis, in addition to education expenditures, other macroeconomic variables are also controlled to reach more reliable results. The findings indicate that education expenditures generally have a positive impact on economic growth. In developed countries, the effect of education expenditures is mostly realized through advanced technology and innovation, while in developing countries it is effective through raising the level of basic education and improving the quality of the labor force. Moreover, efficiency and effective utilization of education expenditures play a critical role in boosting economic growth. In conclusion, this study emphasizes the importance of education expenditures on economic growth and provides important findings for policymakers to consider when developing education policies. Increasing education expenditures and managing these expenditures effectively are vital to achieving sustainable economic growth targets for both developed and developing countries. Keywords: Developed Countries, Developing Countries, Economic Growth, Education Expenditures, Panel Data Analysis