The effect of technological development on economic growth: The case of G-7 countries and Turkey

There is no doubt that the rapidly changing and developing technology factor today can affect the future of humanity as well as the future of the countries' economies. It is possible to say that countries that have managed to adapt to the Industrial Revolution process more quickly than other countries, both economically and socially, are in a better position than countries that are relatively late to adapt to these changes and developments. The technology factor, which is in continuous development with the fact that information is more easily accessible every day for the whole world, will also have an economic effect by affecting the technique, knowledge and efficiency that countries use in their production. Also considering that the customer needs increases linearly with the world population, the countries that can satisfy these needs in the best and fastest way possible will be in a more advantageous position than their competitors. In this study, to analyze the effects of the G-7 Countries and Turkey's technological sophistication on their economic growth, we are going to evaluate the Research and Development (R&D) indicators and the changes in the macroeconomic indicators between 1990 and 2019.