ENERJİ TÜKETİMİ VE EKONOMİK BÜYÜME İLİŞKİSİNİN PANEL EKONOMETRİK ANALİZİ: BRIC ÜLKELERİ ÖRNEĞİ

Abstract

Various changes have occurred in many fields in countries during globalization. In the economic field, relationships between countries have developed, and the trade and investment environment has expanded. Industries have entered a highly developmental environment, competition has increased in some sectors, the global production and supply chain has changed, and production has become more integrated. International trade and investments have grown, communication has accelerated with technological development, and international cooperation has strengthened. While some countries have become economically stronger, others have become dependent on countries rich in natural resources. One of the most important areas of this dependence is energy dependence, which is experienced as a result of the increase in energy demand sensitive to production increase. This is because the increase in production is directly related to energy input. This study investigates the relationship between energy consumption and economic growth in BRIC countries, which exhibit similar characteristics in terms of various macroeconomic indicators. The results obtained from dynamic panel data methods using annual data for the period 1990-2020 reveal that a 1% increase in energy consumption across the panel in the countries included in the analysis increases economic growth by 1.46%. Therefore, energy constitutes one of the most important inputs for economic growth.