Abstract: Economic growth is a tool for measuring the development and progress of countries, and technological innovation is one of the factors affecting economic growth and contributes to the development and modernization of production methods. Therefore, technological innovation is the main driver of economic growth and human progress. Thus, spending on innovation, research and development, and investment in innovation supports competition and progress. Accordingly, sustainable economic growth is achieved. This ensures the preservation of resources for future generations and the achievement of economic and social growth. Moreover, a sustainable educational level of the workforce will be ensured, investment in research, creation of new products, and investor access to stock markets will be ensured through the development of the public and private sectors and the improvement of people's living conditions. Our study was conducted using multiple regression models, for twenty countries represented in developing countries during the period 1990-2018. We used various variables to assess total technological innovation, such as educational spending, number of patents for residents, non-resident, R&D expenditures, number of researchers in R&D, high-tech exports, and scientific and technical research papers. The results indicate that economic growth and technological innovation are in a causality relationship. The study concluded that technological innovation has a direct impact on the sustainability of the country's economic growth, which is why it is so important to adopt strong policies to encourage international investors to allocate capital for development in the developing country.
Keywords: Technological innovation; Economic growth; Panel Models; Research and development; Education; Developing countries
|
