Özet:

In this study, the impact of defence spending on growth was studied. Employment, fixed capital investments and defence spending of 26 NATO countries were used as independent variables, while GDP was used as dependent variables. The annual data used in the study for the period 1991-2016 were obtained from the World Bank (WB), the International Monetary Fund (IMF), the International Work Organization (ILO) and the Stockholm International Institute for Peace Research (SIPRI). The long-term ratio between the variables used in the analysis was predicted with the help of the Panel AMG predictor. The study found that fixed capital investments, employment and defence spending influenced growth in the long term. The impact of fixed capital investment and employment on growth is in the positive direction, while defence spending is in the negative direction. In the framework of this conclusion, it can be said that it is appropriate to determine the optimal value of defence spending in national income and then to draw the high value of defence spending to the optimal value that will create and promote growth with strategic defence management and effective supply chain management.