Abstract:

In developing countries with high growth rates, this rapid growth trend is often discussed in literature whether it is sustainable. For growth rates to follow an increasing trend, the use of renewable internal natural resources in the economy has greater importance in continuing growth than renewable resources (Romer, 1996). Therefore, the impact of the natural resource factor, which is limited to supply in the analysis of economic growth, is of great importance. The impact of the natural resource factor on economic growth, especially in developing countries, is studied in the study. For this purpose, panel data tests that take into account horizontal cutting dependency and multi-structualized fractures have to investigate the relationship between natural resources and economic growth in the 1990-2013 years in the development countries. In the econometric analysis of the study, CD tests for horizontal cutting dependency, 1st and 2nd generation unit root tests, Westerlund integration test taking into account structural fractures to investigate the existence of integration, PMG (Pooled Mean Group) and CCEMG (Common Correlated Effects-Mean Group) tests based on the Panel ARDL model to predict long-term ratings are applied. According to the results of economic analysis, there is a positive and meaningful relationship between natural capital and economic growth in the long and short term. In the context of this conclusion, policy makers arise the need to create long-term economic programmes taking into account natural resources in order to economic development in developing countries.