Spread of ICT Importing, Macroeconomic Variables, and Economic Growth: A GMM Approach (Case of OPEC)

Investigating the status of average per capita income, shows that the OPEC countries, in spite of high rate of investment, compared to non-oil developing countries, have had a lower growth rate. This is a remarkable and controversial issue for these countries. In order to measure the degree of ICT sector and economic growth, in these countries, this article used Panel-GMM approach and appropriate growth models, for the period of 2000 to 2013, of 11 OPEC countries. The results showed that an increment of one percent in spread of ICT import, the number of internet and mobile users, FDI and fixed capital formation variables, economic growth would increased by 0.16 to 0.47 per cent. Also, the effect of inflation rate was negative, the impact of trained and active work force was positive. Moreover, higher education has had a positive effect on economic growth. All signs are in accordance with the theory and the previous research findings.