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Effect of ICT and Urbanization on Economic Growth: New Insight from OIC Countries

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  • Muhammad Noshab Hussain
  • Zaiyang Li
  • Shaohua Yang
  • Mouna Benabdejelil

Abstract

This paper examines the relationship between ICT, urbanization, and economic development. The context of the analysis is the Organization of Islamic Countries from 1997 to 2019. We develop an original empirical approach based on principal component analysis to generate ICT index. To mitigate any endogenous issue, we utilize the instrumental variable generalized method of moments. Further, we use pooled mean group estimation to check the short-run and long-run relationships between the variables. Our results have two significant implications. First, we demonstrate the favorable influence of ICT on economic growth in OIC nations in both the short and long term. Second, both urbanization and economic growth have a clear and substantial impact in the short and long term. Finally, our analysis supports the feedback hypothesis between ICT and economic growth. These novel empirical findings will help policymakers design ICT development policies to fulfill sustainable economic development in OIC countries.

Suggested Citation

  • Muhammad Noshab Hussain & Zaiyang Li & Shaohua Yang & Mouna Benabdejelil, 2024. "Effect of ICT and Urbanization on Economic Growth: New Insight from OIC Countries," Journal of Global Information Technology Management, Taylor & Francis Journals, vol. 27(2), pages 100-118, April.
    • Handle: RePEc:taf:ugitxx:v:27:y:2024:i:2:p:100-118
    DOI: 10.1080/1097198X.2024.2327921
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