espEconomy: strategy and practiceEconomy: strategy and practice1997-99672663-550XИнститут экономики1997-9967-2026-3-6-21esp-2192Research ArticleЭКОНОМИЧЕСКИЙ РОСТ И УСТОЙЧИВОЕ РАЗВИТИЕECONOMIC GROWTH AND SUSTAINABLE DEVELOPMENTДенежные переводы и экономический рост в тюркских республиках и Таджикистане: панельный анализRemittances and Economic Growth in the Turkic Republics and Tajikistan: A Panel Data Analysishttps://orcid.org/0000-0002-1335-7880ОлуклулуС.OlukluluS.

Олуклулу С. –  PhD, доцент, факультет экономики иадминистративных наук

26470, Эскишехир

 

Sedef Oluklulu – PhD, Assistant Professor, Anadolu University, Faculty of Economics and Administrative Sciences

Eskişehir

sedefcelik@anadolu.edu.trhttps://orcid.org/0000-0002-1093-403XАлтынокХ.AltınokH.

Алтынок Х. – PhD, доцент, факультет экономики и административных наук

Эскишехир 

Hatice Altınok – PhD, Assistant Professor, Faculty of Economics and Administrative Sciences

Eskişehir

haltinok@anadolu.edu.trУниверситет АнадолуТурцияAnadolu UniversityTurkey202616102026213621Copyright © Олуклулу С., Алтынок Х., 20262026Олуклулу С., Алтынок Х.Oluklulu S., Altınok H.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://esp.ieconom.kz/jour/article/view/2192

Денежные переводы мигрантов являются важным источником внешнего финансирования для развивающихся экономик, однако их влияние на экономический рост остается неоднозначным. Цель исследования заключается в оценке долгосрочного влияния денежных переводов, прямых иностранных инвестиций, открытости торговли и налоговых доходов на реальный ВВП, а также в выявлении причинно-следственных связей между этими переменными в пяти тюркских республиках (Азербайджане, Казахстане, Кыргызстане, Турции и Узбекистане) и Таджикистане за период 2005–2023 гг. Для анализа применены тесты межстрановой зависимости и однородности коэффициентов, панельные тесты единичного корня, тест коинтеграции Дурбина–Хаусмана, оценки FMOLS и DOLS, а также тест панельной причинности Думитреску–Хёрлина. Результаты показали положительную долгосрочную связь денежных переводов с реальным ВВП: коэффициент составил 10,7917 по FMOLS (p = 0,0137) и 3,8556 по DOLS (p = 0,023). Открытость торговли также имеет положительную и статистически значимую долгосрочную связь с реальным ВВП: соответствующие коэффициенты составили 1,1260 и 1,2183 (p = 0,000 в обоих случаях). В то же время коэффициенты прямых иностранных инвестиций оказались отрицательными: −1,7361 по FMOLS (p = 0,051) и −2,2875 по DOLS (p = 0,088). Полученные результаты подтверждают значимую роль денежных переводов в экономической динамике исследуемых стран и указывают на целесообразность совершенствования механизмов их привлечения в формальный финансовый сектор и направления продуктивного использования. Результаты подчеркивают необходимость развития формальных финансовых каналов, повышения эффективности использования денежных переводов и ориентации внешних финансовых потоков на производительные инвестиции и устойчивый экономический рост.

Migrant remittances are an important source of external financing for developing economies, but their impact on economic growth remains ambiguous. This study aims to examine the long-run effects of remittances, foreign direct investment (FDI), trade openness, and tax revenues on real GDP and to identify causal relationships among these variables in five Turkic Republics (Azerbaijan, Kazakhstan, Kyrgyzstan, Türkiye, and Uzbekistan) and Tajikistan over the period 2005–2023. The analysis employed tests of cross‑country dependence and coefficient homogeneity, panel unit root tests, the Durbin–Hausman cointegration test, FMOLS and DOLS estimates, as well as the Dumitrescu–Hurlin panel causality test. The results showed a positive long‑term relationship between remittances and real GDP: the coefficient was 10.7917 for FMOLS (p = 0.0137) and 3.8556 for DOLS (p = 0.023). Trade openness also has a positive and statistically significant long-term relationship with real GDP: the corresponding coefficients were 1.1260 and 1.2183 (p = 0.000 in both cases). At the same time, the coefficients for foreign direct investment turned out to be negative: −1.7361 for FMOLS (p = 0.051) and −2.2875 for DOLS (p = 0.088). The results obtained confirm the significant role of remittances in the economic dynamics of the countries under study and indicate the feasibility of improving the mechanisms for attracting them into the formal financial sector and for their productive use. The findings underscore the need to develop formal financial channels, improve the efficiency of using money transfers, and direct external financial flows toward productive investments and sustainable economic growth.

экономикаэкономический ростторговая открытостьфинансовая интеграциявнешнее финансированиемежстрановая зависимостьтюркская республикаТаджикистанEconomyEconomic GrowthTrade OpennessFinancial IntegrationExternal FinancingIntercountry DependenceTurkic RepublicTajikistanReferencesAbdulai, A. M. (2023). The impact of remittances on economic growth in Ghana: An ARDL bound test approach. Cogent Economics & Finance, 11(2), 2243189. https://doi.org/10.1080/23322039.2023.2243189Abdulai, A. M. (2023). The impact of remittances on economic growth in Ghana: An ARDL bound test approach. Cogent Economics & Finance, 11(2), 2243189. https://doi.org/10.1080/23322039.2023.2243189Abduvaliev, M., & Bustillo, R. (2020). Impact of remittances on economic growth and poverty reduction amongst CIS countries. Post-Communist Economies, 32(4), 525-546. https://doi.org/10.1080/14631377.2019 .1678094Abduvaliev, M., & Bustillo, R. (2020). Impact of remittances on economic growth and poverty reduction amongst CIS countries. Post-Communist Economies, 32(4), 525-546. https://doi.org/10.1080/14631377.2019 .1678094Aggarwal, R., Demirgüç-Kunt, A., & Peria, M. S. M. (2011). Do remittances promote financial development? Journal of Development Economics, 96(2), 255-264. https://doi.org/10.1016/j.jdeveco.2010.10.005Aggarwal, R., Demirgüç-Kunt, A., & Peria, M. S. M. (2011). Do remittances promote financial development? Journal of Development Economics, 96(2), 255-264. https://doi.org/10.1016/j.jdeveco.2010.10.005Ambrosius, C., Campos-Vázquez, R. M., & Esquivel, G. (2021). What drives remittances during a global shock? Evidence from the COVID-19 pandemic in Mexico (Discussion Paper No. 2021/13). Freie Universität Berlin, School of Business & Economics. https://doi.org/10.17169/refubium-31486Ambrosius, C., Campos-Vázquez, R. M., & Esquivel, G. (2021). What drives remittances during a global shock? Evidence from the COVID-19 pandemic in Mexico (Discussion Paper No. 2021/13). Freie Universität Berlin, School of Business & Economics. https://doi.org/10.17169/refubium-31486Amiti, M., & Konings, J. (2007). Trade liberalization, intermediate inputs, and productivity: Evidence from Indonesia. American Economic Review, 97(5), 1611- 1638. https://doi.org/10.1257/aer.97.5.1611Amiti, M., & Konings, J. (2007). Trade liberalization, intermediate inputs, and productivity: Evidence from Indonesia. American Economic Review, 97(5), 1611- 1638. https://doi.org/10.1257/aer.97.5.1611Alatrash, M. A., Bein, M. A., & Samour, A. (2025). The impact of world uncertainty, environmental policy stringency, and technological innovation on environmental sustainability: evidence from highincome countries. Sustainability, 17(3), 1134. https:// doi.org/10.3390/su17031134Alatrash, M. A., Bein, M. A., & Samour, A. (2025). The impact of world uncertainty, environmental policy stringency, and technological innovation on environmental sustainability: evidence from highincome countries. Sustainability, 17(3), 1134. https:// doi.org/10.3390/su17031134Alfaro, L., Chanda, A., Kalemli-Ozcan, S., & Sayek, S. (2004). FDI and economic growth: the role of local financial markets. Journal of International Economics, 64(1), 89-112. https://doi.org/10.1016/S0022- 1996(03)00081-3Alfaro, L., Chanda, A., Kalemli-Ozcan, S., & Sayek, S. (2004). FDI and economic growth: the role of local financial markets. Journal of International Economics, 64(1), 89-112. https://doi.org/10.1016/S0022- 1996(03)00081-3Asiedu, E. (2002). On the determinants of foreign direct investment to developing countries: is Africa different? World Development, 30(1), 107-119. https:// doi.org/10.1016/S0305-750X(01)00100-0Asiedu, E. (2002). On the determinants of foreign direct investment to developing countries: is Africa different? World Development, 30(1), 107-119. https:// doi.org/10.1016/S0305-750X(01)00100-0Bangaké, C., Avom, D., Ndoya, H., & Adouma, P. (2025). Do remittances increase tax revenues in developing countries? Evidence from the threshold regression models. Applied Economics, 57(38), 5975- 5991. https://doi.org/10.1080/00036846.2024.2374458Bangaké, C., Avom, D., Ndoya, H., & Adouma, P. (2025). Do remittances increase tax revenues in developing countries? Evidence from the threshold regression models. Applied Economics, 57(38), 5975- 5991. https://doi.org/10.1080/00036846.2024.2374458Barajas, A., Chami, R., Fullenkamp, C., Gapen, M. T., & Montiel, P. J. (2009). Do workers' remittances promote economic growth? (IMF Working Paper No. 09/153). International Monetary Fund. https://doi. org/10.5089/9781451873009.001Barajas, A., Chami, R., Fullenkamp, C., Gapen, M. T., & Montiel, P. J. (2009). Do workers' remittances promote economic growth? (IMF Working Paper No. 09/153). International Monetary Fund. https://doi. org/10.5089/9781451873009.001Behzadan, N., & Chisik, R. (2025). The paradox of transfers: distribution and the Dutch disease. Southern Economic Journal, 91(3), 1140-1175. https://doi. org/10.1002/soej.12736Behzadan, N., & Chisik, R. (2025). The paradox of transfers: distribution and the Dutch disease. Southern Economic Journal, 91(3), 1140-1175. https://doi. org/10.1002/soej.12736Benhamou, Z. A., & Cassin, L. (2021). The impact of remittances on savings, capital and economic growth in small emerging countries. Economic Modelling, 94, 789- 803. https://doi.org/10.1016/j.econmod.2020.02.019Benhamou, Z. A., & Cassin, L. (2021). The impact of remittances on savings, capital and economic growth in small emerging countries. Economic Modelling, 94, 789- 803. https://doi.org/10.1016/j.econmod.2020.02.019Bird, G., & Choi, Y. (2020). The effects of remittances, foreign direct investment, and foreign aid on economic growth: an empirical analysis. Review of Development Economics, 24(1), 1-30. https://doi. org/10.1111/rode.12630Bird, G., & Choi, Y. (2020). The effects of remittances, foreign direct investment, and foreign aid on economic growth: an empirical analysis. Review of Development Economics, 24(1), 1-30. https://doi. org/10.1111/rode.12630Combes, J. L., Kinda, T., & Plane, P. (2012). Capital flows, exchange rate flexibility, and the real exchange rate. Journal of Macroeconomics, 34(4), 1034-1043. https://doi.org/10.1016/j.jmacro.2012.08.001Combes, J. L., Kinda, T., & Plane, P. (2012). Capital flows, exchange rate flexibility, and the real exchange rate. Journal of Macroeconomics, 34(4), 1034-1043. https://doi.org/10.1016/j.jmacro.2012.08.001Dritsaki, M., & Dritsaki, C. (2020). Trade openness and economic growth: a panel data analysis of Baltic countries. Asian Economic and Financial Review, 10(3), 313-324. https://doi.org/10.18488/ journal.aefr.2020.103.313.324Dritsaki, M., & Dritsaki, C. (2020). Trade openness and economic growth: a panel data analysis of Baltic countries. Asian Economic and Financial Review, 10(3), 313-324. https://doi.org/10.18488/ journal.aefr.2020.103.313.324Dollar, D., & Kraay, A. (2004). Trade, growth, and poverty. The Economic Journal, 114(493), 22-49. https:// doi.org/10.1111%2Fj.0013-0133.2004.00186.xDollar, D., & Kraay, A. (2004). Trade, growth, and poverty. The Economic Journal, 114(493), 22-49. https:// doi.org/10.1111%2Fj.0013-0133.2004.00186.xDujava, D., & Kálovec, M. (2020). Do remittances matter for economic growth? Ekonomický Časopis, 68(9), 869-894. https://doi.org/10.31577/ekoncas.2020.09.01Dujava, D., & Kálovec, M. (2020). Do remittances matter for economic growth? Ekonomický Časopis, 68(9), 869-894. https://doi.org/10.31577/ekoncas.2020.09.01Dumitrescu, E. I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450-1460. https:// doi.org/10.1016/j.econmod.2012.02.014Dumitrescu, E. I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450-1460. https:// doi.org/10.1016/j.econmod.2012.02.014Edafe, J., Adegboye, A. C., Egharevba, M. I., & Irughe, R. I. (2024). Impact of remittance inflows on financial inclusion in Nigeria. Journal of Economics and Policy Analysis, 9(1), 88-106. https://doi. org/10.52968/25746671Edafe, J., Adegboye, A. C., Egharevba, M. I., & Irughe, R. I. (2024). Impact of remittance inflows on financial inclusion in Nigeria. Journal of Economics and Policy Analysis, 9(1), 88-106. https://doi. org/10.52968/25746671Eggoh, J., Bangake, C., & Semedo, G. (2019). Do remittances spur economic growth? Evidence from developing countries. The Journal of International Trade & Economic Development, 28(4), 391–418. https://doi. org/10.1080/09638199.2019.1568522Eggoh, J., Bangake, C., & Semedo, G. (2019). Do remittances spur economic growth? Evidence from developing countries. The Journal of International Trade & Economic Development, 28(4), 391–418. https://doi. org/10.1080/09638199.2019.1568522Gachino, G. G. (2025). Re-assessing the growth impact of FDI and remittances in Africa: evidence from dynamic panel analysis. Cogent Economics & Finance, 13(1). https://doi.org/10.1080/23322039.2025.2586309Gachino, G. G. (2025). Re-assessing the growth impact of FDI and remittances in Africa: evidence from dynamic panel analysis. Cogent Economics & Finance, 13(1). https://doi.org/10.1080/23322039.2025.2586309Gajurel, R. P., & Chindengwike, J. D. (2025). Remittance-growth nexus: does financial development Mediate? evidence from Nepal and Tanzania. African Development Finance Journal, 8(9), 213-238.Gajurel, R. P., & Chindengwike, J. D. (2025). Remittance-growth nexus: does financial development Mediate? evidence from Nepal and Tanzania. African Development Finance Journal, 8(9), 213-238.Giuliano, P., & Ruiz-Arranz, M. (2009). Remittances, financial development, and growth. Journal of Development Economics, 90(1), 144-152. https://doi. org/10.1016/j.jdeveco.2008.10.005Giuliano, P., & Ruiz-Arranz, M. (2009). Remittances, financial development, and growth. Journal of Development Economics, 90(1), 144-152. https://doi. org/10.1016/j.jdeveco.2008.10.005IMF. (2025). International Monetary Fund Data. Retrieved May 10, 2026 from https://data.imf.orgIMF. (2025). International Monetary Fund Data. Retrieved May 10, 2026 from https://data.imf.orgIslam, M. S. (2022). Do personal remittances influence economic growth in South Asia? A panel analysis. Review of Development Economics, 26(1), 242- 258. https://doi.org/10.1111/rode.12842Islam, M. S. (2022). Do personal remittances influence economic growth in South Asia? A panel analysis. Review of Development Economics, 26(1), 242- 258. https://doi.org/10.1111/rode.12842Kaliyeva, S., Sadykov, I., Turdalina, S., & Seisenbayeva, S (2026). Migration attractiveness of Kazakhstan: the role of real income and regional disparities. Economy: Strategy and Practice, 21(2), 101- 116. https://doi.org/10.51176/1997-9967-2026-2-101- 116Kaliyeva, S., Sadykov, I., Turdalina, S., & Seisenbayeva, S (2026). Migration attractiveness of Kazakhstan: the role of real income and regional disparities. Economy: Strategy and Practice, 21(2), 101- 116. https://doi.org/10.51176/1997-9967-2026-2-101- 116Karadağ, M., Önder, A. Ö., & Karymshakov, K. (2019). Remittances and economic growth in transition countries. International Journal of Contemporary Economics and Administrative Sciences, 9(2), 268-281. https://doi.org/10.5281/zenodo.3595938Karadağ, M., Önder, A. Ö., & Karymshakov, K. (2019). Remittances and economic growth in transition countries. International Journal of Contemporary Economics and Administrative Sciences, 9(2), 268-281. https://doi.org/10.5281/zenodo.3595938Khan, M.A. (2025). The impact of migrant remittances on economic development: Empirical evidence from the developing world. Journal of Social and Economic Development, 27(1), 323-351. https://doi. org/10.1007/s40847-024-00329-5Khan, M.A. (2025). The impact of migrant remittances on economic development: Empirical evidence from the developing world. Journal of Social and Economic Development, 27(1), 323-351. https://doi. org/10.1007/s40847-024-00329-5Khan, A. A., Hidthir, M. H. B., Mansur, M., & Ahmad, Z. (2025). Role of financial inclusion in enhancing the effect of remittance on economic growth in developing countries. Cogent Economics & Finance, 13(1), 2476093. https://doi.org/10.1080/23322039.2025 .2476093Khan, A. A., Hidthir, M. H. B., Mansur, M., & Ahmad, Z. (2025). Role of financial inclusion in enhancing the effect of remittance on economic growth in developing countries. Cogent Economics & Finance, 13(1), 2476093. https://doi.org/10.1080/23322039.2025 .2476093Kholmatova, N. (2024). The role of Hawala in financing terrorism and money laundering: the nexus between informal migrant remittances in Europe and funding of terrorist organizations. JANUS.NET, e-Journal of International Relations, 15(2), 467–478. https://doi.org/10.26619/1647-7251.15.2.02Kholmatova, N. (2024). The role of Hawala in financing terrorism and money laundering: the nexus between informal migrant remittances in Europe and funding of terrorist organizations. JANUS.NET, e-Journal of International Relations, 15(2), 467–478. https://doi.org/10.26619/1647-7251.15.2.02Koc, Ş., Mercan, B., & Egamberdiyev, F. (2024). Remittances, Consumption, and Economic Growth in Central Asian Countries. Region: Regional Studies of Russia, Eastern Europe, and Central Asia, 13(2), 199- 220. https://dx.doi.org/10.1353/reg.2024.a965937Koc, Ş., Mercan, B., & Egamberdiyev, F. (2024). Remittances, Consumption, and Economic Growth in Central Asian Countries. Region: Regional Studies of Russia, Eastern Europe, and Central Asia, 13(2), 199- 220. https://dx.doi.org/10.1353/reg.2024.a965937Kpodar, K., Mlachila, M., Quayyum, S., & Gammadigbe, V. (2023). Defying the odds: remittances during the COVID-19 pandemic. The Journal of Development Studies, 59(5), 673-690. https://doi.org/10. 1080/00220388.2022.2154150Kpodar, K., Mlachila, M., Quayyum, S., & Gammadigbe, V. (2023). Defying the odds: remittances during the COVID-19 pandemic. The Journal of Development Studies, 59(5), 673-690. https://doi.org/10. 1080/00220388.2022.2154150Kumar, R. R., Stauvermann, P. J., Patel, A., & Prasad, S. (2018). The effect of remittances on economic growth in Kyrgyzstan and Macedonia: Accounting for financial development. International Migration, 56(1), 95-126. https://doi.org/10.1111/imig.12372Kumar, R. R., Stauvermann, P. J., Patel, A., & Prasad, S. (2018). The effect of remittances on economic growth in Kyrgyzstan and Macedonia: Accounting for financial development. International Migration, 56(1), 95-126. https://doi.org/10.1111/imig.12372Kumari, J., & Singh, S. K. (2025). Causal effect between financial viability and service quality in Indian public transport: evidence from a Dumitrescu-Hurlin panel causality test. Research in Transportation Business & Management, 62, 101471. https://doi.org/10.1016/j. rtbm.2025.101471Kumari, J., & Singh, S. K. (2025). Causal effect between financial viability and service quality in Indian public transport: evidence from a Dumitrescu-Hurlin panel causality test. Research in Transportation Business & Management, 62, 101471. https://doi.org/10.1016/j. rtbm.2025.101471Lartey, E. K. K., Mandelman, F. S., & Acosta, P. A. (2012). Remittances, exchange rate regimes and the Dutch disease: A panel data analysis. Review of International Economics, 20(2), 377–395. https://doi. org/10.1111/J.1467-9396.2012.01028.XLartey, E. K. K., Mandelman, F. S., & Acosta, P. A. (2012). Remittances, exchange rate regimes and the Dutch disease: A panel data analysis. Review of International Economics, 20(2), 377–395. https://doi. org/10.1111/J.1467-9396.2012.01028.XManato, F. (2025). The remittance-led Dutch disease: an analysis from a two-agent, two-sector DSGE model. Review of World Economics, 1-27. https://doi. org/10.1007/s10290-025-00608-1Manato, F. (2025). The remittance-led Dutch disease: an analysis from a two-agent, two-sector DSGE model. Review of World Economics, 1-27. https://doi. org/10.1007/s10290-025-00608-1Melitz, M. J. (2003). The impact of trade on intra‐industry reallocations and aggregate industry productivity. Econometrica, 71(6), 1695-1725. https:// doi.org/10.1111/1468-0262.00467Melitz, M. J. (2003). The impact of trade on intra‐industry reallocations and aggregate industry productivity. Econometrica, 71(6), 1695-1725. https:// doi.org/10.1111/1468-0262.00467Mohammed, U. (2025). Driving change: Examining the role of digital remittances in achieving SDG 10.c. In I. N. Yakubu, M. A. Mumin, & I. O. Adam (Eds.), Strategic approaches to banking business and sustainable development goals (Sustainable Development Goals Series, pp. 197–212). Springer. https://doi.org/10.1007/978-3-031-80744-2_12Mohammed, U. (2025). Driving change: Examining the role of digital remittances in achieving SDG 10.c. In I. N. Yakubu, M. A. Mumin, & I. O. Adam (Eds.), Strategic approaches to banking business and sustainable development goals (Sustainable Development Goals Series, pp. 197–212). Springer. https://doi.org/10.1007/978-3-031-80744-2_12OECD (2021), International Migration Outlook 2021, OECD Publishing, Paris. https://doi. org/10.1787/29f23e9d-enOECD (2021), International Migration Outlook 2021, OECD Publishing, Paris. https://doi. org/10.1787/29f23e9d-enÖzyakışır, D., Akça, M., & Çamkaya, S. (2024). Do remittances have an asymmetrical effect on financial development? empirical evidence from Turkey. The Journal of International Trade & Economic Development, 33(4), 598-617. https://doi.org/10.1080/0 9638199.2023.2203784Özyakışır, D., Akça, M., & Çamkaya, S. (2024). Do remittances have an asymmetrical effect on financial development? empirical evidence from Turkey. The Journal of International Trade & Economic Development, 33(4), 598-617. https://doi.org/10.1080/0 9638199.2023.2203784Pal, S., Villanthenkodath, M. A., Patel, G., & Mahalik, M. K. (2022). The impact of remittance inflows on economic growth, unemployment and income inequality: Аn international evidence. International Journal of Economic Policy Studies, 16(1), 211-235. https://doi.org/10.1007/s42495-021-00074-1Pal, S., Villanthenkodath, M. A., Patel, G., & Mahalik, M. K. (2022). The impact of remittance inflows on economic growth, unemployment and income inequality: Аn international evidence. International Journal of Economic Policy Studies, 16(1), 211-235. https://doi.org/10.1007/s42495-021-00074-1Pesaran, M. H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50-93. https://doi.org/10.1016/j. jeconom.2007.05.010Pesaran, M. H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50-93. https://doi.org/10.1016/j. jeconom.2007.05.010Poelhekke, S., & van der Ploeg, F. (2013). Do natural resources attract nonresource FDI? Review of Economics and Statistics, 95(3), 1047-1065. https://doi.org/10.1162/ REST_a_00292Poelhekke, S., & van der Ploeg, F. (2013). Do natural resources attract nonresource FDI? Review of Economics and Statistics, 95(3), 1047-1065. https://doi.org/10.1162/ REST_a_00292Ratha, D., Sonia, P., & Eung, J. K. (2024). In 2024, remittance flows to low- and middle-income countries are expected to reach $685 billion, larger than FDI and ODA combined. World Bank Blogs. Retrieved May 10, 2026 from https://blogs.worldbank.org/en/peoplemove/ in-2024--remittance-flows-to-low--and-middle-incomecountries-arRatha, D., Sonia, P., & Eung, J. K. (2024). In 2024, remittance flows to low- and middle-income countries are expected to reach $685 billion, larger than FDI and ODA combined. World Bank Blogs. Retrieved May 10, 2026 from https://blogs.worldbank.org/en/peoplemove/ in-2024--remittance-flows-to-low--and-middle-incomecountries-arRadic, M. N., Bogdan, S., & Beloglavec, S. T. (2023). The significance of remittance in fostering economic growth: A bibliometric and systematic literature review. Intellectual Economics, 17(1), 206-231. https://doi. org/10.13165/IE-23-17-1-10Radic, M. N., Bogdan, S., & Beloglavec, S. T. (2023). The significance of remittance in fostering economic growth: A bibliometric and systematic literature review. Intellectual Economics, 17(1), 206-231. https://doi. org/10.13165/IE-23-17-1-10Sholehah, F. H., & Samputra, P. L. (2025). The effect of migrant worker remittances on economic growth in low and middle-income developing countries: a systematic literature review. Asian Journal of Engineering, Social and Health, 4(7), 1064-1077. https://doi.org/10.46799/ ajesh.v4i7.597Sholehah, F. H., & Samputra, P. L. (2025). The effect of migrant worker remittances on economic growth in low and middle-income developing countries: a systematic literature review. Asian Journal of Engineering, Social and Health, 4(7), 1064-1077. https://doi.org/10.46799/ ajesh.v4i7.597Siddique, A., Selvanathan, E. A., & Selvanathan, S. (2012). Remittances and economic growth: Empirical evidence from Bangladesh, India and Sri Lanka. The Journal of Development Studies, 48(8), 1045–1062. https://doi.org/10.1080/00220388.2012.663904Siddique, A., Selvanathan, E. A., & Selvanathan, S. (2012). Remittances and economic growth: Empirical evidence from Bangladesh, India and Sri Lanka. The Journal of Development Studies, 48(8), 1045–1062. https://doi.org/10.1080/00220388.2012.663904Sobiech, I. (2019). Remittances, finance and growth: does financial development foster the impact of remittances on economic growth?. World Development, 113, 44–59. https://doi.org/10.1016/j. worlddev.2018.08.016Sobiech, I. (2019). Remittances, finance and growth: does financial development foster the impact of remittances on economic growth?. World Development, 113, 44–59. https://doi.org/10.1016/j. worlddev.2018.08.016Sugözü, İ. H., & Talantbekova, N. (2024). Migration, remittances, and economic growth: evidence from central Asian countries. Uluslararası Ekonomi Siyaset İnsan ve Toplum Bilimleri Dergisi, 7(3), 238-254. https://doi. org/10.59445/ijephss.1486682Sugözü, İ. H., & Talantbekova, N. (2024). Migration, remittances, and economic growth: evidence from central Asian countries. Uluslararası Ekonomi Siyaset İnsan ve Toplum Bilimleri Dergisi, 7(3), 238-254. https://doi. org/10.59445/ijephss.1486682Thakur, S. Y., Yadav, P. D., Verma, A., & Mankame, Y. (2026). Remittance cost: a systematic literature review and future research agenda using the metrics framework. Journal of Economic Surveys. https://doi.org/10.1111/ joes.70069Thakur, S. Y., Yadav, P. D., Verma, A., & Mankame, Y. (2026). Remittance cost: a systematic literature review and future research agenda using the metrics framework. Journal of Economic Surveys. https://doi.org/10.1111/ joes.70069Ullah, I., Joshi, N. P., & Luni, P. (2025). The role of remittances in building resilience through adaptive capacities amid environmental and socioeconomic vulnerabilities: A systematic literature review. Climate Risk Management, 50, 100769. https://doi.org/10.1016/j. crm.2025.100769Ullah, I., Joshi, N. P., & Luni, P. (2025). The role of remittances in building resilience through adaptive capacities amid environmental and socioeconomic vulnerabilities: A systematic literature review. Climate Risk Management, 50, 100769. https://doi.org/10.1016/j. crm.2025.100769чUnited Nations (2026). World Economic Situation and Prospects 2026. New York. Yadeta, D. B., & Hunegnaw, F. B. (2022). Effect of international remittance on economic growth: Empirical evidence from Ethiopia. Journal of International Migration and Integration, 23(2), 383-402. https://doi. org/10.1007/s12134-021-00833-1чUnited Nations (2026). World Economic Situation and Prospects 2026. New York. Yadeta, D. B., & Hunegnaw, F. B. (2022). Effect of international remittance on economic growth: Empirical evidence from Ethiopia. Journal of International Migration and Integration, 23(2), 383-402. https://doi. org/10.1007/s12134-021-00833-1Yerdelen Tatoğlu, F. (2017). Panel Zaman Serileri Analizi Stata Uygulamalı (3. Baskı 2020).Yerdelen Tatoğlu, F. (2017). Panel Zaman Serileri Analizi Stata Uygulamalı (3. Baskı 2020).WEF. (2025). World Economic Forum, The Global Risks Report.WEF. (2025). World Economic Forum, The Global Risks Report.Westerlund, J. (2008). Panel cointegration tests of the Fisher effect. Journal of Applied Econometrics, 23(2), 193-233. https://doi.org/10.1002/jae.967Westerlund, J. (2008). Panel cointegration tests of the Fisher effect. Journal of Applied Econometrics, 23(2), 193-233. https://doi.org/10.1002/jae.967World Bank (2025). World Development Indicators. Retrieved May 10, 2026 from https://databank. worldbank.org/source/world-development-indicatorsWorld Bank (2025). World Development Indicators. Retrieved May 10, 2026 from https://databank. worldbank.org/source/world-development-indicators

The authors declare that there are no conflicts of interest present.