THE DEVELOPMENT OF MANUFACTURING INDUSTRY, ECONOMIC GROWTH AND ITS RELATION TO CURRENT DEFICIT: BRICS+SELECTED EMERGING MARKET ECONOMIES (1992-2012)

Writers of goldman sachs have often mentioned in recent years that by 2050, global economic power could pass from g-7 group, which has been considered the conventional economic leader, to brics group and brics countries may take on world’s economic leadership. accordingly, it has been discussed on the one hand whether there is a necessity for turkey to be included in brics group or not in terms of its aforementioned economic structure; on the other hand, within the scope of 2023 vision of turkish republic, it has been aimed that turkey will be among ten biggest economies in the world. taking into account the basic reason why brics countries are considered a separate group is that those countries have sustainable and steady growth rate in recent years, it has been obviously seen that in order for turkey to be able to be both considered among brics countries and to reach its aforementioned 2023 objectives, it is an inescapable necessity for turkey to gain a sustainable economic growth acceleration. within this frame, the questions such as how turkey can effectuate the aforementioned expectations and objectives which are economically complementary and resultant, thus how it can achieve a sustainable growth rate are tried to be answered in the study in terms of the development of manufacturing industry, economic growth and current deficit. within this frame, manufacturing industry production, the existence of the relation/and how it is established between economic growth and current deficit in brics and other countries which are potentially considered among this scope (turkey, south korea, mexico and indonesia), and the direction of the relationships for 1992-2012 were separately analysed thanks to three different models in terms of panel data analysis. as a result of the study, it has been determined that the relations between the aforementioned variables differentiate according to countries.