Impact Of Public Expenditure on Science and Technology, Education, and Innovation on Economic Growth in Latin America, 1990 – 2022

Abstract

Purpose: To analyze to what extent public spending impacts the economic growth of Latin America, 1990 – 2022.

Design/Methodology/Approach: A quantitative approach methodology, basic type, non-experimental design with longitudinal section and explanatory level was used. The analysis sample was between 1990 and 2022. Likewise, for the preparation of the thesis, the following data documents were used: World Bank Data and Real GDP Data 1990 to 2022. The technique employed involved documentary analysis, supported by an instrument specifically developed to guide the process. Findings: The results identified a positive and significant correlation between the variables science and technology, education and innovation, and GDP growth; the p-value was less than 0.05 for the established hypothesis tests. Furthermore, an R-squared of 0.9621 was found, and Fisher's F test was equivalent to 0.000, demonstrating the overall relevance of the model. Thus, the findings were in greater agreement with Zhong (2021), who mentions that government spending on science and technology has an important impact on economic development. Conclusions: There is an effect of public spending related to science and technology, Education and Scientific Innovation on the economic growth of Latin America during the period 1990 - 2022, which was verified using Fisher's F test.