Strengthening intellectual property rights for sustainable development: Insights Into economic performance and technological advancement

Abstract

In an increasingly interconnected world, the protection of intellectual property rights is a critical factor that drives innovation, technological development, and knowledge transfer. This study aims to explore the relationship between global intellectual property protection and economic growth, focusing on how intellectual property frameworks, governed by international law, influence economic performance across different countries. Study obtained data by employing the quantitative design using the Econometric Model. The data was collected from the World Intellectual Property Organization data source from the period of 2018 to 2023. The gathered data was analyzed using panel data regression models in SPSS software. The findings of the study analysis reveal that intellectual property protection encourages investment in research and development, promotes market competition, and develops economic outputs in the countries. The result of the study investigation highlights that the countries that implement strong intellectual property protection laws exhibit the highest economic growth. The novelty of the study is in the comprehensive examination of the impact of stronger intellectual property protection in the competitive global economy by considering gross domestic products, foreign direct investment, and intellectual property protection-related agreements. The study contributes to optimizing global IP governance to foster sustainable economic growth and ensure equitable access to knowledge and technology for all nations.