231 Pakistan Economic and Social Review Volume 56, No. 2 (Winter 2018), pp. 231-257 TECHNOLOGICAL ADVANCEMENT AND TOTAL FACTOR PRODUCTIVITY GROWTH: A PANEL DATA ANALYSIS OF ASIAN GROWING ECONOMIES MUHAMMAD AFZAL AND HAFIZ KHALIL AHMAD* Abstract. The paper empirically examines the potential determinants of total factor productivity (TFP) growth in order to assess the role of technological advancement in promoting productivity. The particular emphasis is placed on intangible sources such as research and development and information and communication technology in defining the TFP growth. Fixed effect with robust standard errors panel data approach is applied for estimation in the case of nine Asian growing and emerging economies over the period 1996 to 2015. The results indicate that information & communication technology, Governance and gross domestic investment as a percentage of GDP yield positive and statistically significant impact on TFP growth of selected countries. The research and development expenditure although yield positive impact but not statistically significant. Policy attention must be committed to provide universal information & communication technology coupled with broadband connectivity to facilitate the ICT use, make substantial investments to improve R&D capability and quality of capital stock and necessary steps should also be taken to improve Governance and education system to enhance TFP growth. *The authors are respectively Ph.D. scholar at Department of Economics, University of the Punjab, Lahore and Professor of Economics and Dean, Arts and Social Sciences, GC Women University, Sialkot, Pakistan -Pakistan. Corresponding author’s e-mail: mafzal86@gmail.com