Table 2: Stationarity tests Table 4: Descriptive statistics According to this matrix, significant positive correlations are observed between GDP per capita (GDPpc) and foreign direct investment (FDI), as well as between GDP per capita and information and communication technologies (ICT). These results suggest that increased foreign and technological investment is associated with higher economic growth. On the other hand, there was a significant negative correlation between population (POP) and inflation (CPI), suggesting that a larger population may be associated with lower economic stability. As for the other variables, there is a significant positive correlation between public spending (GFCE and the level of education (EDUC), as well as between public spending and GDP per capita. This indicates that countries that invest more in education tend to have higher public spending, which can stimulate economic growth. Source: The Author Table 6: Short-term estimates Note: ***, **,* indicate significance levels at 1%, 5% and 10% respectively Source: Calculations of the Author Table 7: Long-term estimates Note: () indicates the probability associated with each test. Source: The Author Table 8: Diagnostic tests for the estimated ARDL models Figure 1: Causality between the variables The figure below illustrates the causal relationship between the variables Source: The Author Table 9: Results of Toda- Yamamoto Granger causality
