September 10, 2025

Panel Data Analysis of Economic Growth Determinants in Ecowas Region

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Estimates from the fixed effect model highlighted foreign direct investment as a key driver of economic growth.
Foreign direct investment, inflation rate, and external debt all show a positive impact on economic growth in ECOWAS.
Conversely, exchange rate and export of goods and services negatively affect economic growth in the ECOWAS region.
Policy recommendations include anti-inflationary measures and promoting a stable exchange rate for sustainable growth.

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Panel data regression reveals significant factors impacting economic growth in ECOWAS countries, suggesting policies for stability.

I et al. (2024) studied this question.

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