| GDPGROWTH | Coefficient | Standard Error | t-statistic | P value (P < 0.05) |
| C | 108.889 | 307.134 | 0.35 | 0.723 |
| INFLATION | −3.586 | 4.053 | −2.22 | 0.026* |
| REER | 9.065 | 1.708 | 5.31 | 0.000* |
| OPEN | −1.152 | 2.438 | −0.47 | 0.637 |
| INVESTMENT | 3.428 | 4.053 | 0.85 | 0.398 |
| R-squared | 0.1667 | |||
| Prob > chi2 | 0.0000 | |||
| Number of observations | 180 | |||
| Number of groups | 9 | |||