Table 2.
Correlation coefficient matrix analysis.
| Observations | GDP | FDI | TO | ED | EXR |
|---|---|---|---|---|---|
| GDP | 1.000 | ||||
| FDI | 0.4139∗∗∗ | 1.000 | |||
| TO | 0.7227∗∗∗ | 0.4263∗∗∗ | 1.000 | ||
| ED | 0.9623∗∗ | 0.3026∗∗ | 0.6616∗∗∗ | 1.000 | |
| EXR | -0.8138∗∗∗ | -0.4699∗∗∗ | -0.5488∗∗∗ | -0.7245∗∗∗ | 1.0000 |
Notes: ∗∗,∗∗∗ denote statistical significance at 5 and 1% level. Legend: GDP is the real gross domestic product (constant 2010, US$), FDI signifies foreign direct investment net inflow (% of GDP), TO signifies trade as a % of GDP, ED is the external debt stocks and EXR represents the official exchange rate.