| Variables | Description of the variable | Characteristic | Data Sources |
| GDP/capita | It is the gross domestic product per capita that represents the economic growth, it represents our dependent variable | Continue | WDI, 2020 |
| GFCF | The ratio of gross fixed capital formation to GDP measures physical investment in a given year. | Continue | WDI, 2020 |
| Trade | This indicator is obtained by the rate of trade in relation to GDP to measure the degree of openness of the economy. It includes: exports and imports of goods and services relative to GDP. | Continue | WDI, 2020 |
| Infl | This variable is taken into account to highlight the effect of inflation. High inflation is a structural factor that negatively affects economic growth by reducing investor incentives. | Continue | WDI, 2020 |
| Sse | The theory of endogenous growth assumes a positive correlation between human capital and economic growth; a well-trained and educated population can positively influence technological innovation, thus promoting economic growth, and vice versa. | Continue | WDI, 2020 |
| Pop | This variable captures the labor force and demonstrates that a young population positively contributes to economic growth. | Continue | WDI, 2020 |
| Dep | The bank deposit to GDP ratio captures the ability of banks to mobilize deposits. It reflects the level of development and the size of the banking system. | Continue | WDI, 2020 |
| Cred | It is a financial development indicator that measures the degree of intermediation in the economy. | Continue | WDI, 2020 |
| Ms | This variable measures the degree of monetization of the economy or the depth of the financial system | Continue | WDI, 2020 |
| Lspl | This indicator captures judicial independence; legislative and regulatory protection of property; protection of contracts; and the low incidence of crime in business. | 1: Low, 10: High | WGI, 2020 |
| Dpf | It measures the level of expropriation and corruption in an economy. | 1: Low, 10: High | WGI, 2020 |
| Del | It captures the economic freedom in a country | 1: Low, 10: High | WGI, 2020 |
| Dff | The degree of financial freedom measures government intervention in the financial sector. It captures the degree of independence of banks | 1: Low, 10: High | WGI, 2020 |
| Dc | This variable captures respect for plurality, the context for political debate. It does not measure procedures or rules of law, but focuses more on attitudes. | 1: Low, 10: High | WGI, 2020 |