| Variable | Abbreviation | Source | Authors | Sign |
| Gross domestic product per capita | PIB | BM | | - |
| Political instability indices | INSTPOL | ICRG | | Positive |
| Investment | INVST | BM | | Positive |
| Population | POPUL | BM | | Positive |
| Gross enrollment ratio | TBSP | BM | | Positive |