| GDPGROWTH | Coefficient | Standard Error | t-statistic | P value (P < 0.05) |
| C | −240.681 | 332.226 | −0.72 | 0.470 |
| INFLATION | −0.737 | 2.389 | −0.31 | 0.758 |
| REER | 10.055 | 1.762 | 5.71 | 0.000* |
| OPEN | −0993 | 2.628 | −0.38 | 0.706 |
| INVESTMENT | 4.888 | 4.507 | 1.08 | 0.280 |
| R-squared | 0.1747 | |||
| Prob > F | 0.0000 | |||
| Number of observations | 180 | |||
| Number of groups | 9 | |||