| Variables | Theoretical/Empirical Basis | Expected Signs |
| Gross Domestic Savings | Romer [6] , Aghion et al. [38] , Sajid and Sarfraz [22] | Positive |
| Consumer Price Index | Mundell [39] | Negative |
| Trade Openness | Capolupo and Celi [40] | Inclusive |
| Foreign Direct Investment | Xu and Wang [41] , Gursoy et al. [42] | Positive |