| Variables | Regression Model | ||
| 1 | 2 | 3 | |
| IRGDP Per Capita (Constant 2000$) | 0.23 (0.017) | −0.04*** (0.023) | −0.02** (0.008) |
| Gross Fixed Capital Formation | 0.336*** (0.053) | −0.148 (0.301) | 0.022 (0.149) |
| Export Diversification (ED) | 1.026*** (0.277) | 1.770*** (0.491) |
|
| Export diversification Squared | −0.293 (0.179) | 0.017 (0.288) |
|
| Physical Domestic Capital | 0.126** (0.085) | 0.746 (0.176) | −0.437 (0.138) |
| FDI (Net inflows % GDP) | 0.020 (0.032) | 0.048 (0.45) | −0.007 (0.038) |
| Human Capital | 0.166*** (0042) | 1.008*** (0.253) | 0.553*** (0.126) |
| Political stability | 0.126*** (0012) | 1.006*** (0.151) | 0.452*** (0.103) |
| Eastern-SADC Dummy (EDUMMY) |
| −0.088*** (0.266) |
|
| Central-SADC Dummy (CDUMMY) |
| −0.232*** (0.363) |
|
| Southern-SADC Dummy (SDUMMY) |
| 0.403 (0.254) |
|
| Western-SADC Dummy (WDUMMY) |
| −0.272*** (0.412) |
|
| ED*EDUMMY |
|
| 0.615*** (1.092) |
| ED*CDUMMY |
|
| 0.515*** (0.292) |
| ED*SDUMMY |
|
| −1.615*** (1.072) |
| ED*WDUMMY |
|
| 0.518*** (0.574) |
| Wald Chi-squared (Prob > Chi-Squares) | 0.000 | 0.000 | 0.000 |
| Number of observations | 228 | 228 | 228 |
| Arellano-Bond [AR (2). Prob > Z] | 0.376 | 0.770 | 0.821 |
| Sargan test (Prob > Chi-Squared) | 0.377 | 0.629 | 0.902 |