Independent variables

VIF

1/VIF

financial deepening

24.16

0.0414

population growth

10.01

0.0999

logarithm of gross fixed capital formation per worker

9.94

0.1006

openness

9.13

0.1095

domestic credit

8.19

0.1220

logarithm of human capital per worker

2.57

0.3890

Logarithm of FDI

2.45

0.4077

Lending interest rate

2.07

0.4839

inflation

1.93

0.5194

mean VIF

7.8