| Variables | Correlation coefficients | Colinearity results | ||||
| EF | GDP | URB | POP | VIF | Tolerance | |
| EF | 1.000 | −0.541* | 0.947* | 0.959* | - | - |
| GDP |
| 1.000 | −0.567* | −0.643* | 2.262 | 0.441 |
| URB |
|
| 1.000 | 0.984* | 43.766 | 0.023 |
| POP |
|
|
| 1.000 | 50.629 | 0.019 |