史瓦濟蘭經濟成長之因素

Abstract

This paper investigates whether the mentioned determinants of economic growth have contributed to the poor performance in Swaziland economic growth between 1965 and 2011 and if so which causal factors have contributed to this diminished economic performance. Time series data is used to test the unit root using Augmented Dickely Fuller (ADF) test. Then cointegration test and Vector Error Correction (VEC) Model were done respectively to account for the factors that influence the growth of Swaziland economy. The empirical results indicate that agriculture sector is statistically significant to GDP and have a positive relationship; however industry and service sectors are positively affecting economic growth although they are statistically insignificant. Physical capital formation and government expenditure are positively related to GDP growth; however, they are statistically insignificant. Export, nominal discount and foreign aid indicate negative relationship with GDP growth; nevertheless they are statistically insignificant. As found out in the study, it is recommended that formulating relevant policies and strategies would enhance these determinants to increase economic growth in the country