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All Journal Ecces: Economics, Social, and Development Studies Business Economic, Communication, and Social Sciences Journal (BECOSS)
Adeola, Kuforiji Abdulwasiu
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences

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Unraveling the Macroeconomic Factors Affecting Economic Growth in AANZFTA Countries Adamu, Ishiaka; Adeola, Kuforiji Abdulwasiu
EcceS: Economics, Social, and Development Studies Vol 12 No 1 (2025): June
Publisher : Economics Department, Faculty of Economic and Islamic Business, Universitas Islam Negeri Alauddin Makassar, Indonesia

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Abstract

Economic growth is a crucial indicator of a nation’s development, and it is influenced by multiple macroeconomic factors. This study examines the macroeconomic factors affecting economic growth in the AANZFTA member countries covering the period from 1970 to 2022 with a sample set that comprises a total of 371 observations. The primary objective is to assess the significance and direction of the effects of exports of goods and services (EXP), gross capital formation (GCF), general government final consumption expenditure (GFE), and inflation consumer prices (INF) on GDP growth. The novelty of this research lies in its inclusion of both developed and developing economies within a unified regional trade bloc of AANZFTA, specifically encompassing the ASEAN countries and the Oceania economies of Australia and New Zealand, a dimension that has not been widely examined in this context. This study adopts a quantitative research approach using secondary data sourced from the World Development Indicators (WDI). Panel regression analysis was conducted using Eviews 10 software, with model diagnostic such as the Hausman test employed to determine the most appropriate model. The results from the random effects model reveal that EXP, and GFE have positive and significant impact on GDP growth. GCF also shows a positive but insignificant effect, while, INF negatively and significantly affects GDP growth. These findings suggest that policies aimed at enhancing exports, increasing government spending on productive sectors, and managing inflation are crucial for fostering sustainable economic growth in the AANZFTA member countries. This study provides valuable policy implications for both developed and developing member states. Further research should consider expanding the country sample and incorporating macroeconomic variables to deepen the understanding of growth dynamics in the region.
Assessing the Impacts of Exports, Gross Capital Formation, Imports, Gross National Income, and Inflations on New Zealand’s Growth Trajectory Adamu, Ishiaka; Adeola, Kuforiji Abdulwasiu; Mtitu, Abubakar Ali; Arabzada, Sirajuddin
Business Economic, Communication, and Social Sciences Journal (BECOSS) Vol. 7 No. 2 (2025): BECOSS
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/becossjournal.v7i2.13054

Abstract

This research investigates the impact of gross national income (GNI), gross capital formation (GCF), exports of goods and services (EXP), imports of goods and services (IMP), and inflation and consumer prices (INF) on economic growth (GDP) in New Zealand (NZ). The study employs various statistical tests such as; normality, serial correlation, heteroscedasticity, and multicollinearity to test whether the model fits the data and the test results show that the model is statistically feasible. The time series data were derived from the World Bank data indicators website in NZ using a purposive sampling technique for fifty-one (51) year period, from 1972 to 2022, and the data were analyzed through Eviews 10 software versions. The results of the regression analysis show that GNI, GCF, EXP, and IMP have positive and significant impacts on GDP, while INF has a negative and insignificant impact on GDP. The research contributes to the understanding of key indicators in enhancing economic growth in NZ. The findings of this research suggest that improving export, national savings, capital formation, importation of raw materials will contribute immensely to the economic growth of NZ. In addition, the research also suggests that inflation should be controlled, as it may hinder the country’s economic growth. Controlling inflation is essential to boosting income generation and economic productivity. However, future research should consider broader geographical contexts of different nations, increase sample size, and variables for a comprehensive understanding of factors influencing economic growth over time.
Co-Authors Adamu, Ishiaka Arabzada, Sirajuddin Mtitu, Abubakar Ali