Table 3.

Variables used in Tobit regression

VariableDefinitionData Source
Global Competitiveness index (GCI)Index developed by World Economic Forum that include the macroeconomic and micro business aspects of country competitiveness, it includes many indicators that reflects the country macro and micro performanceGlobal Competitiveness Report 2019
CorruptionCorruption Perception Index is an indicator published annually by Transparency International since 1995 that measures the country perceived levels of public sector corruptio.Corruption Perception index report 2019
INDthe share of industrial sector in country Gross domestic ProductAfrican Statistical yearbook 2019

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