“…YG t = c + αKG t + βLG t + e t (5) (c: constant or intercept, e t : error term) Based on the previous analysis and the previous studies such as Bayar [29] and [33], Emara and Jhonsa [34], Bouoiyour and Naimbayel [35], Fayissa and Nsiah [36], Pere [22], Orayo and Mose [37], Lahouij [27], Onyinye, et al [38], Josheski, et al [39], Razmi and Refaei [26] and Berggren and Jordahl [40], this study will estimate the following regression model: YG it = β 0 + β 1 KF it + β 2 LF it + β 3 OT it + β 4 EF it + β 5 VA it + β 6 PS it + β 7 GE it + β 8 RQ it + β 9 RL it + β 10 CC it + λ DM it + u it (6) Where β 0 : intercept, i: country, t: year, u it : random error term, YG: growth rate of RGDP, KF: gross fixed capital formation to GDP ratio, LF: labor force growth rate, OT: trade openness that is measured by the sum of exports and imports to GDP ratio, and EF: economic freedom index. Governance variables are: VA: voice and accountability, PS: political stability, GE: government effectiveness, RQ: regulatory quality, RL: rule of law, and CC: control of corruption.…”