“…Bruce and Turnovsky (2013a) have attributed the growth in the economy to demographic factors like fertility, life expectancy, age among others (see Bruce & Turnovsky, 2013b; Yew & Zhang, 2013; Mierau & Turnovsky, 2014; Bloom, Canning, & Sevilla, 2004; Well, 2007). Another strand of studies has created a link between growth and macroeconomic variables, and has also identified different directions of causality between both (Alfaro, Chanda, Kalemli‐Ozcan, & Sayek, 2004; Ivanović & Stanišić, 2017; Prašnikar, Redek, & Drenkovska, 2017; Yülek, 2017). Recently, institutional qualities have also been assigned a chief role in determining economic growth (Acemoglu, Johnson, & Robinson, 2005; Barro, 2003; Bildirici, 2008; Butkiewicz & Yanikkaya, 2006; Chong & Calderon, 2000; Fraj, Hamdaoui, & Maktouf, 2018; Gwartney, Holcombe, & Lawson, 2004; Henderson, Papageorgiou, & Parmeter, 2011; Ji, Magnus, & Wang, 2014; Klein, 2005; Law, Azman‐Saini, & Ibrahim, 2013; Sobel, 2008; Valeriani & Peluso, 2011).…”