Research Paper Dataset

Rule of Law: it measures the perceptions of people about the quality of contract enforcement, protection of property rights, societal respect for rules and regulations, the ability of the police and court to execute their duties in a free and fair manner as well as the probability of violence and crime. Control of Corruption: this measures the extent to which politicians, leaders and other people in public positions used power for their personal gains.

Corruption takes many forms, not limited to bribes, favouritism, misuse of influence for personal gains and embezzlement. Regulatory Quality: it measures people's assurance and trusts that the government will formulate and implement sound policy regulations and activities that would promote private sector development. Polity2 Score: The last but not the least measure of institution used in this study is polity2 score developed by the Polity IV project.

It is a 21-point scale ranging from -10 to 10 where the negative 10 indicate strong autocratic state and positive 10 indicating a strong democratic state. Gross Fixed Capital Formation as a percent GDP (GFCF): used GFCF as a proxy for domestic investment. Population Growth Rate (POP): this measures the rate of growth in the labour force.

Population is expected to have either a negative or positive effect on growth. Therefore population increases could have a positive or negative effect on growth (Akinlo, 2016; Ferreira & Ferreira, 2016; Ofori-abebrese et al., 2017; Prowd, 2018). Openness to International Trade (TOT): openness to international trade refers to the sum of imports and exports as a percentage of GDP.

Foreign direct investment (FDI) as percentage of GDP: this measures the amount of direct investment in an economy by a foreign national or group of foreign nationals. It is measured by dividing total amount of foreign invetment by gross domestic product(GDP).