On the determinants of trade openness in low- and lower–middle-income countries in Africa: how important is economic growth?

Future Business Journal

Table 1 Descriptive statistics

Variables	LICs			LMICs
Variables	Mean	Std. dev.	CV	Mean	Std. dev.	CV
Trade openness	57.52	27.77	0.48	77.83	36.43	0.47
Private credit	12.31	8.91	0.72	22.80	17.27	0.76
Domestic credit	26.94	80.18	2.98	36.33	27.48	0.76
Real GDP per capita	509.42	236.41	0.46	1724.60	871.21	0.51
Inflation	98.36	1288.94	13.10	33.05	222.91	6.74
Gross fixed capital formation	17.33	7.93	0.46	20.74	9.26	0.45
Population	50.92	2.06	0.04	53.67	4.60	0.09
Savings	3.83	14.98	3.91	16.78	13.70	0.82

Std. dev. and CV, respectively, denote standard deviation and coefficient to variation. LICs and LMICs represent low-income countries and lower–middle-income countries, respectively