Acta Universitatis Danubius. Œconomica, Vol 14, No 2 (2018)

An Analysis of Gross Domestic Product from Foreign Direct Investments, Gross Capital Formation and Taxation

Cătălin Angelo Ioan¹, Gina Ioan²

Abstract: The paper analyzes the dependence of the Gross Domestic Product Variation on the evolution of Foreign Direct Investments, Gross Capital Formation and Taxation levels worldwide but also on regions and countries. The conclusion is that a boost to GDP growth through investment can only be achieved under the conditions of fiscal stability, which is necessary for high predictability in business processes.

Keywords: GDP; FDI; GCF; Taxation

JEL Classification: E17; E27

1. Introduction

We all agree that investing in an economy is the main source of growth and economic development. The capacity of an economy to create added value is closely linked to the efficiency of how resources are accumulated, saved and channeled to those investments that are highly profitable. In other words, the investment is profitable if it produces positive effects in the real economy.

Within a national economy, investment, in addition to being an essential component of aggregate demand, is a particularly important factor both in the long run and in the short term, contributing to the increase in national output and national income.

The factors determining the decision to invest may be:

• Phase of the economic cycle - in the expansion or economic expansion phase, the level of investment increases, and in the recession or economic crisis, investments are downward.

• Trust and investor expectations - if investors anticipate a degradation in the macroeconomic climate, they will postpone their investment projects. On the contrary, if investors’ expectations are optimistic about economic activity in the near future, they will increase their investment projects in the respective economic area.

• The level of taxation - an increase in tax pressure results in a decrease in investment, as it leads to a reduction in the expected profit. Investors can be encouraged in their decisions by a fiscally friendly and at the same time predictable fiscal environment.

• The interest rate - between the interest rate and the level of investment there is a reverse link. As most investments are made from attracted sources (loans), the higher the interest rate, the lower the investment will be and vice versa.

Analyzing the evolution of the global financial system over the past decades, we see a major change in the fact that, by the 1990s, access to the international finance system for developing countries and emerging economies was limited to assistance, direct foreign investment, and sometimes to Bank loans. After the 1990s, the domestic financial markets of these countries opened up to foreign investors, with the countries benefiting from such considerable financial flows. The bulk of these financial flows turned to transition economies in the former communist countries, while the poorest countries in the world remained on the brink of the system, being dependent on official flows of international assistance. 2009 was the year when, under the influence of dramatic external and internal events, the financial and economic crisis quickly embraced the entire world economy. Both developed and emerging countries have been affected, the state intervening massively to avoid collapse. Dependence too rigid on the foreign capital of Central and Eastern European countries has made them vulnerable to the crisis, some of which still face economic difficulties today.

The following analysis will investigate the dependence of the Gross Domestic Product variation on the evolution of Foreign Direct Investments, Gross Capital Formation and Taxation levels worldwide but also on regions and countries.

To begin with, it should be noted that the analysis focused on the structure of development regions (either countries or groups of countries according to different classifications) present in the World Bank databases. The analysis period was 1996-2015.

Due to the relatively small number of indicators considered in the analysis, in order that the model be representative, we considered the growth rates of Gross Domestic Product, Foreign Direct Investments, Gross Capital Formation and Taxation levels.

The lower threshold for R² was limited to 0.5 (with very few exceptions), considering that even if it is small, it can still provide a number of interesting conclusions about the regions under consideration.

2. The Analysis

Studying Aruba for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.0332GCF%-0.0009TR%+0.5168

By calculating the Adjusted R Square, this is equal to 8.74% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Afghanistan for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.043322FDI%+0.2099GCF%+0.0000TR%+2.7781

By calculating the Adjusted R Square, this is equal to 33.74% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Angola for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.073276FDI%+0.0897GCF%+0.0066TR%+5.4817

By calculating the Adjusted R Square, this is equal to 56.32%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 7.33%. This is due to the FDI/GDP ratio in the analyzed period 0.91% which places the country in the first 86% from the world. Also, the level of taxes has an average equal with 7.95% staying in the top 67% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 8.97%. This is due to the GCF/GDP ratio in the analyzed period 13.52% which places the country in the first 83% from the world. Also the GCF/GDP ratio in the analyzed period is 6.76% which places the country in the first 72% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.66%.

Figure 1

Studying Albania for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.016044FDI%+0.1880GCF%-0.0103TR%+2.6312

By calculating the Adjusted R Square, this is equal to 65.13%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -1.60%. This is due to the FDI/GDP ratio in the analyzed period 6.28% which places the country in the first 18% from the world. Also, the level of taxes has an average equal with 4.20% staying in the top 47% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 18.80%. This is due to the GCF/GDP ratio in the analyzed period 31.15% which places the country in the first 8% from the world. Also the GCF/GDP ratio in the analyzed period is 20.15% which places the country in the first 23% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -1.03%.

Figure 2

Studying Arab World for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.1247GCF%+0.0000TR%+2.8754

By calculating the Adjusted R Square, this is equal to 43.20% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying United Arab Emirates for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.039981FDI%+0.0138GCF%+0.0011TR%+3.9558

By calculating the Adjusted R Square, this is equal to 16.43% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Argentina for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.026959FDI%+0.1833GCF%+0.0026TR%+1.0914

By calculating the Adjusted R Square, this is equal to 86.22%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -2.70%. This is due to the FDI/GDP ratio in the analyzed period 2.04% which places the country in the first 65% from the world. Also, the level of taxes has an average equal with 3.22% staying in the top 41% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 18.33%. This is due to the GCF/GDP ratio in the analyzed period 18.19% which places the country in the first 71% from the world. Also the GCF/GDP ratio in the analyzed period is 11.20% which places the country in the first 52% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.26%.

Figure 3

Studying Armenia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.016310FDI%+0.2126GCF%+0.0013TR%+3.4784

By calculating the Adjusted R Square, this is equal to 72.30%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -1.63%. This is due to the FDI/GDP ratio in the analyzed period 5.13% which places the country in the first 23% from the world. Also, the level of taxes has an average equal with 4.25% staying in the top 48% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 21.26%. This is due to the GCF/GDP ratio in the analyzed period 28.04% which places the country in the first 17% from the world. Also the GCF/GDP ratio in the analyzed period is 18.29% which places the country in the first 27% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.13%.

Figure 4

Studying Antigua and Barbuda for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.010250FDI%+0.2113GCF%+0.0044TR%+1.5466

By calculating the Adjusted R Square, this is equal to 56.45%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -1.03%. This is due to the FDI/GDP ratio in the analyzed period 10.94% which places the country in the first 7% from the world. Also, the level of taxes has an average equal with 5.85% staying in the top 56% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 21.13%. This is due to the GCF/GDP ratio in the analyzed period 28.63% which places the country in the first 15% from the world. Also the GCF/GDP ratio in the analyzed period is 38.19% which places the country in the first 8% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.44%.

Figure 5

Studying Australia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.048352FDI%+0.0150GCF%+0.0010TR%+3.1166

By calculating the Adjusted R Square, this is equal to 15.41% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Austria for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.053487FDI%+0.0617GCF%-0.0005TR%+1.7451

By calculating the Adjusted R Square, this is equal to 14.54% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Azerbaijan for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.014210FDI%+0.0040GCF%-0.0063TR%+10.2634

By calculating the Adjusted R Square, this is equal to 0.83% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Burundi for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.055487FDI%-0.0002GCF%+0.0000TR%+2.2834

By calculating the Adjusted R Square, this is equal to 14.68% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Belgium for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.178011FDI%+0.0227GCF%+0.0044TR%+1.7949

By calculating the Adjusted R Square, this is equal to 31.46% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 17.80%. This is due to the FDI/GDP ratio in the analyzed period 7.04% which places the country in the first 13% from the world. Also, the level of taxes has an average equal with 12.20% staying in the top 81% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 2.27%. This is due to the GCF/GDP ratio in the analyzed period 22.99% which places the country in the first 42% from the world. Also the GCF/GDP ratio in the analyzed period is 30.62% which places the country in the first 12% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.44%.

Figure 6

Studying Benin for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.016098FDI%+0.0301GCF%-0.0002TR%+3.9839

By calculating the Adjusted R Square, this is equal to 22.35% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Burkina Faso for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.052832FDI%+0.0226GCF%+0.0017TR%+5.7003

By calculating the Adjusted R Square, this is equal to 10.22% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Bangladesh for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.015805FDI%+0.0376GCF%-0.0019TR%+5.3598

By calculating the Adjusted R Square, this is equal to 24.11% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Bulgaria for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.001785FDI%-0.0047GCF%+0.0324TR%+2.4027

By calculating the Adjusted R Square, this is equal to 20.73% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 0.18%. This is due to the FDI/GDP ratio in the analyzed period 6.55% which places the country in the first 17% from the world. Also, the level of taxes has an average equal with 11.21% staying in the top 79% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with -0.47%. This is due to the GCF/GDP ratio in the analyzed period 25.94% which places the country in the first 26% from the world. Also the GCF/GDP ratio in the analyzed period is 25.25% which places the country in the first 17% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 3.24%.

Figure 7

Studying Bahrain for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.004589FDI%+0.0117GCF%-0.0001TR%+4.5258

By calculating the Adjusted R Square, this is equal to 10.31% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Bahamas for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.039720FDI%+0.1076GCF%-0.0028TR%+1.0157

By calculating the Adjusted R Square, this is equal to 23.25% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Bosnia and Herzegovina for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.360637FDI%+0.3520GCF%-0.0105TR%+4.2713

By calculating the Adjusted R Square, this is equal to 78.74%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 36.06%. This is due to the FDI/GDP ratio in the analyzed period 3.77% which places the country in the first 32% from the world. Also, the level of taxes has an average equal with 5.05% staying in the top 51% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 35.20%. This is due to the GCF/GDP ratio in the analyzed period 21.21% which places the country in the first 56% from the world. Also the GCF/GDP ratio in the analyzed period is 17.76% which places the country in the first 28% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -1.05%.

Figure 8

Studying Belarus for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.011572FDI%+0.1269GCF%+0.0021TR%+4.0684

By calculating the Adjusted R Square, this is equal to 60.02%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 1.16%. This is due to the FDI/GDP ratio in the analyzed period 2.47% which places the country in the first 54% from the world. Also, the level of taxes has an average equal with 10.09% staying in the top 75% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 12.69%. This is due to the GCF/GDP ratio in the analyzed period 33.36% which places the country in the first 5% from the world. Also the GCF/GDP ratio in the analyzed period is 7.39% which places the country in the first 66% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.21%.

Figure 9

Studying Belize for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.016948FDI%+0.0548GCF%-0.0008TR%+3.8059

By calculating the Adjusted R Square, this is equal to 14.24% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Bermuda for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.0293GCF%+0.0000TR%+1.6261

By calculating the Adjusted R Square, this is equal to 3.49% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Bolivia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.001985FDI%+0.0559GCF%+0.0020TR%+3.5614

By calculating the Adjusted R Square, this is equal to 55.89%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 0.20%. This is due to the FDI/GDP ratio in the analyzed period 3.33% which places the country in the first 38% from the world. Also, the level of taxes has an average equal with 5.86% staying in the top 56% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 5.59%. This is due to the GCF/GDP ratio in the analyzed period 17.57% which places the country in the first 73% from the world. Also the GCF/GDP ratio in the analyzed period is 18.93% which places the country in the first 25% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.20%.

Figure 10

Studying Brazil for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.031691FDI%+0.0912GCF%+0.0031TR%+1.9395

By calculating the Adjusted R Square, this is equal to 79.27%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 3.17%. This is due to the FDI/GDP ratio in the analyzed period 2.68% which places the country in the first 50% from the world. Also, the level of taxes has an average equal with 9.82% staying in the top 74% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 9.12%. This is due to the GCF/GDP ratio in the analyzed period 20.14% which places the country in the first 63% from the world. Also the GCF/GDP ratio in the analyzed period is 13.29% which places the country in the first 42% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.31%.

Figure 11

Studying Barbados for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.049640FDI%+0.1080GCF%-0.0006TR%+0.8758

By calculating the Adjusted R Square, this is equal to 47.49% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Brunei Darussalam for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.0238GCF%+0.0008TR%+0.7891

By calculating the Adjusted R Square, this is equal to 19.56% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Bhutan for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.012479FDI%+0.0722GCF%+0.0014TR%+6.1112

By calculating the Adjusted R Square, this is equal to 24.50% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Botswana for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.010443FDI%-0.0408GCF%+0.0018TR%+4.9316

By calculating the Adjusted R Square, this is equal to 5.36% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Central African Republic for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.171149FDI%+0.2009GCF%+0.0069TR%+0.3272

By calculating the Adjusted R Square, this is equal to 83.82%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 17.11%. This is due to the FDI/GDP ratio in the analyzed period 1.15% which places the country in the first 81% from the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 20.09%. This is due to the GCF/GDP ratio in the analyzed period 11.62% which places the country in the first 85% from the world. Also the GCF/GDP ratio in the analyzed period is 9.90% which places the country in the first 56% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.69%.

Figure 12

Studying Canada for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.131920FDI%+0.0748GCF%+0.0001TR%+2.0444

By calculating the Adjusted R Square, this is equal to 32.95% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Central Europe and the Baltics for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.080581FDI%+0.1180GCF%-0.0004TR%+2.4461

By calculating the Adjusted R Square, this is equal to 76.81%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 8.06%. This is due to the FDI/GDP ratio in the analyzed period 4.35% which places the country in the first 26% from the world. Also, the level of taxes has an average equal with 8.65% staying in the top 68% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 11.80%. This is due to the GCF/GDP ratio in the analyzed period 24.14% which places the country in the first 35% from the world. Also the GCF/GDP ratio in the analyzed period is 18.00% which places the country in the first 28% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -0.04%.

Figure 13

Studying Switzerland for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.073930FDI%+0.0102GCF%-0.0005TR%+1.8506

By calculating the Adjusted R Square, this is equal to 9.74% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Chile for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.092701FDI%+0.0681GCF%+0.0013TR%+3.6806

By calculating the Adjusted R Square, this is equal to 64.32%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 9.27%. This is due to the FDI/GDP ratio in the analyzed period 7.00% which places the country in the first 13% from the world. Also, the level of taxes has an average equal with 17.20% staying in the top 91% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 6.81%. This is due to the GCF/GDP ratio in the analyzed period 23.39% which places the country in the first 40% from the world. Also the GCF/GDP ratio in the analyzed period is 29.91% which places the country in the first 13% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.13%.

Figure 14

Studying China for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.010811FDI%+0.0966GCF%+0.0261TR%+7.6270

By calculating the Adjusted R Square, this is equal to 54.79%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 1.08%. This is due to the FDI/GDP ratio in the analyzed period 3.13% which places the country in the first 43% from the world. Also, the level of taxes has an average equal with 2.23% staying in the top 32% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 9.66%. This is due to the GCF/GDP ratio in the analyzed period 44.32% which places the country in the first 0% from the world. Also the GCF/GDP ratio in the analyzed period is 7.07% which places the country in the first 69% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 2.61%.

Figure 15

Studying Cote d’Ivoire for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.066208FDI%+0.0469GCF%+0.0266TR%+1.3571

By calculating the Adjusted R Square, this is equal to 55.05%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -6.62%. This is due to the FDI/GDP ratio in the analyzed period 1.35% which places the country in the first 78% from the world. Also, the level of taxes has an average equal with 5.33% staying in the top 52% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 4.69%. This is due to the GCF/GDP ratio in the analyzed period 14.41% which places the country in the first 81% from the world. Also the GCF/GDP ratio in the analyzed period is 9.36% which places the country in the first 58% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 2.66%.

Figure 16

Studying Cameroon for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%-0.0063GCF%-0.0002TR%+4.1731

By calculating the Adjusted R Square, this is equal to 6.07% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Congo, Dem. Rep. for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.019175FDI%-0.0074GCF%+0.0016TR%+4.3481

By calculating the Adjusted R Square, this is equal to 26.53% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Congo, Rep. for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.006478FDI%+0.0445GCF%-0.0035TR%+3.8191

By calculating the Adjusted R Square, this is equal to 21.24% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Colombia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.014936FDI%+0.1114GCF%-0.0010TR%+2.7846

By calculating the Adjusted R Square, this is equal to 75.28%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 1.49%. This is due to the FDI/GDP ratio in the analyzed period 3.34% which places the country in the first 38% from the world. Also, the level of taxes has an average equal with 3.62% staying in the top 43% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 11.14%. This is due to the GCF/GDP ratio in the analyzed period 22.16% which places the country in the first 50% from the world. Also the GCF/GDP ratio in the analyzed period is 15.06% which places the country in the first 35% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -0.10%.

Figure 17

Studying Comoros for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%-0.0245GCF%-0.0005TR%+2.7754

By calculating the Adjusted R Square, this is equal to 19.63% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Cabo Verde for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.058672FDI%+0.0588GCF%+0.0040TR%+7.1081

By calculating the Adjusted R Square, this is equal to 22.75% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Costa Rica for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.247982FDI%0.0000GCF%+0.0179TR%+3.8296

By calculating the Adjusted R Square, this is equal to 37.19% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Caribbean small states for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.006044FDI%+0.0398GCF%-0.0009TR%+2.3814

By calculating the Adjusted R Square, this is equal to 4.22% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Cuba for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.0741GCF%0.0000TR%+3.7630

By calculating the Adjusted R Square, this is equal to 46.23% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Cyprus for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.051034FDI%+0.0933GCF%+0.0015TR%+2.0197

By calculating the Adjusted R Square, this is equal to 47.93% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Czech Republic for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.029389FDI%+0.1586GCF%-0.0029TR%+1.6634

By calculating the Adjusted R Square, this is equal to 62.34%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 2.94%. This is due to the FDI/GDP ratio in the analyzed period 4.31% which places the country in the first 27% from the world. Also, the level of taxes has an average equal with 7.51% staying in the top 65% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 15.86%. This is due to the GCF/GDP ratio in the analyzed period 28.44% which places the country in the first 16% from the world. Also the GCF/GDP ratio in the analyzed period is 15.15% which places the country in the first 35% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -0.29%.

Figure 18

Studying Germany for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.112265FDI%+0.1031GCF%+0.0046TR%+1.1956

By calculating the Adjusted R Square, this is equal to 31.08% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -11.23%. This is due to the FDI/GDP ratio in the analyzed period 1.43% which places the country in the first 76% from the world. Also, the level of taxes has an average equal with 10.81% staying in the top 76% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 10.31%. This is due to the GCF/GDP ratio in the analyzed period 21.70% which places the country in the first 54% from the world. Also the GCF/GDP ratio in the analyzed period is 6.61% which places the country in the first 73% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.46%.

Figure 19

Studying Djibouti for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%-0.0235GCF%+0.0078TR%+2.9585

By calculating the Adjusted R Square, this is equal to 10.23% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Dominica for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.008219FDI%+0.1343GCF%-0.0033TR%+1.9100

By calculating the Adjusted R Square, this is equal to 46.87% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Denmark for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.072358FDI%+0.0812GCF%-0.0001TR%+1.2265

By calculating the Adjusted R Square, this is equal to 21.24% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Dominican Republic for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.040347FDI%+0.0743GCF%+0.0074TR%+4.4194

By calculating the Adjusted R Square, this is equal to 50.07%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -4.03%. This is due to the FDI/GDP ratio in the analyzed period 3.42% which places the country in the first 37% from the world. Also, the level of taxes has an average equal with 12.07% staying in the top 81% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 7.43%. This is due to the GCF/GDP ratio in the analyzed period 22.74% which places the country in the first 45% from the world. Also the GCF/GDP ratio in the analyzed period is 15.02% which places the country in the first 36% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.74%.

Figure 20

Studying Algeria for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.003493FDI%+0.0375GCF%-0.0041TR%+3.2893

By calculating the Adjusted R Square, this is equal to 12.72% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying East Asia & Pacific (excluding high income) for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.004954FDI%+0.1359GCF%+0.0192TR%+5.8435

By calculating the Adjusted R Square, this is equal to 71.80%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -0.50%. This is due to the FDI/GDP ratio in the analyzed period 2.96% which places the country in the first 45% from the world. Also, the level of taxes has an average equal with 2.41% staying in the top 33% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 13.59%. This is due to the GCF/GDP ratio in the analyzed period 40.33% which places the country in the first 2% from the world. Also the GCF/GDP ratio in the analyzed period is 7.35% which places the country in the first 68% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 1.92%.

Figure 21

Studying East Asia & Pacific for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.007887FDI%+0.0772GCF%+0.0239TR%+3.3324

By calculating the Adjusted R Square, this is equal to 57.89%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -0.79%. This is due to the FDI/GDP ratio in the analyzed period 1.96% which places the country in the first 66% from the world. Also, the level of taxes has an average equal with 2.65% staying in the top 36% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 7.72%. This is due to the GCF/GDP ratio in the analyzed period 32.09% which places the country in the first 6% from the world. Also the GCF/GDP ratio in the analyzed period is 6.10% which places the country in the first 75% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 2.39%.

Figure 22

Studying Europe & Central Asia (excluding high income) for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.002941FDI%+0.1420GCF%+0.0059TR%+2.3126

By calculating the Adjusted R Square, this is equal to 84.60%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -0.29%. This is due to the FDI/GDP ratio in the analyzed period 2.71% which places the country in the first 49% from the world. Also, the level of taxes has an average equal with 5.15% staying in the top 52% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 14.20%. This is due to the GCF/GDP ratio in the analyzed period 25.24% which places the country in the first 30% from the world. Also the GCF/GDP ratio in the analyzed period is 10.74% which places the country in the first 54% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.59%.

Figure 23

Studying Europe & Central Asia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.030242FDI%+0.0778GCF%+0.0177TR%+1.4230

By calculating the Adjusted R Square, this is equal to 58.91%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 3.02%. This is due to the FDI/GDP ratio in the analyzed period 3.16% which places the country in the first 42% from the world. Also, the level of taxes has an average equal with 17.96% staying in the top 91% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 7.78%. This is due to the GCF/GDP ratio in the analyzed period 22.27% which places the country in the first 49% from the world. Also the GCF/GDP ratio in the analyzed period is 14.20% which places the country in the first 39% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 1.77%.

Figure 24

Studying Ecuador for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.1358GCF%+0.0015TR%+2.1758

By calculating the Adjusted R Square, this is equal to 69.23%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is very small. This is due to the FDI/GDP ratio in the analyzed period 1.10% which places the country in the first 84% from the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 13.58%. This is due to the GCF/GDP ratio in the analyzed period 24.70% which places the country in the first 32% from the world. Also the GCF/GDP ratio in the analyzed period is 4.43% which places the country in the first 79% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.15%.

Figure 25

Studying Egypt, Arab Rep. for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.027181FDI%+0.0887GCF%+0.0018TR%+3.8293

By calculating the Adjusted R Square, this is equal to 65.94%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 2.72%. This is due to the FDI/GDP ratio in the analyzed period 2.35% which places the country in the first 57% from the world. Also, the level of taxes has an average equal with 13.89% staying in the top 86% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 8.87%. This is due to the GCF/GDP ratio in the analyzed period 18.83% which places the country in the first 67% from the world. Also the GCF/GDP ratio in the analyzed period is 12.47% which places the country in the first 44% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.18%.

Figure 26

Studying Euro area for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.246505FDI%+0.0652GCF%+0.0141TR%+0.9736

By calculating the Adjusted R Square, this is equal to 49.81%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 24.65%. This is due to the FDI/GDP ratio in the analyzed period 3.27% which places the country in the first 40% from the world. Also, the level of taxes has an average equal with 17.18% staying in the top 90% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 6.52%. This is due to the GCF/GDP ratio in the analyzed period 22.21% which places the country in the first 49% from the world. Also the GCF/GDP ratio in the analyzed period is 14.70% which places the country in the first 38% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 1.41%.

Figure 27

Studying Eritrea for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.0569GCF%-0.0054TR%+2.0503

By calculating the Adjusted R Square, this is equal to 38.69% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Spain for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.017962FDI%+0.1224GCF%+0.0034TR%+1.5602

By calculating the Adjusted R Square, this is equal to 44.64% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 1.80%. This is due to the FDI/GDP ratio in the analyzed period 2.67% which places the country in the first 51% from the world. Also, the level of taxes has an average equal with 13.32% staying in the top 84% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 12.24%. This is due to the GCF/GDP ratio in the analyzed period 24.76% which places the country in the first 31% from the world. Also the GCF/GDP ratio in the analyzed period is 10.76% which places the country in the first 54% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.34%.

Figure 28

Studying Estonia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.280611FDI%+0.2109GCF%+0.0033TR%+1.8930

By calculating the Adjusted R Square, this is equal to 74.05%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -28.06%. This is due to the FDI/GDP ratio in the analyzed period 8.42% which places the country in the first 10% from the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 21.09%. This is due to the GCF/GDP ratio in the analyzed period 30.20% which places the country in the first 10% from the world. Also the GCF/GDP ratio in the analyzed period is 27.89% which places the country in the first 16% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.33%.

Figure 29

Studying Ethiopia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.019947FDI%+0.0525GCF%-0.0036TR%+8.3102

By calculating the Adjusted R Square, this is equal to 5.90% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying European Union for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.295557FDI%+0.0590GCF%+0.0119TR%+1.2589

By calculating the Adjusted R Square, this is equal to 56.76%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 29.56%. This is due to the FDI/GDP ratio in the analyzed period 3.32% which places the country in the first 39% from the world. Also, the level of taxes has an average equal with 18.69% staying in the top 92% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 5.90%. This is due to the GCF/GDP ratio in the analyzed period 21.70% which places the country in the first 54% from the world. Also the GCF/GDP ratio in the analyzed period is 15.31% which places the country in the first 34% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 1.19%.

Figure 30

Studying Fragile and conflict affected situations for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.0210GCF%-0.0348TR%+5.1743

By calculating the Adjusted R Square, this is equal to 4.71% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Finland for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.205555FDI%+0.1110GCF%+0.0055TR%+1.7911

By calculating the Adjusted R Square, this is equal to 55.72%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 20.56%. This is due to the FDI/GDP ratio in the analyzed period 2.67% which places the country in the first 51% from the world. Also, the level of taxes has an average equal with 22.21% staying in the top 95% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 11.10%. This is due to the GCF/GDP ratio in the analyzed period 23.76% which places the country in the first 38% from the world. Also the GCF/GDP ratio in the analyzed period is 11.25% which places the country in the first 52% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.55%.

Figure 31

Studying Fiji for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.018908FDI%+0.0120GCF%-0.0001TR%+2.7671

By calculating the Adjusted R Square, this is equal to 7.76% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying France for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.219182FDI%+0.0594GCF%-0.0002TR%+1.1473

By calculating the Adjusted R Square, this is equal to 40.71% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 21.92%. This is due to the FDI/GDP ratio in the analyzed period 1.65% which places the country in the first 73% from the world. Also, the level of taxes has an average equal with 20.43% staying in the top 93% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 5.94%. This is due to the GCF/GDP ratio in the analyzed period 22.35% which places the country in the first 48% from the world. Also the GCF/GDP ratio in the analyzed period is 7.37% which places the country in the first 67% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -0.02%.

Figure 32

Studying Micronesia, Fed. Sts. for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.027767FDI%0.0000GCF%-0.0004TR%+0.3191

By calculating the Adjusted R Square, this is equal to 17.59% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Gabon for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.0917GCF%+0.0000TR%+1.3541

By calculating the Adjusted R Square, this is equal to 37.76% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying United Kingdom for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.144717FDI%+0.1185GCF%-0.0024TR%+1.6580

By calculating the Adjusted R Square, this is equal to 67.36%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 14.47%. This is due to the FDI/GDP ratio in the analyzed period 3.57% which places the country in the first 34% from the world. Also, the level of taxes has an average equal with 24.45% staying in the top 98% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 11.85%. This is due to the GCF/GDP ratio in the analyzed period 18.36% which places the country in the first 69% from the world. Also the GCF/GDP ratio in the analyzed period is 19.45% which places the country in the first 24% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -0.24%.

Figure 33

Studying Georgia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.037947FDI%+0.0176GCF%+0.0320TR%+4.2570

By calculating the Adjusted R Square, this is equal to 43.62% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Ghana for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.019240FDI%+0.0514GCF%-0.0030TR%+5.2581

By calculating the Adjusted R Square, this is equal to 24.38% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Guinea for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.0049GCF%+0.0001TR%+2.9271

By calculating the Adjusted R Square, this is equal to 14.80% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Gambia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.024279FDI%+0.0203GCF%-0.0078TR%+3.3755

By calculating the Adjusted R Square, this is equal to 12.45% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Guinea-Bissau for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.0427GCF%+0.0043TR%+0.2947

By calculating the Adjusted R Square, this is equal to 20.40% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Equatorial Guinea for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.164941FDI%+0.1610GCF%+0.0261TR%+19.0065

By calculating the Adjusted R Square, this is equal to 11.07% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Greece for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.214157FDI%+0.1847GCF%-0.0013TR%+1.6674

By calculating the Adjusted R Square, this is equal to 60.24%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -21.42%. This is due to the FDI/GDP ratio in the analyzed period 0.78% which places the country in the first 88% from the world. Also, the level of taxes has an average equal with 16.09% staying in the top 89% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 18.47%. This is due to the GCF/GDP ratio in the analyzed period 22.50% which places the country in the first 47% from the world. Also the GCF/GDP ratio in the analyzed period is 3.47% which places the country in the first 82% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -0.13%.

Figure 34

Studying Grenada for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.016293FDI%+0.2287GCF%-0.0118TR%+2.3931

By calculating the Adjusted R Square, this is equal to 75.29%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -1.63%. This is due to the FDI/GDP ratio in the analyzed period 8.60% which places the country in the first 10% from the world. Also, the level of taxes has an average equal with 8.86% staying in the top 70% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 22.87%. This is due to the GCF/GDP ratio in the analyzed period 28.26% which places the country in the first 16% from the world. Also the GCF/GDP ratio in the analyzed period is 30.43% which places the country in the first 12% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -1.18%.

Figure 35

Studying Greenland for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.0209GCF%0.0000TR%+2.0970

By calculating the Adjusted R Square, this is equal to 25.21% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Guatemala for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.004127FDI%+0.0605GCF%-0.0004TR%+3.1630

By calculating the Adjusted R Square, this is equal to 43.41% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Guyana for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.0340GCF%-0.0205TR%+2.9707

By calculating the Adjusted R Square, this is equal to 15.04% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying High income for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.022312FDI%+0.0839GCF%+0.0214TR%+1.4787

By calculating the Adjusted R Square, this is equal to 66.76%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 2.23%. This is due to the FDI/GDP ratio in the analyzed period 2.33% which places the country in the first 58% from the world. Also, the level of taxes has an average equal with 14.66% staying in the top 88% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 8.39%. This is due to the GCF/GDP ratio in the analyzed period 22.91% which places the country in the first 43% from the world. Also the GCF/GDP ratio in the analyzed period is 10.18% which places the country in the first 55% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 2.14%.

Figure 36

Studying Hong Kong SAR, China for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.2057GCF%+0.0164TR%+2.5861

By calculating the Adjusted R Square, this is equal to 54.90%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is very small. This is due to the FDI/GDP ratio in the analyzed period 20.62% which places the country in the first 2% from the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 20.57%. This is due to the GCF/GDP ratio in the analyzed period 25.27% which places the country in the first 29% from the world. Also the GCF/GDP ratio in the analyzed period is 81.60% which places the country in the first 3% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 1.64%.

Figure 37

Studying Honduras for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.128727FDI%+0.0935GCF%-0.0228TR%+3.3091

By calculating the Adjusted R Square, this is equal to 49.76% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Heavily indebted poor countries (HIPC) for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.006525FDI%+0.0644GCF%+0.0009TR%+4.2582

By calculating the Adjusted R Square, this is equal to 30.77% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Croatia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.025916FDI%+0.1520GCF%+0.0016TR%+0.8349

By calculating the Adjusted R Square, this is equal to 70.83%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -2.59%. This is due to the FDI/GDP ratio in the analyzed period 4.16% which places the country in the first 29% from the world. Also, the level of taxes has an average equal with 9.42% staying in the top 73% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 15.20%. This is due to the GCF/GDP ratio in the analyzed period 23.76% which places the country in the first 38% from the world. Also the GCF/GDP ratio in the analyzed period is 17.49% which places the country in the first 30% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.16%.

Figure 38

Studying Haiti for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.1343GCF%-0.0033TR%+0.5254

By calculating the Adjusted R Square, this is equal to 35.47% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Hungary for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.102716FDI%+0.1147GCF%-0.0015TR%+1.6383

By calculating the Adjusted R Square, this is equal to 45.12% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -10.27%. This is due to the FDI/GDP ratio in the analyzed period 9.92% which places the country in the first 8% from the world. Also, the level of taxes has an average equal with 12.69% staying in the top 82% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 11.47%. This is due to the GCF/GDP ratio in the analyzed period 23.21% which places the country in the first 41% from the world. Also the GCF/GDP ratio in the analyzed period is 42.73% which places the country in the first 6% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -0.15%.

Figure 39

Studying IBRD only for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.010559FDI%+0.1205GCF%+0.0289TR%+3.5477

By calculating the Adjusted R Square, this is equal to 88.88%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -1.06%. This is due to the FDI/GDP ratio in the analyzed period 2.52% which places the country in the first 52% from the world. Also, the level of taxes has an average equal with 2.99% staying in the top 40% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 12.05%. This is due to the GCF/GDP ratio in the analyzed period 30.37% which places the country in the first 10% from the world. Also the GCF/GDP ratio in the analyzed period is 8.29% which places the country in the first 63% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 2.89%.

Figure 40

Studying IDA & IBRD total for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.010609FDI%+0.1207GCF%+0.0282TR%+3.5526

By calculating the Adjusted R Square, this is equal to 89.37%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -1.06%. This is due to the FDI/GDP ratio in the analyzed period 2.50% which places the country in the first 53% from the world. Also, the level of taxes has an average equal with 2.94% staying in the top 39% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 12.07%. This is due to the GCF/GDP ratio in the analyzed period 29.71% which places the country in the first 12% from the world. Also the GCF/GDP ratio in the analyzed period is 8.41% which places the country in the first 61% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 2.82%.

Figure 41

Studying IDA total for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.003981FDI%+0.1056GCF%-0.0056TR%+4.1675

By calculating the Adjusted R Square, this is equal to 27.45% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying IDA blend for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.016820FDI%+0.0692GCF%-0.0034TR%+4.4084

By calculating the Adjusted R Square, this is equal to 12.69% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Indonesia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.047828FDI%+0.0880GCF%+0.0009TR%+3.4144

By calculating the Adjusted R Square, this is equal to 42.22% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying IDA only for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.0925GCF%+0.0005TR%+4.2349

By calculating the Adjusted R Square, this is equal to 48.17% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying India for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.001957FDI%+0.0892GCF%-0.0020TR%+6.0366

By calculating the Adjusted R Square, this is equal to 43.30% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -0.20%. This is due to the FDI/GDP ratio in the analyzed period 1.40% which places the country in the first 76% from the world. Also, the level of taxes has an average equal with 8.84% staying in the top 70% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 8.92%. This is due to the GCF/GDP ratio in the analyzed period 33.65% which places the country in the first 5% from the world. Also the GCF/GDP ratio in the analyzed period is 4.15% which places the country in the first 81% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -0.20%.

Figure 42

Studying Ireland for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.736111FDI%+0.2925GCF%+0.0037TR%+1.8664

By calculating the Adjusted R Square, this is equal to 50.41%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -73.61%. This is due to the FDI/GDP ratio in the analyzed period 17.37% which places the country in the first 3% from the world. Also, the level of taxes has an average equal with 24.72% staying in the top 98% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 29.25%. This is due to the GCF/GDP ratio in the analyzed period 22.96% which places the country in the first 42% from the world. Also the GCF/GDP ratio in the analyzed period is 75.65% which places the country in the first 3% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.37%.

Figure 43

Studying Iran, Islamic Rep. for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.025881FDI%+0.1012GCF%+0.0054TR%+1.9356

By calculating the Adjusted R Square, this is equal to 37.10% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Iraq for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.073990FDI%-0.0288GCF%+0.0001TR%+11.4177

By calculating the Adjusted R Square, this is equal to 34.64% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Iceland for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.239686FDI%+0.1535GCF%+0.0003TR%+2.1547

By calculating the Adjusted R Square, this is equal to 53.29%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -23.97%. This is due to the FDI/GDP ratio in the analyzed period 3.58% which places the country in the first 33% from the world. Also, the level of taxes has an average equal with 22.76% staying in the top 97% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 15.35%. This is due to the GCF/GDP ratio in the analyzed period 22.41% which places the country in the first 48% from the world. Also the GCF/GDP ratio in the analyzed period is 15.98% which places the country in the first 33% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.03%.

Figure 44

Studying Israel for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.209366FDI%+0.1184GCF%+0.0034TR%+3.3352

By calculating the Adjusted R Square, this is equal to 61.06%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 20.94%. This is due to the FDI/GDP ratio in the analyzed period 2.83% which places the country in the first 47% from the world. Also, the level of taxes has an average equal with 30.79% staying in the top 99% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 11.84%. This is due to the GCF/GDP ratio in the analyzed period 20.71% which places the country in the first 60% from the world. Also the GCF/GDP ratio in the analyzed period is 13.64% which places the country in the first 41% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.34%.

Figure 45

Studying Italy for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.100586FDI%+0.0728GCF%0.0000TR%+0.4703

By calculating the Adjusted R Square, this is equal to 29.22% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Jamaica for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.183981FDI%+0.0282GCF%+0.0061TR%+0.2721

By calculating the Adjusted R Square, this is equal to 41.53% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Jordan for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.011712FDI%+0.0945GCF%+0.0002TR%+3.8147

By calculating the Adjusted R Square, this is equal to 38.32% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Japan for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.154996FDI%+0.0305GCF%+0.0003TR%+0.8168

By calculating the Adjusted R Square, this is equal to 28.48% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Kazakhstan for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.023237FDI%+0.1180GCF%+0.0016TR%+3.9832

By calculating the Adjusted R Square, this is equal to 63.89%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 2.32%. This is due to the FDI/GDP ratio in the analyzed period 6.59% which places the country in the first 16% from the world. Also, the level of taxes has an average equal with 3.82% staying in the top 44% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 11.80%. This is due to the GCF/GDP ratio in the analyzed period 25.79% which places the country in the first 27% from the world. Also the GCF/GDP ratio in the analyzed period is 25.56% which places the country in the first 17% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.16%.

Figure 46

Studying Kenya for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.015531FDI%+0.0683GCF%+0.0006TR%+3.2518

By calculating the Adjusted R Square, this is equal to 23.12% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Kyrgyz Republic for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.036194FDI%+0.0090GCF%+0.0027TR%+4.5661

By calculating the Adjusted R Square, this is equal to 11.34% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Cambodia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.049655FDI%+0.0745GCF%+0.0190TR%+6.1237

By calculating the Adjusted R Square, this is equal to 46.45% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Kiribati for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.010036FDI%0.0000GCF%+0.0018TR%+1.9621

By calculating the Adjusted R Square, this is equal to 12.52% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying St. Kitts and Nevis for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.017729FDI%+0.1242GCF%+0.0170TR%+1.9928

By calculating the Adjusted R Square, this is equal to 36.75% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Korea, Rep. for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.001570FDI%+0.1375GCF%-0.0025TR%+3.6692

By calculating the Adjusted R Square, this is equal to 69.47%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 0.16%. This is due to the FDI/GDP ratio in the analyzed period 0.84% which places the country in the first 86% from the world. Also, the level of taxes has an average equal with 13.73% staying in the top 84% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 13.75%. This is due to the GCF/GDP ratio in the analyzed period 32.54% which places the country in the first 6% from the world. Also the GCF/GDP ratio in the analyzed period is 2.58% which places the country in the first 84% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -0.25%.

Figure 47

Studying Kuwait for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.001941FDI%+0.1464GCF%+0.0002TR%+2.3292

By calculating the Adjusted R Square, this is equal to 29.84% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Latin America & Caribbean (excluding high income) for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.002629FDI%+0.1304GCF%+0.0105TR%+1.8854

By calculating the Adjusted R Square, this is equal to 92.44%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 0.26%. This is due to the FDI/GDP ratio in the analyzed period 2.48% which places the country in the first 54% from the world. Also, the level of taxes has an average equal with 4.83% staying in the top 50% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 13.04%. This is due to the GCF/GDP ratio in the analyzed period 21.01% which places the country in the first 59% from the world. Also the GCF/GDP ratio in the analyzed period is 11.82% which places the country in the first 47% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 1.05%.

Figure 48

Studying Lao PDR for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.149542FDI%+0.0138GCF%+0.0019TR%+6.6432

By calculating the Adjusted R Square, this is equal to 21.11% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Lebanon for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.106338FDI%+0.1572GCF%+0.0015TR%+2.4687

By calculating the Adjusted R Square, this is equal to 53.56%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 10.63%. This is due to the FDI/GDP ratio in the analyzed period 7.48% which places the country in the first 11% from the world. Also, the level of taxes has an average equal with 6.37% staying in the top 59% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 15.72%. This is due to the GCF/GDP ratio in the analyzed period 25.91% which places the country in the first 26% from the world. Also the GCF/GDP ratio in the analyzed period is 28.87% which places the country in the first 14% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.15%.

Figure 49

Studying Liberia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.088120FDI%-0.0709GCF%-0.0036TR%+15.9845

By calculating the Adjusted R Square, this is equal to 19.56% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Libya for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.0614GCF%+0.0050TR%-1.6094

By calculating the Adjusted R Square, this is equal to 5.70% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying St. Lucia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.004743FDI%+0.1330GCF%-0.0010TR%+1.0395

By calculating the Adjusted R Square, this is equal to 50.41%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 0.47%. This is due to the FDI/GDP ratio in the analyzed period 9.11% which places the country in the first 9% from the world. Also, the level of taxes has an average equal with 7.26% staying in the top 64% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 13.30%. This is due to the GCF/GDP ratio in the analyzed period 24.52% which places the country in the first 33% from the world. Also the GCF/GDP ratio in the analyzed period is 37.15% which places the country in the first 9% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -0.10%.

Figure 50

Studying Latin America & Caribbean for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.000979FDI%+0.1226GCF%+0.0155TR%+1.8396

By calculating the Adjusted R Square, this is equal to 94.77%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -0.10%. This is due to the FDI/GDP ratio in the analyzed period 3.51% which places the country in the first 34% from the world. Also, the level of taxes has an average equal with 4.98% staying in the top 51% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 12.26%. This is due to the GCF/GDP ratio in the analyzed period 20.92% which places the country in the first 60% from the world. Also the GCF/GDP ratio in the analyzed period is 16.79% which places the country in the first 32% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 1.55%.

Figure 51

Studying Least developed countries: UN classification for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.012242FDI%+0.1295GCF%+0.0044TR%+4.1787

By calculating the Adjusted R Square, this is equal to 44.19% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Low income for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.011988FDI%+0.0399GCF%+0.0017TR%+4.2452

By calculating the Adjusted R Square, this is equal to 11.89% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Liechtenstein for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%0.0000GCF%0.0000TR%+2.6168

By calculating the Adjusted R Square, this is equal to 30.65% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Sri Lanka for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.035800FDI%+0.0942GCF%+0.0055TR%+4.2201

By calculating the Adjusted R Square, this is equal to 60.79%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 3.58%. This is due to the FDI/GDP ratio in the analyzed period 1.17% which places the country in the first 81% from the world. Also, the level of taxes has an average equal with 8.50% staying in the top 68% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 9.42%. This is due to the GCF/GDP ratio in the analyzed period 28.77% which places the country in the first 14% from the world. Also the GCF/GDP ratio in the analyzed period is 4.08% which places the country in the first 81% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.55%.

Figure 52

Studying Lower middle income for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.001419FDI%+0.1200GCF%+0.0074TR%+4.1728

By calculating the Adjusted R Square, this is equal to 73.68%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -0.14%. This is due to the FDI/GDP ratio in the analyzed period 1.85% which places the country in the first 67% from the world. Also, the level of taxes has an average equal with 6.40% staying in the top 59% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 12.00%. This is due to the GCF/GDP ratio in the analyzed period 26.93% which places the country in the first 21% from the world. Also the GCF/GDP ratio in the analyzed period is 6.86% which places the country in the first 71% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.74%.

Figure 53

Studying Low & middle income for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.010755FDI%+0.1266GCF%+0.0264TR%+3.5438

By calculating the Adjusted R Square, this is equal to 88.91%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -1.08%. This is due to the FDI/GDP ratio in the analyzed period 2.42% which places the country in the first 55% from the world. Also, the level of taxes has an average equal with 2.89% staying in the top 37% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 12.66%. This is due to the GCF/GDP ratio in the analyzed period 29.86% which places the country in the first 11% from the world. Also the GCF/GDP ratio in the analyzed period is 8.11% which places the country in the first 64% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 2.64%.

Figure 54

Studying Lesotho for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.006685FDI%+0.0601GCF%+0.0006TR%+3.5817

By calculating the Adjusted R Square, this is equal to 14.34% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Late-demographic dividend for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.002008FDI%+0.1268GCF%+0.0211TR%+3.9599

By calculating the Adjusted R Square, this is equal to 84.76%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -0.20%. This is due to the FDI/GDP ratio in the analyzed period 3.25% which places the country in the first 40% from the world. Also, the level of taxes has an average equal with 2.86% staying in the top 37% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 12.68%. This is due to the GCF/GDP ratio in the analyzed period 32.02% which places the country in the first 6% from the world. Also the GCF/GDP ratio in the analyzed period is 10.17% which places the country in the first 56% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 2.11%.

Figure 55

Studying Lithuania for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.117621FDI%+0.1689GCF%-0.0017TR%+2.8605

By calculating the Adjusted R Square, this is equal to 82.61%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 11.76%. This is due to the FDI/GDP ratio in the analyzed period 2.96% which places the country in the first 45% from the world. Also, the level of taxes has an average equal with 2.60% staying in the top 35% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 16.89%. This is due to the GCF/GDP ratio in the analyzed period 21.71% which places the country in the first 53% from the world. Also the GCF/GDP ratio in the analyzed period is 13.63% which places the country in the first 41% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -0.17%.

Figure 56

Studying Luxembourg for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.021495FDI%+0.0451GCF%-0.0023TR%+3.4872

By calculating the Adjusted R Square, this is equal to 18.21% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Latvia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.256256FDI%+0.1662GCF%+0.0019TR%+1.9316

By calculating the Adjusted R Square, this is equal to 79.67%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 25.63%. This is due to the FDI/GDP ratio in the analyzed period 4.19% which places the country in the first 28% from the world. Also, the level of taxes has an average equal with 9.88% staying in the top 74% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 16.62%. This is due to the GCF/GDP ratio in the analyzed period 27.88% which places the country in the first 18% from the world. Also the GCF/GDP ratio in the analyzed period is 15.02% which places the country in the first 36% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.19%.

Figure 57

Studying Macao SAR, China for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.565158FDI%+0.1198GCF%+0.0002TR%+2.6143

By calculating the Adjusted R Square, this is equal to 44.33% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Morocco for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.042861FDI%+0.1170GCF%-0.0006TR%+3.4997

By calculating the Adjusted R Square, this is equal to 41.94% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Moldova for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.035062FDI%+0.1534GCF%-0.0043TR%+1.7503

By calculating the Adjusted R Square, this is equal to 52.18%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -3.51%. This is due to the FDI/GDP ratio in the analyzed period 5.21% which places the country in the first 23% from the world. Also, the level of taxes has an average equal with 7.83% staying in the top 66% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 15.34%. This is due to the GCF/GDP ratio in the analyzed period 26.54% which places the country in the first 22% from the world. Also the GCF/GDP ratio in the analyzed period is 19.63% which places the country in the first 24% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -0.43%.

Figure 58

Studying Madagascar for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.011437FDI%+0.0957GCF%+0.0117TR%+1.3792

By calculating the Adjusted R Square, this is equal to 53.78%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 1.14%. This is due to the FDI/GDP ratio in the analyzed period 3.95% which places the country in the first 30% from the world. Also, the level of taxes has an average equal with 14.03% staying in the top 86% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 9.57%. This is due to the GCF/GDP ratio in the analyzed period 17.41% which places the country in the first 75% from the world. Also the GCF/GDP ratio in the analyzed period is 22.66% which places the country in the first 20% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 1.17%.

Figure 59

Studying Maldives for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.017215FDI%0.0000GCF%+0.0817TR%+2.3948

By calculating the Adjusted R Square, this is equal to 17.46% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Middle East & North Africa for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.1001GCF%+0.0104TR%+2.7378

By calculating the Adjusted R Square, this is equal to 61.49%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is very small. This is due to the FDI/GDP ratio in the analyzed period 2.18% which places the country in the first 62% from the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 10.01%. This is due to the GCF/GDP ratio in the analyzed period 22.27% which places the country in the first 49% from the world. Also the GCF/GDP ratio in the analyzed period is 9.79% which places the country in the first 56% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 1.04%.

Figure 60

Studying Mexico for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.019827FDI%+0.1854GCF%+0.0081TR%+1.3068

By calculating the Adjusted R Square, this is equal to 82.53%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 1.98%. This is due to the FDI/GDP ratio in the analyzed period 2.39% which places the country in the first 56% from the world. Also, the level of taxes has an average equal with 6.91% staying in the top 62% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 18.54%. This is due to the GCF/GDP ratio in the analyzed period 22.13% which places the country in the first 51% from the world. Also the GCF/GDP ratio in the analyzed period is 10.80% which places the country in the first 53% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.81%.

Figure 61

Studying Marshall Islands for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%0.0000GCF%+0.0000TR%+0.2551

By calculating the Adjusted R Square, this is equal to 9.80% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Middle income for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.010646FDI%+0.1265GCF%+0.0269TR%+3.5402

By calculating the Adjusted R Square, this is equal to 88.89%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -1.06%. This is due to the FDI/GDP ratio in the analyzed period 2.42% which places the country in the first 55% from the world. Also, the level of taxes has an average equal with 2.90% staying in the top 37% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 12.65%. This is due to the GCF/GDP ratio in the analyzed period 30.08% which places the country in the first 11% from the world. Also the GCF/GDP ratio in the analyzed period is 8.04% which places the country in the first 65% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 2.69%.

Figure 62

Studying Macedonia, FYR for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.002304FDI%+0.0829GCF%+0.0022TR%+2.0536

By calculating the Adjusted R Square, this is equal to 42.30% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Mali for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.064508FDI%+0.0907GCF%-0.0008TR%+4.4844

By calculating the Adjusted R Square, this is equal to 34.45% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Malta for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.002023FDI%+0.0517GCF%+0.0006TR%+3.1684

By calculating the Adjusted R Square, this is equal to 15.17% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Myanmar for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%0.0000GCF%-0.0078TR%+10.1530

By calculating the Adjusted R Square, this is equal to 14.33% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Middle East & North Africa (excluding high income) for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.008341FDI%+0.0729GCF%+0.0071TR%+3.0182

By calculating the Adjusted R Square, this is equal to 20.08% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Montenegro for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.1077GCF%+0.0013TR%+1.1183

By calculating the Adjusted R Square, this is equal to 77.30%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is very small. This is due to the FDI/GDP ratio in the analyzed period 16.56% which places the country in the first 3% from the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 10.77%. This is due to the GCF/GDP ratio in the analyzed period 23.52% which places the country in the first 40% from the world. Also the GCF/GDP ratio in the analyzed period is 70.40% which places the country in the first 4% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.13%.

Figure 63

Studying Mongolia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.038898FDI%+0.1186GCF%-0.0243TR%+5.1314

By calculating the Adjusted R Square, this is equal to 59.21%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -3.89%. This is due to the FDI/GDP ratio in the analyzed period 11.91% which places the country in the first 6% from the world. Also, the level of taxes has an average equal with 6.99% staying in the top 62% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 11.86%. This is due to the GCF/GDP ratio in the analyzed period 43.74% which places the country in the first 1% from the world. Also the GCF/GDP ratio in the analyzed period is 27.23% which places the country in the first 17% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -2.43%.

Figure 64

Studying Northern Mariana Islands for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%0.0000GCF%+0.0002TR%-2.9310

By calculating the Adjusted R Square, this is equal to 4.46% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Mozambique for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.005661FDI%-0.0443GCF%+0.0288TR%+8.3108

By calculating the Adjusted R Square, this is equal to 17.63% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Mauritania for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.0145GCF%+0.0002TR%+3.9182

By calculating the Adjusted R Square, this is equal to 17.40% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Mauritius for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.011941FDI%+0.0507GCF%+0.0043TR%+3.9649

By calculating the Adjusted R Square, this is equal to 28.53% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Malawi for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.190827FDI%+0.0070GCF%+0.0001TR%+4.2996

By calculating the Adjusted R Square, this is equal to 7.86% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Malaysia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.080381FDI%+0.1780GCF%-0.0010TR%+4.1885

By calculating the Adjusted R Square, this is equal to 75.28%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -8.04%. This is due to the FDI/GDP ratio in the analyzed period 3.75% which places the country in the first 32% from the world. Also, the level of taxes has an average equal with 7.07% staying in the top 62% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 17.80%. This is due to the GCF/GDP ratio in the analyzed period 26.26% which places the country in the first 23% from the world. Also the GCF/GDP ratio in the analyzed period is 14.26% which places the country in the first 38% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -0.10%.

Figure 65

Studying North America for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.045356FDI%+0.2544GCF%+0.0047TR%+1.2060

By calculating the Adjusted R Square, this is equal to 82.47%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -4.54%. This is due to the FDI/GDP ratio in the analyzed period 1.58% which places the country in the first 74% from the world. Also, the level of taxes has an average equal with 11.01% staying in the top 77% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 25.44%. This is due to the GCF/GDP ratio in the analyzed period 21.44% which places the country in the first 54% from the world. Also the GCF/GDP ratio in the analyzed period is 7.38% which places the country in the first 67% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.47%.

Figure 66

Studying Namibia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.057176FDI%+0.0467GCF%+0.0000TR%+4.0514

By calculating the Adjusted R Square, this is equal to 13.04% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying New Caledonia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%0.0000GCF%+0.0000TR%+0.1032

By calculating the Adjusted R Square, this is equal to 76.90%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is very small. This is due to the FDI/GDP ratio in the analyzed period 29.78% which places the country in the first 1% from the world. From the regression equation, we can see that the influence of GCF’s growth is very small. This is due to the GCF/GDP ratio in the analyzed period 3.35% which places the country in the first 88% from the world. Also the GCF/GDP ratio in the analyzed period is 888.20% which places the country in the first 0% from the world. From the regression equation, we can see that the influence of Tax rate growth is very small.

Figure 67

Studying Niger for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.0425GCF%-0.0010TR%+4.0709

By calculating the Adjusted R Square, this is equal to 33.75% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Nigeria for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.042566FDI%+0.0014GCF%+0.0278TR%+6.3469

By calculating the Adjusted R Square, this is equal to 6.60% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Nicaragua for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.021359FDI%+0.1482GCF%-0.0285TR%+3.1522

By calculating the Adjusted R Square, this is equal to 69.87%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -2.14%. This is due to the FDI/GDP ratio in the analyzed period 5.62% which places the country in the first 20% from the world. Also, the level of taxes has an average equal with 8.05% staying in the top 67% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 14.82%. This is due to the GCF/GDP ratio in the analyzed period 31.96% which places the country in the first 7% from the world. Also the GCF/GDP ratio in the analyzed period is 17.60% which places the country in the first 29% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -2.85%.

Figure 68

Studying Netherlands for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.229058FDI%+0.0593GCF%+0.0028TR%+1.6022

By calculating the Adjusted R Square, this is equal to 21.67% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Norway for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.148373FDI%+0.0182GCF%-0.0004TR%+1.9701

By calculating the Adjusted R Square, this is equal to 23.00% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Nepal for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.031825FDI%+0.0299GCF%-0.0001TR%+3.7513

By calculating the Adjusted R Square, this is equal to 16.95% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Nauru for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%0.0000GCF%-0.0497TR%+7.9231

By calculating the Adjusted R Square, this is equal to 9.19% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying New Zealand for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.112661FDI%+0.0650GCF%-0.0001TR%+2.2387

By calculating the Adjusted R Square, this is equal to 47.23% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying OECD members for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.157555FDI%+0.0634GCF%+0.0149TR%+1.5738

By calculating the Adjusted R Square, this is equal to 71.69%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 15.76%. This is due to the FDI/GDP ratio in the analyzed period 2.09% which places the country in the first 63% from the world. Also, the level of taxes has an average equal with 14.61% staying in the top 87% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 6.34%. This is due to the GCF/GDP ratio in the analyzed period 22.84% which places the country in the first 44% from the world. Also the GCF/GDP ratio in the analyzed period is 9.14% which places the country in the first 59% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 1.49%.

Figure 69

Studying Oman for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.010485FDI%+0.0310GCF%-0.0022TR%+3.4867

By calculating the Adjusted R Square, this is equal to 21.23% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Other small states for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.033372FDI%+0.1501GCF%-0.0003TR%+2.5899

By calculating the Adjusted R Square, this is equal to 43.99% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Pakistan for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.006589FDI%+0.0770GCF%+0.0164TR%+3.0561

By calculating the Adjusted R Square, this is equal to 66.39%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -0.66%. This is due to the FDI/GDP ratio in the analyzed period 1.10% which places the country in the first 84% from the world. Also, the level of taxes has an average equal with 10.83% staying in the top 76% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 7.70%. This is due to the GCF/GDP ratio in the analyzed period 16.97% which places the country in the first 75% from the world. Also the GCF/GDP ratio in the analyzed period is 6.51% which places the country in the first 74% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 1.64%.

Figure 70

Studying Panama for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.1548GCF%-0.0077TR%+4.7067

By calculating the Adjusted R Square, this is equal to 73.70%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDIs-net inflows growth is very small. This is due to the FDI/GDP ratio in the analyzed period 7.23% which places the country in the first 12% from the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 15.48%. This is due to the GCF/GDP ratio in the analyzed period 36.63% which places the country in the first 4% from the world. Also the GCF/GDP ratio in the analyzed period is 19.75% which places the country in the first 24% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -0.77%.

Figure 71

Studying Peru for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.100033FDI%+0.1567GCF%+0.0045TR%+3.4215

By calculating the Adjusted R Square, this is equal to 86.31%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -10.00%. This is due to the FDI/GDP ratio in the analyzed period 3.84% which places the country in the first 31% from the world. Also, the level of taxes has an average equal with 13.42% staying in the top 84% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 15.67%. This is due to the GCF/GDP ratio in the analyzed period 22.77% which places the country in the first 44% from the world. Also the GCF/GDP ratio in the analyzed period is 16.88% which places the country in the first 31% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.45%.

Figure 72

Studying Philippines for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.211147FDI%+0.0384GCF%-0.0052TR%+4.7468

By calculating the Adjusted R Square, this is equal to 62.45%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 21.11%. This is due to the FDI/GDP ratio in the analyzed period 1.37% which places the country in the first 78% from the world. Also, the level of taxes has an average equal with 8.15% staying in the top 67% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 3.84%. This is due to the GCF/GDP ratio in the analyzed period 20.99% which places the country in the first 59% from the world. Also the GCF/GDP ratio in the analyzed period is 6.54% which places the country in the first 73% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -0.52%.

Figure 73

Studying Palau for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%0.0000GCF%+0.0013TR%+1.3217

By calculating the Adjusted R Square, this is equal to 13.86% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Papua New Guinea for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.010655FDI%-0.0040GCF%-0.0023TR%+3.3496

By calculating the Adjusted R Square, this is equal to 7.77% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Poland for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.102504FDI%+0.0855GCF%-0.0004TR%+3.2451

By calculating the Adjusted R Square, this is equal to 57.73%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -10.25%. This is due to the FDI/GDP ratio in the analyzed period 3.17% which places the country in the first 41% from the world. Also, the level of taxes has an average equal with 8.87% staying in the top 71% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 8.55%. This is due to the GCF/GDP ratio in the analyzed period 21.36% which places the country in the first 55% from the world. Also the GCF/GDP ratio in the analyzed period is 14.86% which places the country in the first 37% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -0.04%.

Figure 74

Studying Pre-demographic dividend for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.003164FDI%+0.0193GCF%-0.0521TR%+6.5478

By calculating the Adjusted R Square, this is equal to 10.73% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Puerto Rico for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.0205GCF%0.0000TR%+0.8253

By calculating the Adjusted R Square, this is equal to 17.29% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Portugal for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.028292FDI%+0.1307GCF%-0.0013TR%+1.1745

By calculating the Adjusted R Square, this is equal to 37.25% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Paraguay for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.404493FDI%+0.1731GCF%+0.0005TR%+2.4471

By calculating the Adjusted R Square, this is equal to 75.27%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -40.45%. This is due to the FDI/GDP ratio in the analyzed period 1.27% which places the country in the first 80% from the world. Also, the level of taxes has an average equal with 2.92% staying in the top 38% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 17.31%. This is due to the GCF/GDP ratio in the analyzed period 14.48% which places the country in the first 81% from the world. Also the GCF/GDP ratio in the analyzed period is 8.79% which places the country in the first 60% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.05%.

Figure 75

Studying West Bank and Gaza for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.023192FDI%+0.3278GCF%+0.0116TR%+2.5945

By calculating the Adjusted R Square, this is equal to 49.07% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Pacific island small states for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.012956FDI%0.0000GCF%+0.0002TR%+2.3081

By calculating the Adjusted R Square, this is equal to 26.68% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Post-demographic dividend for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.120158FDI%+0.0672GCF%+0.0157TR%+1.4765

By calculating the Adjusted R Square, this is equal to 68.45%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 12.02%. This is due to the FDI/GDP ratio in the analyzed period 2.17% which places the country in the first 63% from the world. Also, the level of taxes has an average equal with 14.51% staying in the top 87% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 6.72%. This is due to the GCF/GDP ratio in the analyzed period 22.86% which places the country in the first 43% from the world. Also the GCF/GDP ratio in the analyzed period is 9.49% which places the country in the first 57% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 1.57%.

Figure 76

Studying Qatar for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.069018FDI%+0.0976GCF%+0.0003TR%+5.8553

By calculating the Adjusted R Square, this is equal to 15.30% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Romania for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.178642FDI%+0.1503GCF%-0.0022TR%+1.3140

By calculating the Adjusted R Square, this is equal to 68.30%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -17.86%. This is due to the FDI/GDP ratio in the analyzed period 3.24% which places the country in the first 40% from the world. Also, the level of taxes has an average equal with 11.54% staying in the top 80% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 15.03%. This is due to the GCF/GDP ratio in the analyzed period 25.24% which places the country in the first 30% from the world. Also the GCF/GDP ratio in the analyzed period is 12.84% which places the country in the first 43% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -0.22%.

Figure 77

Studying Russian Federation for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.066477FDI%+0.0906GCF%+0.0207TR%+1.7416

By calculating the Adjusted R Square, this is equal to 74.70%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 6.65%. This is due to the FDI/GDP ratio in the analyzed period 2.17% which places the country in the first 63% from the world. Also, the level of taxes has an average equal with 5.40% staying in the top 53% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 9.06%. This is due to the GCF/GDP ratio in the analyzed period 23.77% which places the country in the first 38% from the world. Also the GCF/GDP ratio in the analyzed period is 9.13% which places the country in the first 59% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 2.07%.

Figure 78

Studying Rwanda for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.002474FDI%+0.0636GCF%-0.0037TR%+7.7117

By calculating the Adjusted R Square, this is equal to 14.77% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying South Asia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.001497FDI%+0.0925GCF%-0.0013TR%+5.5406

By calculating the Adjusted R Square, this is equal to 46.24% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Saudi Arabia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.1755GCF%+0.0009TR%+1.7951

By calculating the Adjusted R Square, this is equal to 38.61% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Sudan for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.0566GCF%+0.0001TR%+4.5350

By calculating the Adjusted R Square, this is equal to 29.47% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Senegal for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.020273FDI%+0.0252GCF%-0.0007TR%+4.1104

By calculating the Adjusted R Square, this is equal to 28.22% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Singapore for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.053866FDI%+0.1361GCF%+0.0245TR%+3.7289

By calculating the Adjusted R Square, this is equal to 57.57%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -5.39%. This is due to the FDI/GDP ratio in the analyzed period 17.37% which places the country in the first 3% from the world. Also, the level of taxes has an average equal with 14.83% staying in the top 88% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 13.61%. This is due to the GCF/GDP ratio in the analyzed period 29.34% which places the country in the first 13% from the world. Also the GCF/GDP ratio in the analyzed period is 59.20% which places the country in the first 5% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 2.45%.

Figure 79

Studying Solomon Islands for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.103826FDI%+0.0181GCF%+0.0006TR%+1.9059

By calculating the Adjusted R Square, this is equal to 5.00% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Sierra Leone for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.218459FDI%-0.0063GCF%-0.0018TR%+6.9717

By calculating the Adjusted R Square, this is equal to 34.60% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying El Salvador for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.012096FDI%+0.1039GCF%-0.0004TR%+1.8652

By calculating the Adjusted R Square, this is equal to 42.23% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying San Marino for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000996FDI%0.0000GCF%0.0000TR%+2.6098

By calculating the Adjusted R Square, this is equal to 41.39% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Serbia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.004196FDI%+0.0248GCF%+0.0000TR%+2.0053

By calculating the Adjusted R Square, this is equal to 15.29% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Sub-Saharan Africa (excluding high income) for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.002576FDI%+0.0875GCF%+0.0023TR%+3.8683

By calculating the Adjusted R Square, this is equal to 37.36% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying South Sudan for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.6358GCF%-0.0015TR%-0.2812

By calculating the Adjusted R Square, this is equal to 43.28% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Sub-Saharan Africa for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.002562FDI%+0.0879GCF%+0.0022TR%+3.8667

By calculating the Adjusted R Square, this is equal to 37.55% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Small states for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.018896FDI%+0.1573GCF%-0.0010TR%+2.5164

By calculating the Adjusted R Square, this is equal to 47.11% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Sao Tome and Principe for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.013410FDI%0.0000GCF%-0.0024TR%+4.1189

By calculating the Adjusted R Square, this is equal to 13.49% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Suriname for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.000337FDI%+0.0206GCF%+0.0036TR%+3.2889

By calculating the Adjusted R Square, this is equal to 25.29% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Slovak Republic for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.024502FDI%+0.1433GCF%-0.0027TR%+3.0116

By calculating the Adjusted R Square, this is equal to 56.06%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -2.45%. This is due to the FDI/GDP ratio in the analyzed period 3.37% which places the country in the first 38% from the world. Also, the level of taxes has an average equal with 8.45% staying in the top 68% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 14.33%. This is due to the GCF/GDP ratio in the analyzed period 26.03% which places the country in the first 25% from the world. Also the GCF/GDP ratio in the analyzed period is 12.95% which places the country in the first 43% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -0.27%.

Figure 80

Studying Slovenia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.174245FDI%+0.1303GCF%+0.0010TR%+2.0009

By calculating the Adjusted R Square, this is equal to 52.98%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 17.42%. This is due to the FDI/GDP ratio in the analyzed period 1.78% which places the country in the first 70% from the world. Also, the level of taxes has an average equal with 9.34% staying in the top 72% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 13.03%. This is due to the GCF/GDP ratio in the analyzed period 27.12% which places the country in the first 20% from the world. Also the GCF/GDP ratio in the analyzed period is 6.56% which places the country in the first 73% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.10%.

Figure 81

Studying Sweden for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.214188FDI%+0.1102GCF%-0.0005TR%+1.9357

By calculating the Adjusted R Square, this is equal to 45.56% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 21.42%. This is due to the FDI/GDP ratio in the analyzed period 3.18% which places the country in the first 41% from the world. Also, the level of taxes has an average equal with 22.89% staying in the top 97% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 11.02%. This is due to the GCF/GDP ratio in the analyzed period 23.43% which places the country in the first 40% from the world. Also the GCF/GDP ratio in the analyzed period is 13.58% which places the country in the first 41% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -0.05%.

Figure 82

Studying Swaziland for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.006622FDI%-0.0077GCF%-0.0007TR%+3.4154

By calculating the Adjusted R Square, this is equal to 2.71% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Seychelles for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.111465FDI%+0.0698GCF%+0.0136TR%+4.1323

By calculating the Adjusted R Square, this is equal to 36.30% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Syrian Arab Republic for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.028974FDI%+0.0593GCF%-0.0048TR%+1.9613

By calculating the Adjusted R Square, this is equal to 24.60% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Chad for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.0135GCF%-0.0084TR%+7.1609

By calculating the Adjusted R Square, this is equal to 5.22% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying East Asia & Pacific (IDA & IBRD countries) for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.004965FDI%+0.1361GCF%+0.0192TR%+5.8426

By calculating the Adjusted R Square, this is equal to 71.77%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -0.50%. This is due to the FDI/GDP ratio in the analyzed period 2.97% which places the country in the first 44% from the world. Also, the level of taxes has an average equal with 2.41% staying in the top 33% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 13.61%. This is due to the GCF/GDP ratio in the analyzed period 40.33% which places the country in the first 2% from the world. Also the GCF/GDP ratio in the analyzed period is 7.36% which places the country in the first 67% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 1.92%.

Figure 83

Studying Europe & Central Asia (IDA & IBRD countries) for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.081094FDI%+0.1175GCF%+0.0102TR%+2.5496

By calculating the Adjusted R Square, this is equal to 84.90%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 8.11%. This is due to the FDI/GDP ratio in the analyzed period 2.77% which places the country in the first 48% from the world. Also, the level of taxes has an average equal with 6.02% staying in the top 57% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 11.75%. This is due to the GCF/GDP ratio in the analyzed period 24.30% which places the country in the first 35% from the world. Also the GCF/GDP ratio in the analyzed period is 11.40% which places the country in the first 51% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 1.02%.

Figure 84

Studying Togo for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.021456FDI%-0.0182GCF%+0.0020TR%+3.4390

By calculating the Adjusted R Square, this is equal to 2.86% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Thailand for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.050058FDI%+0.1420GCF%+0.0046TR%+2.5102

By calculating the Adjusted R Square, this is equal to 73.38%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -5.01%. This is due to the FDI/GDP ratio in the analyzed period 2.59% which places the country in the first 52% from the world. Also, the level of taxes has an average equal with 14.30% staying in the top 87% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 14.20%. This is due to the GCF/GDP ratio in the analyzed period 28.20% which places the country in the first 17% from the world. Also the GCF/GDP ratio in the analyzed period is 9.20% which places the country in the first 58% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.46%.

Figure 85

Studying Tajikistan for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.0400GCF%+0.0050TR%+4.9866

By calculating the Adjusted R Square, this is equal to 16.41% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Turkmenistan for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.0292GCF%+0.0033TR%+7.2840

By calculating the Adjusted R Square, this is equal to 8.26% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Latin America & the Caribbean (IDA & IBRD countries) for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.004084FDI%+0.1288GCF%+0.0121TR%+1.8828

By calculating the Adjusted R Square, this is equal to 92.60%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -0.41%. This is due to the FDI/GDP ratio in the analyzed period 2.72% which places the country in the first 49% from the world. Also, the level of taxes has an average equal with 5.62% staying in the top 54% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 12.88%. This is due to the GCF/GDP ratio in the analyzed period 21.19% which places the country in the first 57% from the world. Also the GCF/GDP ratio in the analyzed period is 12.85% which places the country in the first 43% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 1.21%.

Figure 86

Studying Timor-Leste for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.054336FDI%+0.1083GCF%-0.0077TR%+4.1238

By calculating the Adjusted R Square, this is equal to 43.02% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Middle East & North Africa (IDA & IBRD countries) for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.008241FDI%+0.0730GCF%+0.0064TR%+3.0157

By calculating the Adjusted R Square, this is equal to 20.06% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Tonga for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.0389GCF%+0.0006TR%+1.3042

By calculating the Adjusted R Square, this is equal to 34.13% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying South Asia (IDA & IBRD) for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.001497FDI%+0.0925GCF%-0.0013TR%+5.5406

By calculating the Adjusted R Square, this is equal to 46.24% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Sub-Saharan Africa (IDA & IBRD countries) for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.002562FDI%+0.0879GCF%+0.0022TR%+3.8667

By calculating the Adjusted R Square, this is equal to 37.55% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Trinidad and Tobago for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.016564FDI%+0.0022GCF%+0.0013TR%+5.4255

By calculating the Adjusted R Square, this is equal to 6.23% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Tunisia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.005591FDI%+0.1341GCF%+0.0003TR%+3.3964

By calculating the Adjusted R Square, this is equal to 44.40% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Turkey for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.061347FDI%+0.1284GCF%+0.0004TR%+3.5669

By calculating the Adjusted R Square, this is equal to 63.28%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 6.13%. This is due to the FDI/GDP ratio in the analyzed period 1.43% which places the country in the first 76% from the world. Also, the level of taxes has an average equal with 11.53% staying in the top 80% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 12.84%. This is due to the GCF/GDP ratio in the analyzed period 26.29% which places the country in the first 23% from the world. Also the GCF/GDP ratio in the analyzed period is 5.43% which places the country in the first 77% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.04%.

Figure 87

Studying Tuvalu for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%0.0000GCF%-0.0004TR%+1.7752

By calculating the Adjusted R Square, this is equal to 42.60% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Tanzania for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.018399FDI%+0.0125GCF%-0.0001TR%+5.9223

By calculating the Adjusted R Square, this is equal to 3.15% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Uganda for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.082010FDI%+0.0530GCF%+0.0191TR%+5.5594

By calculating the Adjusted R Square, this is equal to 47.09% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Ukraine for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.015032FDI%+0.2098GCF%-0.0226TR%+0.8730

By calculating the Adjusted R Square, this is equal to 75.38%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 1.50%. This is due to the FDI/GDP ratio in the analyzed period 3.07% which places the country in the first 44% from the world. Also, the level of taxes has an average equal with 6.19% staying in the top 58% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 20.98%. This is due to the GCF/GDP ratio in the analyzed period 21.88% which places the country in the first 51% from the world. Also the GCF/GDP ratio in the analyzed period is 14.03% which places the country in the first 39% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -2.26%.

Figure 88

Studying Upper middle income for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.008671FDI%+0.1242GCF%+0.0288TR%+3.4582

By calculating the Adjusted R Square, this is equal to 85.64%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -0.87%. This is due to the FDI/GDP ratio in the analyzed period 2.59% which places the country in the first 52% from the world. Also, the level of taxes has an average equal with 2.95% staying in the top 40% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 12.42%. This is due to the GCF/GDP ratio in the analyzed period 31.01% which places the country in the first 8% from the world. Also the GCF/GDP ratio in the analyzed period is 8.35% which places the country in the first 62% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 2.88%.

Figure 89

Studying Uruguay for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.054824FDI%+0.1733GCF%-0.0117TR%+1.8951

By calculating the Adjusted R Square, this is equal to 72.95%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -5.48%. This is due to the FDI/GDP ratio in the analyzed period 3.16% which places the country in the first 42% from the world. Also, the level of taxes has an average equal with 16.43% staying in the top 90% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 17.33%. This is due to the GCF/GDP ratio in the analyzed period 18.67% which places the country in the first 68% from the world. Also the GCF/GDP ratio in the analyzed period is 16.91% which places the country in the first 30% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with -1.17%.

Figure 90

Studying United States for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.052779FDI%+0.2841GCF%+0.0031TR%+1.1496

By calculating the Adjusted R Square, this is equal to 86.40%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -5.28%. This is due to the FDI/GDP ratio in the analyzed period 1.47% which places the country in the first 75% from the world. Also, the level of taxes has an average equal with 10.86% staying in the top 76% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 28.41%. This is due to the GCF/GDP ratio in the analyzed period 21.33% which places the country in the first 55% from the world. Also the GCF/GDP ratio in the analyzed period is 6.91% which places the country in the first 70% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.31%.

Figure 91

Studying Uzbekistan for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.0629GCF%+0.0075TR%+5.9199

By calculating the Adjusted R Square, this is equal to 66.38%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is very small. This is due to the FDI/GDP ratio in the analyzed period 1.39% which places the country in the first 77% from the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 6.29%. This is due to the GCF/GDP ratio in the analyzed period 24.01% which places the country in the first 37% from the world. Also the GCF/GDP ratio in the analyzed period is 5.80% which places the country in the first 76% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.75%.

Figure 92

Studying St. Vincent and the Grenadines for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.032740FDI%+0.1184GCF%+0.0196TR%+1.2910

By calculating the Adjusted R Square, this is equal to 52.69%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -3.27%. This is due to the FDI/GDP ratio in the analyzed period 12.76% which places the country in the first 6% from the world. Also, the level of taxes has an average equal with 5.99% staying in the top 57% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 11.84%. This is due to the GCF/GDP ratio in the analyzed period 25.58% which places the country in the first 28% from the world. Also the GCF/GDP ratio in the analyzed period is 49.91% which places the country in the first 5% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 1.96%.

Figure 93

Studying Venezuela, RB for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.1003GCF%+0.0014TR%+1.1987

By calculating the Adjusted R Square, this is equal to 58.57%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is very small. This is due to the FDI/GDP ratio in the analyzed period 1.13% which places the country in the first 83% from the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 10.03%. This is due to the GCF/GDP ratio in the analyzed period 22.55% which places the country in the first 46% from the world. Also the GCF/GDP ratio in the analyzed period is 5.00% which places the country in the first 78% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.14%.

Figure 94

Studying Vietnam for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.003281FDI%+0.0984GCF%-0.0075TR%+5.4461

By calculating the Adjusted R Square, this is equal to 38.01% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Vanuatu for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.017476FDI%+0.0568GCF%+0.0174TR%+2.0476

By calculating the Adjusted R Square, this is equal to 36.94% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying World for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.076596FDI%+0.0721GCF%+0.0208TR%+2.2939

By calculating the Adjusted R Square, this is equal to 78.45%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with 7.66%. This is due to the FDI/GDP ratio in the analyzed period 2.36% which places the country in the first 57% from the world. Also, the level of taxes has an average equal with 13.98% staying in the top 86% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 7.21%. This is due to the GCF/GDP ratio in the analyzed period 24.63% which places the country in the first 33% from the world. Also the GCF/GDP ratio in the analyzed period is 9.56% which places the country in the first 57% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 2.08%.

Figure 95

Studying Samoa for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.289334FDI%0.0000GCF%-0.0016TR%+2.9868

By calculating the Adjusted R Square, this is equal to 23.82% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Kosovo for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.000000FDI%+0.0179GCF%+0.0136TR%+3.5825

By calculating the Adjusted R Square, this is equal to 2.89% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Yemen, Rep. for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.011224FDI%+0.1923GCF%+0.0015TR%+0.5345

By calculating the Adjusted R Square, this is equal to 57.64%, so there is a significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax. From the regression equation, we can see that the influence of FDI’s-net inflows growth is equal with -1.12%. This is due to the FDI/GDP ratio in the analyzed period 0.87% which places the country in the first 86% from the world. Also, the level of taxes has an average equal with 2.22% staying in the top 31% place in the world. From the regression equation, we can see that the influence of GCF’s growth is equal with 19.23%. This is due to the GCF/GDP ratio in the analyzed period 12.56% which places the country in the first 84% from the world. Also the GCF/GDP ratio in the analyzed period is 6.94% which places the country in the first 70% from the world. From the regression equation, we can see that the influence of Tax rate growth is equal with 0.15%.

Figure 96

Studying South Africa for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=0.173796FDI%+0.0326GCF%+0.0016TR%+2.4332

By calculating the Adjusted R Square, this is equal to 43.12% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Zambia for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.000988FDI%+0.0120GCF%+0.0157TR%+5.5054

By calculating the Adjusted R Square, this is equal to 11.51% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

Studying Zimbabwe for the period 1996-2015, the link between the percentage of GDP variation and the variation rates of FDI - net inflows, GCF and Tax Level, the regression equation is:

GDP%=-0.031817FDI%+0.0129GCF%-0.0041TR%+0.6195

By calculating the Adjusted R Square, this is equal to 5.39% so there is no significant link between the percentage change of GDP and the percentages of FDI variation - net inflows, GCF and Tax.

3. Conclusions

The idea unanimously accepted and true at the same time is that the investments represent a major vector of economic growth. But there are situations when research reveals a reverse link between these two variables. Certainly, it is desirable for an economy as high as possible to invest. In practice, investments take place in all sectors of the economy. We know that in any economy there are sectors with higher or lower competitiveness, depending on several factors, not just the structure of the economic sector. In developed countries, investments are often made in technology, result being a delayed effect on the real economy. Many endogenous models claim that the volume of foreign investment leads to growth and long-term economic development. Even though the economic shock from 2007-2011 has been somewhat has been overcome, the economic environment remains a fragile one that involves risks in the decision to invest. In less developed or emerging countries the volume of foreign investment is below that of developed countries. This depends both on the economic situation not only in the host country and on economic fundamentals that justify the investment decision.

The main conclusions regarding the analysis in this research are:

• A low level of the tax variation implies in 36.23% of the cases a direct dependence of the GDP variation in relation to the FDI variation;

• A high level of the tax variation implies in 22.26% of the cases an inverse dependence of the GDP variation in relation to the FDI variation;

• A low level of the tax variation implies in 46.79% of the cases a direct dependence of the GDP variation in relation to the GCF variation;

• A high level of the tax variation implies in 2.64% of the cases an inverse dependence of the GDP variation in relation to the GCF variation;

• A low level of the tax variation implies in 24.91% of the cases a direct dependence of the GDP variation in relation to the TR variation;

• A high level of the tax variation implies in 20.00% of the cases an inverse dependence of the GDP variation in relation to the TR variation.

As a final conclusion, we can therefore point out that a boost to GDP growth through investment can only be achieved under the conditions of fiscal stability, which is necessary for high predictability in business processes.

4. Bibliography

Ioan, Cătălin Angelo & Ioan, Gina (2010). Applied Mathematics in Micro and Macroeconomics. Sinteze Publishers. Galati, Romania.

Ioan, Cătălin Angelo (2017). Chance - between finite and infinite. Galati, Romania: Zigotto Publishers.

Mankiw Gregory N. (2007), Macroeconomics. London: John Wiley publishers.

*** International Monetary Fund.

*** Government Finance Statistics Yearbook and data files.

*** OECD National Accounts data files.

*** World Bank national accounts data.

Refbacks

• There are currently no refbacks.

This work is licensed under a Creative Commons Attribution 4.0 International License.