The Role of Worker’s Remittances in Fostering Economic Growth of Pakistan: An Empirical Analysis Using ARDL Approach
Abstract
This study examines the contribution of workers' remittances to Pakistan's economic growth. Time series data from 1993 to 2021 has been used for the empirical analysis. The results of the ADF unit root test indicate that emigration and inflation are stationary at levels, whereas worker remittances, unemployment rate, and total reserves are stationary at first differences. Hence, we employ the ARDL technique to estimate the data. The ARDL results show both long-term and short-term relationships. The findings demonstrate that workers' remittances and emigrants positively and significantly impact GDP while it is negatively influenced by inflation and unemployment
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