“…Economic development is of utmost important for the budding nations because they are more vulnerable with respect to poverty, corruption and unemployment (Santiago and Rossiter, 1985; Rogerson, 2004; Van Der Merwe and Burns, 2008; Muchapondwa and Sterner, 2012; Andrés and Asongu, 2013; Chisadza and Bittencourt, 2019). These ailments pose severe challenges for a nation to flourish economically (Ngwenya and Hassan, 2005; Barrientos et al ., 2016; Dikgang and Muchapondwa, 2016; Eyal and Burns, 2019). Contemporarily, economic development is linked with sustainable development (Mahadea, 2001; Beaudry and Portier, 2006; Mago and Toro, 2013; Ho, 2020; Kotze et al ., 2020).…”