The Validity of Okun’s Law: An Empirical Evidence for Nigeria

Obodoechi, Divine Ndubuisi; Onuoha, Charles Uchenna

doi:10.46281/aijssr.v4i2.376

Cited by 3 publications

(2 citation statements)

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“…The Logistic regression model was used to analyze the effect of sectoral growth on youth employment by gender and location using the 2018/2019 LSMS-ISA data. The result is presented in Table 3 for two regressions where the first is based on the African Union (AU) Youth Charter Categorization (AUYCC) of youths (18-35 years), upon which our study is based, and the Nigerian Youth Categorization-NYC (15)(16)(17)(18)(19)(20)(21)(22)(23)(24)(25)(26)(27)(28)(29) under the 2019-2023 new National Youth Policy [66]. For both regressions, the dependent variable was dichotomous (with a value of 1 for an employed male youth; and 0 for an unemployed female youth.…”

Section: Differential Impact Of Sectoral Growth On Youth Employment A...mentioning

confidence: 99%

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Conditions Driving Youth Employment in Key Sectors of the Nigerian Economy

Edewor¹,

Kollie

Olaoye³

2023

Sustainability

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The rising incidence of youth unemployment, especially in emerging economies, calls for prompt attention of development experts and policy makers given its effect on sustainable growth. This challenge has worsened in recent times in Nigeria, hence, making it crucial to understand the factors driving youth employment. We analyzed the differential impact of sectoral growth on youth employment across rural and urban areas through a gender lens and identified the specific conditions needed for investment in sectors with potentials for job creation in the Nigerian economy. Data were analyzed using descriptive statistics, revealed comparative advantage (RCA), employment elasticity, and Logit regression model. It was observed that Nigeria has demonstrated a comparative advantage in the export of 17 products. Our findings also revealed that all the economic sectors in Nigeria have potential for creating employment at different levels with financial services contributing the highest (0.734) and manufacturing the lowest (0.056). The increase in education influenced employment and a higher likelihood of male youths’ employment in the services, construction, and industry sectors as compared to more female youths in the trade sector. Some common conditions that could aid firms’ production scale-up and increase job creation across all sectors include: increased access to finance, improved infrastructure (road, water, air, power, and rail), and favorable interest rates and exchange rates. We recommend that concerted effort be targeted at mainstreaming gender in all sectoral policies and key sectors be strengthened through targeted welfare reforms aimed at enhancing the capacities of the youths for sectoral relevance.

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Section: Differential Impact Of Sectoral Growth On Youth Employment A...mentioning

confidence: 99%

“…According to several studies [15][16][17][18][19], the Nigerian economy is in a unique situation where increasing rates of economic growth do not necessarily translate to decreasing unemployment rates. This suggests that Nigeria is characterized by high unemployment levels and economic growth.…”

Section: Introductionmentioning

confidence: 99%

Conditions Driving Youth Employment in Key Sectors of the Nigerian Economy

Edewor¹,

Kollie

Olaoye³

2023

Sustainability

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Effect of per Capita Income, GDP Growth, FDI, Sectoral Composition, and Domestic Credit on Employment Patterns in GCC Countries: GMM and OLS Approaches

Adam,

Alzuman

2024

Economies

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This paper examines the impact of per capita income, gross domestic product (GDP) growth, foreign direct investment (FDI), sectoral composition, and domestic credit on employment patterns in the Gulf Cooperation Council (GCC) countries from 2013 to 2023, based on “Okun’s law”. The dynamic data panel was analyzed using the generalized method of moments (GMM) and the ordinary least square (OLS) method. The research findings reveal that the agricultural sector’s contributions have significantly influenced the employment patterns in GCC countries, emphasizing the traditional role of agriculture in creating job opportunities. However, the contribution of the services and industrial sectors has no significant impact on employment patterns. Domestic credit and FDI inflows have significantly influenced employment patterns in GCC countries, underscoring their vital role in sustaining long-term economic stability. Per capita income and GDP growth did not significantly impact the employment pattern in the GCC countries during the study period. This research provides valuable insights to policymakers, highlighting the need to focus on the services and industrial sectors to promote their contribution to employment in GCC countries. The research findings also augment the literature by identifying the key economic indicators contributing to GCC countries’ employment creation.

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Socio-Economic Structure and An Empirical Application on the Unemployment-Economic Growth Nexus: The Case of Denmark

Suluk

2024

Yüzüncü Yıl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi

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Macroeconomic indicators are the basic indicators that reveal the economic performance of a country. Economic growth and unemployment status are among the most important macroeconomic indicators that show the economic performance of countries. While economic growth is among the priority targets of every country, unemployment is among the most significant problems faced by countries as it negatively affects individuals and the society economically, socially and psychologically. Denmark is a highly developed country with a high standard of living and well-being. Therefore, the aim of this study is to reveal the socio-economic performance of Denmark by examining the socio-economic structure with various macroeconomic indicators, and then to analyze empirically the relationship between unemployment and economic growth. In the study, which takes into account the period 1980-2021, Granger causality analysis was applied to test the causal relationship between the variables, and then regression analysis was performed with the least squares method. Empirical findings obtained from Granger causality analysis showed that there is a bidirectional causality relationship between unemployment and economic growth. Besides, according to the results obtained from the regression analysis performed with the least squares method, a 1% increase in economic growth in Denmark reduces unemployment by 6.32%.

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The Validity of Okun’s Law: An Empirical Evidence for Nigeria

Cited by 3 publications

References 2 publications

Conditions Driving Youth Employment in Key Sectors of the Nigerian Economy

Conditions Driving Youth Employment in Key Sectors of the Nigerian Economy

Effect of per Capita Income, GDP Growth, FDI, Sectoral Composition, and Domestic Credit on Employment Patterns in GCC Countries: GMM and OLS Approaches

Socio-Economic Structure and An Empirical Application on the Unemployment-Economic Growth Nexus: The Case of Denmark

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