Version 1
: Received: 28 May 2021 / Approved: 31 May 2021 / Online: 31 May 2021 (12:03:35 CEST)
Version 2
: Received: 22 June 2021 / Approved: 23 June 2021 / Online: 23 June 2021 (13:11:14 CEST)
How to cite:
Conteh, K. Economic Growth And Unemployment: An Empirical Assessment of Okun’s Law In The Case of Liberia. Preprints2021, 2021050759. https://doi.org/10.20944/preprints202105.0759.v2
Conteh, K. Economic Growth And Unemployment: An Empirical Assessment of Okun’s Law In The Case of Liberia. Preprints 2021, 2021050759. https://doi.org/10.20944/preprints202105.0759.v2
Conteh, K. Economic Growth And Unemployment: An Empirical Assessment of Okun’s Law In The Case of Liberia. Preprints2021, 2021050759. https://doi.org/10.20944/preprints202105.0759.v2
APA Style
Conteh, K. (2021). Economic Growth And Unemployment: An Empirical Assessment of Okun’s Law In The Case of Liberia. Preprints. https://doi.org/10.20944/preprints202105.0759.v2
Chicago/Turabian Style
Conteh, K. 2021 "Economic Growth And Unemployment: An Empirical Assessment of Okun’s Law In The Case of Liberia" Preprints. https://doi.org/10.20944/preprints202105.0759.v2
Abstract
The purpose of this study is to examine the connection between economic growth and unemployment in Liberia between 2001 and 2019. The unit root test and the Augmented Dickey-Fuller (ADF) Co-integration test were used to examine the relationship between unemployment and GDP. The Auto Regressive Distribution Lag (ARDL) bounds test is used to determine if the variables are linked in the long run. According to the results of the ARDL model, there is no long-run relationship between unemployment and economic growth. This study' results have particularly important policy implications for Liberian economic authorities. In both the long and medium term, the observational results showed no meaningful relationship between unemployment and economic growth. The Liberian government should direct its spending toward activities that directly and indirectly promote the creation of employment and decent jobs, a conducive environment and flexible labor market policies or legislation that are not impediments to job creation, and finally, the government should prioritize labor intensive industries.
Business, Economics and Management, Accounting and Taxation
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Commenter: Kaiballah Conteh
Commenter's Conflict of Interests: Author