Archive
The Effect of Public Debt on the Economic Growth of Côte D’ Ivoire.
Authors
Angela Audrey Milena Pascale Kouakou, George Nwokike Ike
Abstract
This study analyzes the effect of the public debt on the economic growth of Côte d’Ivoire from 1980 to 2016. Using the ARDL-Bound test for cointegration, it shows that there is cointegration when GDP is the dependent variable. Examining the long- and short-term effects of debt on real gross domestic product using the ARDL and Error Correction Model (ECM), it reveals that external public debt, trade openness, and consumer price index has a negative long-run impact on GDP. Meanwhile, private investment positively impacted economic growth. In the short run, the coefficient values of trade openness and consumer price index are not significant. Also, the study performs the causality test using the Toda-Yamamoto causality test, which displays a long-run unidirectional causality between debt and GDP. Debt has a causal effect on economic growth. The country should therefore minimize its dependence on external debt and rather intensify internal reforms to generate revenues.
Keywords
External Public Debt, Economic Growth, ARDL-Bounds Test
DOI
References
Ada, M. S. (2016). Impact of External Debt on Economic Growth in Nigeria: An ARDL Bound Testing Approach, 7(10), 16–26.
Adhikary, B. K. (2011). FDI, Trade Openness, Capital Formation, and Economic Growth in Bangladesh: A Linkage Analysis. International Journal of Business and Management, 6, 16-28.
Adepoju, A. A., Salau, A. S., & Obayelu, A. E. (2007). The Effects of External Debt Management on Sustainable Economic Growth: Lessons from Nigeria. Munich Personal RePEc Archive, (2147), 1–31.
Ahmed, S., & Mortaza, M. G.(2005). Policy Analysis Unit (PAU) Working Paper Series: WP 0604 Inflation and Economic Growth in Bangladesh: 1981-2005 Policy Analysis Unit * ( PAU ) Working Paper Series: WP 0604 Inflation and Economic Growth in Bangladesh: 1981-2005, (December).
Anning, L., Frimpong Ofori, C., & Kwame Affum, E. (2015). The Impact of Government Debt on the Economic Growth of Ghana: A Time Series Analysis from 1990-2015. International Journal of Innovation and Economic Development, 2(5), 31–39.
Ashipala & Haimbodi (2003). The impact of public investment on economic growth in Namibia, Working Paper No. 88, Windhoek, Namibia Economic Policy Research Unit (NEPRU).
Audu, I. (2004). The Impact of External Debt on Economic Growth and Public Investment: The Case of Nigeria. African Institute for Economic Development, 111.
Ayadi, F. O. (2008). The Impact of External Debt On Economic Growth: A Comparative Study of Nigeria and South Africa, 10(3), 234–264.
Azeez, B. A. (2012). Effect of External Debt on Economic Growth of Nigeria. Issn, 3(8), 2222–1700.
Badawi, A. (2005). ―Private Capital Formation and Macroeconomic Policies in Sudan: An Application of a Simple Co-integrated Vector Auto-Regressive Model.‖ Economic Research
Balago, G. S. (2014). An Empirical Analysis of the Relationship Between Government External Borrowing and Economic Growth in Nigeria. International Journal of Finance and Accounting, 3(4), 235- 243.
Barro R. (1989), "The Ricardian approach to budget deficits", Journal of Economic Perspectives, vol.3
Barro, R. J. (1990), Government spending in a simple model of endogenous growth, Journal of Political Economy, vol. 98, no 5, pp. 103-125.
Behera, J. (2014). Inflation and Its Impact on Economic Growth: Evidence from Six South Asian Countries. Journal of Economic and Sustainable Development, 5(7), 145–155.
Bhatta, G. (2003). An Assessment of the Impact of External Debt on Economic Growth of Nepal. Economic Review: Occasional Paper.
Bhattacharya, R., Clements, B. & Nguyen, T. Q. (2003). External Debt, Public Investment, and Growth in Low-Income Countries. IMF Working Papers, 03/249, 555–582.
Cecchetti, S. G., Mohanty, M. S., & Zampolli, F. (2011). The real effects of debt. Review of Financial Studies, 22(September), 25–27.
Cholifihani, M. (2008). A Cointegration Analysis of Public Debt Service and GDP in Indonesia. Journal of Management and Social Sciences, 4(2), 68–81. Cordella, T., Ruiz-Arranz, M., & Ricci, L. A. (2005). Debt overhang or debt irrelevance? Revisiting the debt growth link. IMF Working Papers, 1–55.
Dar, B., & Susan, V. (2013). An International Journal of Arts and Humanities Fiscal Policy as an Engine of Economic Growth in Nigeria, 2(6), 282–298.
Dufrenot, G., Mignon, V., & Tsangarides, C. (2010). The Trade-Growth Nexus in the Developing Countries: A Quantile Regression Approach. Review of World Economics (Weltwirtschaftliches Archiv), 146, 731-761.
https://doi.org/10.1007/s10290-010-0067-5
Dritsaki, C. (2013). Causal Nexus Between Economic Growth, Exports, and Government Debt: The case of Greece. Procedia Economics and Finance, 5(13), 251–259.
Erden, L., & Holcombe, R.G. (2005). The effects of public investment on private investment in developing economies. Public Finance Review, 33(5), 575-602. doi. 10.1177/1091142105277627.
Edo, S. E. (2002). The External Debt Problem in Africa: A Comparative Study of Nigeria and Morocco. African Development Review, 14(2), 221–236.
Egbetunde, T. (2012). Public Debt and Economic Growth in Nigeria: Evidence from Granger Causality. American Journal of Economics, 2(6), 101–106.
M. O. F. (2017). National Budget Financial Year 2015-16, (May). Finance, M. O. F. (2017). National Budget Financial Year 2015-16, (May).
Financialization in the WAEMU | TWN Africa. (n.d.). http://twnafrica.org/wp/2017/wp-content/uploads/2019/06/WAEMU.pdf
Fincke, B., & Greiner, A. (2013). On the relation between public debt and economic growth: An empirical investigation on the relation between public debt and economic growth: An empirical investigation, 4(24), 137–150.
Fosu, A. (1996). The Impact of External Debt on Economic Growth in Sub-Saharan Africa”. Journal of Economic Development, Cilt 21, Sayi 1, ss. 93-118 (58837).
Fosu, A. K. (1999). The external debt burden and economic growth in the 1980s: Evidence from sub-Saharan Africa. Canadian Journal of Development Studies, 20(2), 307–318.
Ghali, K. (1989).―Public investment and Private capital formation in a vector error correction model of growth.‖Applied economics 30:837-844.
Gokal, V.,& Hanif, S.(2004).Relationship between Inflation and economic growth.Economics Department, Reserve Bank of Fiji.
Gómez-puig, M., & Sosvilla-rivero, S. (2015). Short-run and long-run effects of public debt on economic performance: Evidence from EMU countries.
Hansen, H. (2001). Aid and growth regressions. Journal of Development Economics, 64(2), 547–570.
Hassan, A. F. M. K. (2005). Trade Openness and Economic Growth: Search for a Causal Relationship. Does Openness Reduce Poverty? South Asian Journal of Management, 12, 38-51.
Huchet-Bourdon, M., Le Mouël, C., & Vijil, M. (2018). The Relationship between Trade Openness and Economic Growth: Some New Insights on the Openness Measurement Issue. The World Economy, 41, 59-76.
https://doi.org/10.1111/twec.12586.
Hye, Q. M. A., & Lau, W.-Y. (2015). Trade Openness and Economic Growth: Empirical Evidence from India. Journal of Business Economics and Management, 16, 188-205.
https://doi.org/10.3846/16111699.2012.720587.
Idris, J., Yusop, Z., & Habibullah, M. S. (2016). Trade Openness and Economic Growth: A Causality Test in Panel Perspective. International Journal of Business and Society, 17,281-290. https://doi.org/10.33736/ijbs.525.2016.
Karagöl, E. (2002). The Causality Analysis of External Debt Service and GNP: The Case of Turkey. Central Bank Review, 39–64.
Keho, Y. (2017). The Impact of Trade Openness on Economic Growth: The Case of Côte d’Ivoire. Cogent Economics & Finance, 5,1-14.
https://doi.org/10.1080/23322039.2017.1332820.
Kempa, B. (2016). Government debt and economic growth in the G7 countries: are there any causal linkages ?, 23(6), 440–443.
Klein T.M. (1994), “External debt Management”, World Bank Technical paper No 245. Washington DC
Kneller, R., Bleaney, M. F., & Gemmell, N. (1999). Fiscal policy and growth: Evidence from OECD countries. Journal of Public Economics, 74(2), 171–190. https://doi.org/10.1016/S00472727(99)00022-5.
Khan & Kumar, “Public and Private Investment and the Growth Process in Developing Countries,” Oxford Bulletin of Economics and Statistics, Vol. 59, No. 1, 1997, pp. 69-88.
Kourtellos, A., Stengos, T., & Ming, C. (2013). The effect of public debt on growth in multiple regimes. Journal of Macroeconomics, 38, 35–43.
Krugman, P. (1988). Financing vs. forgiving a debt overhang. Journal of Development Economics, 29(3), 253–268.
Lee, Y., & Gordon, R. H. (2005). Tax structure and economic growth. Journal of Public Economics, 89(5–6), 1027–1043.
Li, Y., Chen, Z., & San, C. (2010). Research on the Relationship between Foreign Trade and the GDP Growth of East China—Empirical Analysis Based on Causality. Modern Economy, 01(02), 118–124.
Lin, S. (2000). Government Debt and Economic Growth in an Overlapping Generations Model. Southern Economic Journal, 66(3), 754.
Mahmoud, L. O. M. . (2015). Consumer Price Index and Economic Growth: A Case Study of Mauritania 1990 – 2013. Asian Journal of Empirical Research, 5(2), 16–23. Retrieved from https://archive.aessweb.com/index.php/5004/article/view/3831
Mamo, F. T. (2012). Economic Growth and Inflation: A Panel Data Analysis. Economics, 1–44.
Prebisch, R., « The Economic Development of Latin America and its Principle Problem », UNECLA, Santiago, 1950.
Rahman, N. H. A. (2012). How Federal Government’s Debt Affect the Level of Economic Growth? International Journal of Trade, Economics and Finance, 3(4), 323–326.
Rais, S. I., & Anwar, T. (2012). Public Debt and Economic Growth In Pakistan: A Time Series Analysis From 1972 To 2010. Academic Research International, 2(1), 535–545.
Ramirez, Miguel D. & Nader Nazmi, 2003. Public Investment and Economic Growth in Latin America: An Empirical Test ―Review of Development Economics, Vol. 7(1):115-126.
Ricardo D. (1821),Principes de l’économie politique et de l’impôt, Paris, Flammarion, (eds), Debt Stabilization and Development: Essays in Memory of Carlos Diaz-Alejandro Oxford and Cambridge, MA: Blackwell, 80-102.
Ricardo, D. (1817). On the Principles of Political Economy and Taxation. Edited by Piero Sraffa with the collaboration of M. H. Dobb
Reinhart, C. M., & Rogoff, K. S. (2010). Growth in a time of debt. American Economic Review, 100(2), 573–578.
Saad, W. (2012). Causality between Economic Growth, Export, and External Debt Servicing: The Case of Lebanon, 4(11), 134–143.
Sachs, J. (1984) “Theoretical Issues in International Borrowing,” Princeton Studies in International Finance, no. 54, July.
Schclarek, A. (2004). Debt and Economic Growth in Developing and Industrial Countries ∗. Mimeo, 46(0), 1–37.
Sheikh, M. R., Faridi, M. Z., & Tariq, K. (2010). Domestic Debt and Economic Growth in Pakistan: An Empirical Analysis. Pakistan Journal of Social Sciences(PJSS), 30(2), 373–387.
Spilioti, S. (2015). The relationship between the government debt and GDP growth: evidence of the Euro area countries. Investment Management and Financial Innovations, 12(1), 174–178.
Spilioti, S., & Vamvoukas, G. (2015). The Journal of Economic Asymmetries The impact of government debt on economic growth: An empirical investigation of the Greek market. The Journal of Economic Asymmetries, 12(1), 34–40. https://doi.org/10.1016/j.jeca.2014.10.001.
Sulaiman, L. A., & Azeez, B. A. (2012). Effect of External Debt on Economic Growth of Nigeria. Journal of Economics and Sustainable Development, 3(8), 2222–1700. Retrieved from www.iiste.org.
Toda, H.Y. and Yamamoto, T. (1995). ‘Statistical Inference in Vector Autoregressions with Possibly Integrated Processes’, Journal of Econometrics, vol. 66, pp. 225-50.
Vlastou, I. (2010). Forcing Africa to Open Up to Trade: Is It Worth It? The Journal of Developing Areas, 44, 25-39. https://doi.org/10.1353/jda.0.0086.
Woo, J., & Kumar, M. S. (2015). Public Debt and Growth. Economica, 82(328), 705– 739. https://doi.org/10.1111/ecca.12138.
World Bank (2020). World Development Indicators. http://data.worldbank.org
World Bank. https://www.worldbank.org/en/country/cotedivoire/overview.
World Bank. https://www.worldbank.org/en/topic/debt/brief/hipc.
Zouhaier, H., & Fatma, M. (2014). Debt and Economic Growth. International Journal of Economics and Financial Issues, 4(2), 440–448.
Adhikary, B. K. (2011). FDI, Trade Openness, Capital Formation, and Economic Growth in Bangladesh: A Linkage Analysis. International Journal of Business and Management, 6, 16-28.
Adepoju, A. A., Salau, A. S., & Obayelu, A. E. (2007). The Effects of External Debt Management on Sustainable Economic Growth: Lessons from Nigeria. Munich Personal RePEc Archive, (2147), 1–31.
Ahmed, S., & Mortaza, M. G.(2005). Policy Analysis Unit (PAU) Working Paper Series: WP 0604 Inflation and Economic Growth in Bangladesh: 1981-2005 Policy Analysis Unit * ( PAU ) Working Paper Series: WP 0604 Inflation and Economic Growth in Bangladesh: 1981-2005, (December).
Anning, L., Frimpong Ofori, C., & Kwame Affum, E. (2015). The Impact of Government Debt on the Economic Growth of Ghana: A Time Series Analysis from 1990-2015. International Journal of Innovation and Economic Development, 2(5), 31–39.
Ashipala & Haimbodi (2003). The impact of public investment on economic growth in Namibia, Working Paper No. 88, Windhoek, Namibia Economic Policy Research Unit (NEPRU).
Audu, I. (2004). The Impact of External Debt on Economic Growth and Public Investment: The Case of Nigeria. African Institute for Economic Development, 111.
Ayadi, F. O. (2008). The Impact of External Debt On Economic Growth: A Comparative Study of Nigeria and South Africa, 10(3), 234–264.
Azeez, B. A. (2012). Effect of External Debt on Economic Growth of Nigeria. Issn, 3(8), 2222–1700.
Badawi, A. (2005). ―Private Capital Formation and Macroeconomic Policies in Sudan: An Application of a Simple Co-integrated Vector Auto-Regressive Model.‖ Economic Research
Balago, G. S. (2014). An Empirical Analysis of the Relationship Between Government External Borrowing and Economic Growth in Nigeria. International Journal of Finance and Accounting, 3(4), 235- 243.
Barro R. (1989), "The Ricardian approach to budget deficits", Journal of Economic Perspectives, vol.3
Barro, R. J. (1990), Government spending in a simple model of endogenous growth, Journal of Political Economy, vol. 98, no 5, pp. 103-125.
Behera, J. (2014). Inflation and Its Impact on Economic Growth: Evidence from Six South Asian Countries. Journal of Economic and Sustainable Development, 5(7), 145–155.
Bhatta, G. (2003). An Assessment of the Impact of External Debt on Economic Growth of Nepal. Economic Review: Occasional Paper.
Bhattacharya, R., Clements, B. & Nguyen, T. Q. (2003). External Debt, Public Investment, and Growth in Low-Income Countries. IMF Working Papers, 03/249, 555–582.
Cecchetti, S. G., Mohanty, M. S., & Zampolli, F. (2011). The real effects of debt. Review of Financial Studies, 22(September), 25–27.
Cholifihani, M. (2008). A Cointegration Analysis of Public Debt Service and GDP in Indonesia. Journal of Management and Social Sciences, 4(2), 68–81. Cordella, T., Ruiz-Arranz, M., & Ricci, L. A. (2005). Debt overhang or debt irrelevance? Revisiting the debt growth link. IMF Working Papers, 1–55.
Dar, B., & Susan, V. (2013). An International Journal of Arts and Humanities Fiscal Policy as an Engine of Economic Growth in Nigeria, 2(6), 282–298.
Dufrenot, G., Mignon, V., & Tsangarides, C. (2010). The Trade-Growth Nexus in the Developing Countries: A Quantile Regression Approach. Review of World Economics (Weltwirtschaftliches Archiv), 146, 731-761.
https://doi.org/10.1007/s10290-010-0067-5
Dritsaki, C. (2013). Causal Nexus Between Economic Growth, Exports, and Government Debt: The case of Greece. Procedia Economics and Finance, 5(13), 251–259.
Erden, L., & Holcombe, R.G. (2005). The effects of public investment on private investment in developing economies. Public Finance Review, 33(5), 575-602. doi. 10.1177/1091142105277627.
Edo, S. E. (2002). The External Debt Problem in Africa: A Comparative Study of Nigeria and Morocco. African Development Review, 14(2), 221–236.
Egbetunde, T. (2012). Public Debt and Economic Growth in Nigeria: Evidence from Granger Causality. American Journal of Economics, 2(6), 101–106.
M. O. F. (2017). National Budget Financial Year 2015-16, (May). Finance, M. O. F. (2017). National Budget Financial Year 2015-16, (May).
Financialization in the WAEMU | TWN Africa. (n.d.). http://twnafrica.org/wp/2017/wp-content/uploads/2019/06/WAEMU.pdf
Fincke, B., & Greiner, A. (2013). On the relation between public debt and economic growth: An empirical investigation on the relation between public debt and economic growth: An empirical investigation, 4(24), 137–150.
Fosu, A. (1996). The Impact of External Debt on Economic Growth in Sub-Saharan Africa”. Journal of Economic Development, Cilt 21, Sayi 1, ss. 93-118 (58837).
Fosu, A. K. (1999). The external debt burden and economic growth in the 1980s: Evidence from sub-Saharan Africa. Canadian Journal of Development Studies, 20(2), 307–318.
Ghali, K. (1989).―Public investment and Private capital formation in a vector error correction model of growth.‖Applied economics 30:837-844.
Gokal, V.,& Hanif, S.(2004).Relationship between Inflation and economic growth.Economics Department, Reserve Bank of Fiji.
Gómez-puig, M., & Sosvilla-rivero, S. (2015). Short-run and long-run effects of public debt on economic performance: Evidence from EMU countries.
Hansen, H. (2001). Aid and growth regressions. Journal of Development Economics, 64(2), 547–570.
Hassan, A. F. M. K. (2005). Trade Openness and Economic Growth: Search for a Causal Relationship. Does Openness Reduce Poverty? South Asian Journal of Management, 12, 38-51.
Huchet-Bourdon, M., Le Mouël, C., & Vijil, M. (2018). The Relationship between Trade Openness and Economic Growth: Some New Insights on the Openness Measurement Issue. The World Economy, 41, 59-76.
https://doi.org/10.1111/twec.12586.
Hye, Q. M. A., & Lau, W.-Y. (2015). Trade Openness and Economic Growth: Empirical Evidence from India. Journal of Business Economics and Management, 16, 188-205.
https://doi.org/10.3846/16111699.2012.720587.
Idris, J., Yusop, Z., & Habibullah, M. S. (2016). Trade Openness and Economic Growth: A Causality Test in Panel Perspective. International Journal of Business and Society, 17,281-290. https://doi.org/10.33736/ijbs.525.2016.
Karagöl, E. (2002). The Causality Analysis of External Debt Service and GNP: The Case of Turkey. Central Bank Review, 39–64.
Keho, Y. (2017). The Impact of Trade Openness on Economic Growth: The Case of Côte d’Ivoire. Cogent Economics & Finance, 5,1-14.
https://doi.org/10.1080/23322039.2017.1332820.
Kempa, B. (2016). Government debt and economic growth in the G7 countries: are there any causal linkages ?, 23(6), 440–443.
Klein T.M. (1994), “External debt Management”, World Bank Technical paper No 245. Washington DC
Kneller, R., Bleaney, M. F., & Gemmell, N. (1999). Fiscal policy and growth: Evidence from OECD countries. Journal of Public Economics, 74(2), 171–190. https://doi.org/10.1016/S00472727(99)00022-5.
Khan & Kumar, “Public and Private Investment and the Growth Process in Developing Countries,” Oxford Bulletin of Economics and Statistics, Vol. 59, No. 1, 1997, pp. 69-88.
Kourtellos, A., Stengos, T., & Ming, C. (2013). The effect of public debt on growth in multiple regimes. Journal of Macroeconomics, 38, 35–43.
Krugman, P. (1988). Financing vs. forgiving a debt overhang. Journal of Development Economics, 29(3), 253–268.
Lee, Y., & Gordon, R. H. (2005). Tax structure and economic growth. Journal of Public Economics, 89(5–6), 1027–1043.
Li, Y., Chen, Z., & San, C. (2010). Research on the Relationship between Foreign Trade and the GDP Growth of East China—Empirical Analysis Based on Causality. Modern Economy, 01(02), 118–124.
Lin, S. (2000). Government Debt and Economic Growth in an Overlapping Generations Model. Southern Economic Journal, 66(3), 754.
Mahmoud, L. O. M. . (2015). Consumer Price Index and Economic Growth: A Case Study of Mauritania 1990 – 2013. Asian Journal of Empirical Research, 5(2), 16–23. Retrieved from https://archive.aessweb.com/index.php/5004/article/view/3831
Mamo, F. T. (2012). Economic Growth and Inflation: A Panel Data Analysis. Economics, 1–44.
Prebisch, R., « The Economic Development of Latin America and its Principle Problem », UNECLA, Santiago, 1950.
Rahman, N. H. A. (2012). How Federal Government’s Debt Affect the Level of Economic Growth? International Journal of Trade, Economics and Finance, 3(4), 323–326.
Rais, S. I., & Anwar, T. (2012). Public Debt and Economic Growth In Pakistan: A Time Series Analysis From 1972 To 2010. Academic Research International, 2(1), 535–545.
Ramirez, Miguel D. & Nader Nazmi, 2003. Public Investment and Economic Growth in Latin America: An Empirical Test ―Review of Development Economics, Vol. 7(1):115-126.
Ricardo D. (1821),Principes de l’économie politique et de l’impôt, Paris, Flammarion, (eds), Debt Stabilization and Development: Essays in Memory of Carlos Diaz-Alejandro Oxford and Cambridge, MA: Blackwell, 80-102.
Ricardo, D. (1817). On the Principles of Political Economy and Taxation. Edited by Piero Sraffa with the collaboration of M. H. Dobb
Reinhart, C. M., & Rogoff, K. S. (2010). Growth in a time of debt. American Economic Review, 100(2), 573–578.
Saad, W. (2012). Causality between Economic Growth, Export, and External Debt Servicing: The Case of Lebanon, 4(11), 134–143.
Sachs, J. (1984) “Theoretical Issues in International Borrowing,” Princeton Studies in International Finance, no. 54, July.
Schclarek, A. (2004). Debt and Economic Growth in Developing and Industrial Countries ∗. Mimeo, 46(0), 1–37.
Sheikh, M. R., Faridi, M. Z., & Tariq, K. (2010). Domestic Debt and Economic Growth in Pakistan: An Empirical Analysis. Pakistan Journal of Social Sciences(PJSS), 30(2), 373–387.
Spilioti, S. (2015). The relationship between the government debt and GDP growth: evidence of the Euro area countries. Investment Management and Financial Innovations, 12(1), 174–178.
Spilioti, S., & Vamvoukas, G. (2015). The Journal of Economic Asymmetries The impact of government debt on economic growth: An empirical investigation of the Greek market. The Journal of Economic Asymmetries, 12(1), 34–40. https://doi.org/10.1016/j.jeca.2014.10.001.
Sulaiman, L. A., & Azeez, B. A. (2012). Effect of External Debt on Economic Growth of Nigeria. Journal of Economics and Sustainable Development, 3(8), 2222–1700. Retrieved from www.iiste.org.
Toda, H.Y. and Yamamoto, T. (1995). ‘Statistical Inference in Vector Autoregressions with Possibly Integrated Processes’, Journal of Econometrics, vol. 66, pp. 225-50.
Vlastou, I. (2010). Forcing Africa to Open Up to Trade: Is It Worth It? The Journal of Developing Areas, 44, 25-39. https://doi.org/10.1353/jda.0.0086.
Woo, J., & Kumar, M. S. (2015). Public Debt and Growth. Economica, 82(328), 705– 739. https://doi.org/10.1111/ecca.12138.
World Bank (2020). World Development Indicators. http://data.worldbank.org
World Bank. https://www.worldbank.org/en/country/cotedivoire/overview.
World Bank. https://www.worldbank.org/en/topic/debt/brief/hipc.
Zouhaier, H., & Fatma, M. (2014). Debt and Economic Growth. International Journal of Economics and Financial Issues, 4(2), 440–448.