Modelling Short-run Dynamics of Macroeconomic Variables on GDP in Ecowas Countries Using Panel Vector Autoregression Model

This study implemented Panel Vector Autoregression (PVAR) Model to examine short-run dynamic relationships between inflation rate, population and unemployment rate as function of Gross Domestic Product (GDP) for Economic Community West Africa States (ECOWAS) counties. To achieve this, secondary data was sourced Population, Inflation Unemployment GDP from National Bureau Statistics, Nigeria ECOWAS office covering 1991 2020. The PVAR (1) (2) models but only model fulfilled the stability condition. Results analysis shows that GDP, population, at lag 1 are all positively related significant (P<0.05). While 2 model, negatively though were therefore concluded recommended in short run, previous determining current countries.