Figure 1: Trends of GDP Growth and Trade Openness 1984 - 2011
120.00
GDP growth
Trade Openness 100.00
60.00
40.00
20.00
It can also be deduced from Figure 1 that, the more the trade is liberalised the higher the GDP growth rate and for that matter economic growth. For instance, in 1984 when trade regime was liberalised by 10.3%, real GDP growth was 2.6% and real GDP growth was enhanced with trade regime. As trade regime declined the real GDP growth declined in 1989 and 1990. However, 1993 had seen a green light as real GDP growth increase by 4.97% from 3.9% in 1992 when trade regime increased by 43.9% from 40.3% of GDP in 1992. In 2006, trade regime became 51.6% of GDP leading to a real GDP growth of 6.4% and when trade regime intensified in 2008 to 69.8% of GDP, real GDP growth intensified leading to economic growth rate of 7.2%.
46
2011;
2010;
2009;
2008;
2007;
2006;
2005;
2004;
2003;
2002;
Years 1984 - 2011
2001;
2000;
1999;
1998;
1997;
1996;
1995;
1994;
1993;
1992;
1991;
1990;
1989;
1988;
1987;
1986;
1985;
0.00 1984;
Percentage
80.00