Okoro, Chineme Blessing and Kenneth, Amechi, Ife (2024) IMPACT OF INFLATION AND STAGFLATION ON ECONOMIC GROWTH IN NIGERIA. Goya Journal, 17 (5). pp. 310-328. ISSN 0017 - 2715
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Abstract
The aim of this study is to analyze the influence of inflation and Stagflation on the economic growth of Nigeria from 2012 to 2024. The Nigerian economy is experiencing stagflation which describes the combination of slow economic growth, high unemployment, and high inflation. In an attempt to examine the influence of inflation and Stagflation on the growth prospects of the Nigerian economy, the study employs the autoregressive distributed lag on the selected variables, i.e. real gross domestic product (GDP), inflation rate, interest rate, exchange rate, degree of economy`s openness, money supply, and government consumption expenditures for the period. The study findings indicate that inflation and stagflation has a significant negative impact on economic growth, while other variables in the model depict no influence on the economic growth of Nigeria. However, inflation and the degree of openness show no causal relationship with gross domestic product. As a result, the study recommends that a more pragmatic effort is needed by the monetary authorities to target the inflation vigorously to prevent its adverse effect by ensuring a tolerable rate that would stimulate the economic growth. Intuitively, the appropriate policies for intervening in this economic condition should seek to stimulate both supply and demand.
| Item Type: | Article |
|---|---|
| Subjects: | H Social Sciences > HC Economic History and Conditions |
| Divisions: | Faculty of Management and Social Sciences |
| Depositing User: | mrs chioma hannah |
| Date Deposited: | 10 Jun 2024 12:19 |
| Last Modified: | 10 Jun 2024 12:19 |
| URI: | http://eprints.gouni.edu.ng/id/eprint/4319 |
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