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) ",95 @^#kaM "I C(0( 2Q! "& V%$7R "I!9G> !( ("D$E02003-1979(" @=!3& *&

9M ?-! 3& @N."& _"T. Q !0("A& '0!Q0 !08"& @K"R "I!08"& *6=9M !"x< "& @a:0( tK":". ?#K


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@N."& _"T. *6=9M *> 1=0 ;< ",9h *K"^R L,0 �,"$. .?.0 C(3> C("k$=0 ",95 v."5 "I C(0(

t:"- 80 �, �#I Q (!0( @a:0( tK":". ?#K9M ij= 3& @$#UI0 "& 3x0 S?R ?7a& !( "A7M

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V+> !">Q" !( *6=9M m"e !( Q *$/", *6=9M "I!9G> 80 CQ3h Q( *& �9&3R "I C(0( 80

@."R8 C!Q(2008 -2000 F#U6M S"6&3R vE0?e 2Q! 80 C("k$=0 "& Q ?.0 C(3> C("k$=0

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!( "I!9G> !( m"e *6=9M 3x0 !Q"7/ S"\f]0 Q S"]"XM!0 3& "W/ !">Q V+> Q Mv#A+

!"gM 1+#. s9+oR.

2-3%() * +,) WX($ -(<&4Y ; #K*% 78%&' .1

u#oR V+> Q !"> !( �, z,36M @a> *\9UgR @aR09\ 1=0 *> 3& (3NaU\ C"d7& 3#x"M @R

(!04h "R0 3,?R C"d7& @U. ?.09M ;< 0! *& 1K9A= 3##pM ?I( Q "M @."R8 *> u#oR V+> Q !">

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!( L,0 "$=0! Q "& *B9M *& 1#UI0 �9[9R Y�."& @."AB "& C("k$=0 80 t:"- V+> Q !"> *&

@=!3& Q @&",8!0 YL#.09E S0!3^R Q *\9UgR @aR09\ *> "U#^$+R 3& Q! _"g.0 V+> Q !"> Q

?-! ("D$E0 "I!9G> R�?.3x *$:0(35 Q _0?E0 *& *XM! ?7& "I!9G> "AB; R@ ,"U..? *XM!

1. Doing Business Index

8%&'7 5(6&4 (./ 0123'- 0(> !" #$% &' %() * +,)- (<%1=) %0- )(6 (' +9 :;#4 " &'?"&@ 183

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;9."E (Q!Q *& Y!08"& Y@d$+N-!Q L#.09E v#NGM vl"GR ?,?B Q C3#l Q #.` *\9UgR vR09\

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1390-1384 mQ?B)(3#h @R !03E @=!3& (!9R (1=0 C?- _f\0 @."AB �."& u=9M *>)

1 "I m"= !( *]9&3R "I t:"- 3,8 y�= Q (1385 Q1390 !03E v#aoM Q *,`gM (!9R

mQ0?B)1=0 C?- *+,"^R V%$7R "I!9G> !( t:"- L#d."#R "& Q 1=0 *$/3h10 -2 .(

mQ?B1*XM! . 03,0; !( ;"AB !( t:"- 1K9A= _"g.0 V+> Q !">

m"= 1384 1385 1386 1387 1388 1389 1390

*XM! 113 119 138 142 137 129 144

"I!9G> (0?6M 113 155 175 178 181 183 183

IFC, Doing Business in 2005-2011

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80 Q C?-113 *&144 !( !"> Q V+> ~.09R *> 1=0 ;< L#XR 3R0 L,0 .1=0 C?#=!

*> @,"I t:"- @=!3& ?=! @R 3T. *& L,03&"7& .1=0 C(9& ;03,0 80 3M F> Y3d,( "I!9G>

C�,Q 1#UI0 80 ?.3#h @R !03E C("k$=0 (!9R !"> Q V+> "W/ 1K9A= v> *XM! *X="oR !(

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:80 ?7M!"X\ "I t:"- L,0

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m"p$-0

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IFC, Doing Business in 2007 & 2011

Q V+> "W/ 1K9A= v> *XM! *& �9&3R *."h C( "I t:"- @=!3& Q *+,"^R *& v,w !(

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t:"- *X="oR !( t:"- 3,8 Y!9G> 3I 03& @a)0 *kK9R "7XR 3& "I "I (!9R uXM3R

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mQ?B3;03,0 !( !"> Q V+> �Q3- t:"- .

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(*.03= ?R<!( 80 ?)!() 8"#. (!9R *,"R3= vE0?e 1,3 8.0 9,8


;"7|.< *> !( mQ?B ;"G. C(0( C?- 1#6[Q �Q3- V+> !">Q !( m"= !( ;03�,0

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1. Starting a Business

2. Dealing with Construction Permit


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V%$7R "I!9G>1390

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M(Y $"1

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V%$7R "I!9G> m"= !(1390 .1=0 C?G. *X="oR

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mQ?B5m"p$-0 t:"- .

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P"j6.0 !"> S"\"= 3,45 60 60

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1. Registering Property

2. Getting credit

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1. Protecting Investors

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mQ?B8;03,0 !( ;0!04h *,"R3= 80 1,"Ue t:"- .

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1. Paying Taxes


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S"#K"R v> c3. 4.46 1.44 41


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_8b t:"- *XM! V+> "& "I(0(!03E ;?- 03Bb049 m"= !(1390 !( 0! 1#6[Q L,3$A& Y

t:"- 3,"= ;"#R 1=0!0( ;03,0 "I "I!9G> !( t:"- L,0 L#d."#R *& 1X+. Q

.1=0 @X="7R *XM! 0!0( ?=! @R 3T. *& YV%$7R @=!3& 80 ;"G. ;03,0 !( t:"- L,0

9]b.@ &;(9 e03Rv =!(0(Y@ !(;03,0 (!0( *> 1."U[ 03B0 (0(!03E "I 0! &" GRvN &Q!*

Q! (8"= @R Q B9RV WMz#6 Q ê'9 #NK"R1 R@ -Z(9 L,03&"7& 8"= C("= ?7,<3/

@=!(0( Q 1#/"k- Q 1#6]"E !( SQ"WE VB9R (9XA& W/ " +>V >Q!" Q .Q!� D$E0 ("

@R (9- .

1. Enforcing Contracts


mQ?B11;03,0 !( "I(0(!03E L#UWM t:"- .

:"-"I(0(!03E L#UWM t m"=1385 m"=1390 !( t:"- L#d."#R

V%$7R "I!9G>1390

v> *XM! 33 49 85

@=!(0( ve03R (0?6M 23 39 38

8"#. (!9R ;"R8 520 505 579

(*.03= ?R<!( 80 ?)!() C?- P3) *7,Ì 12 17 27


107E4bc6 . +,) %()*1

:"- "W/ t:"- !( @=!3& (!9R t:"- L,3:< Y!"> Q V+> ;(3> v#j6M 1K9A= t

!9G> !"> Q V+> *XM! ;< !( ;03,0 *> 1="I111 @=!3& 3& "7& Q 1=0!0( 0! �."& "I

(@d$+N-!Q _f\0) !"> Q V+> v#j6M 03& C?.Q35 v#NGM 0?$&0 80 ;"R!9G> !( @."AB "M

;0!"NXa] "& vR"> O"+e *,9+M5/4 @R m9] m"= Q ?G>9 !( C"d7& m09R0 28!0 ?)!(

*7,Ì VK"E @R �3: za$%R ve03R !( @.9."E "I "M ;0!"NXa] L#7|UI .(9-23 80 ?)!(

1>3- m09R0 28!0 @R 4:0 S"XK"jR "B *& 0! *$+N-!Q .?77> L,0 1#6[Q (9XA& 03&

h!"> v#NGM "& *#,"WE C9E @,"WE *6=9M Q @E9ê 1.Q"6R t:"- !( (!0( 3T. !( @IQ3

C"h(0( !03E3& Q m09R0 Q nfR0 1Xx ?7,<3/ ;?- C`#."NR *& 1X+. S?R?7a& "I

.?7> _0?E0 !"gM @)"D$:0 ~/! L,03&"7& S0!3^R C?#|#5 Q ?�08 !( L,0 *7#R8 Q (08<

C"d7& "I ("D$E0 03& V+> *&3gM 80 1+N- I" Q GM�,9 *�& -�Q3 C!"&Q( @R ?.09M

ij= &*7#A 0 80 m"p$-0 Q *,"R3= !04h 0! ("g,0 (9-. *XM! ;03,0 !( m"= 1390 "& (9BQ

_?\ 3##pM t:"- "I @�`B 2 *a5 mQ`. *$-0( *> ;"G. @R ?I( "I!9G> d,(3 !( L,0

*7#R8 (3NaU\ 3$A& ?.!0(. *& 3,8 mQ?B *& *B9M "& Fl! J,0`/0 c3. Ym9)Q *XM! ;03,0 !(

*+,"^R "& d,(3 G>9! IY" -u,03 03& C?.!0(8"& 1#K"6/ J%& @)9D: .?I( @R ;"G. 0!

1. Closing a Business

8%&'7 5(6&4 (./ 0123'- 0(> !" #$% &' %() * +,)- (<%1=) %0- )(6 (' +9 :;#4 " &'?"&@ 193

mQ?B12;03,0 !( !"> Q V+> @a#j6M t:"- .

!"> Q V+> @a#j6M t:"- m"=1385 m"=1390 !( t:"- L#d."#R

V%$7R "I!9G>1390

v> *XM! 109 111 85

8"#. (!9R ;"R8 5.4 5.4 3,1

R<!( 80 ?)!() C?- P3) *7,`I(*.03= ? 9 9 14

m9)Q c3. 7.19 1.23 33,5


3 M#; Gd"%" .

;03,0 (!9R *6K"jR *& 1,"7\"& Q 9K9= 9dK0 *& *B9M "&1Y *& ;09M @R 0! 9K9= 9dK0

:(0( !03E C("k$=0 (!9R ;03,0 03& 3,8 S!9)

Y= f ( INFLATION, POP, G, L, CAPITAL, FDI, BE2)

:1-9. 3,8 S!9) *& ;09M @R 0! ("D$E0 ?-! *& �9&3R *j&0! L,03&"7&

Growthit = !0 + !1Inflationit + !2Popgit + !3Goverit + !4Laborit +

!5Capitalit + !6FDIit + !7BEit + #it

:;< !( *>

Growthit !9G> ("D$E0 ?-! c3. :i m"= !(t

Inflationit: _!9M c3. !9G>i m"= !(t

Popgit !9G> 1#6UB ?-! c3. :i m"= !(t

Goverit !9G> @a:0( tK":". ?#K9M *& 1KQ( �!"%R 1X+. :i m"= !(t

Laborit !9G> !"> Q3#. ?-! c3. :i m"= !(t

Capitalit !9G> 1&"x *,"R3= v#NGM ?-! c3. :i m"= !(t

FDIit @B!": F#^$+R !04h *,"R3= 1X+. : !9G> @a:0( tK":". ?#K9M *&i m"= !(t

1 ) !"#$:0 _03A- Q @U#U) 3k6B ?Ue01388(

2 Business Ease


BEit !9G> !"> Q V+> "W/ *XM! :i m"= !(t

#it mf:0 }`B :

@."AB �."& @M"\f]0 �."& 80 Ym?R !( (9B9R "I3#p$R 80 �, 3I *& �9&3R S"\f]0

.1=0 C?- �03%$=0

80 3Mb"& ?R<!( *> @,"I!9G> );03,0 ?R<!( CQ3h "I!9G> (0?6M u=9$R ?R<!(

(?.!0(53 *& �9&3R S"\f]0 80 �#^oM L,0 !( *> 1=0 !9G>25 @."R8 C!Q( !( !9G>

1390-1384 C!Q( !( "I!9G> 80 CQ3h L,0 ;9H 1=0 C?- C("k$=01388-1384 }`B

"I m"= !( Q u=9$R ?R<!( 80 3$U> ?R<!( "& "I!9G>1389 Q1390 "& "I!9G>}`B

R<!( 80 3Mb"& ?R<!( L,0 L,03&"7& ?.0 C(9& u=9$R ?25 CQ3h "I!9G> }`B !9G>

.?.0 C?- O"%$.0 ;03,0 ?R<!(

3-17@1E'(6 -(< A0"0 e*% J" 1f_" 0%*g&' .1

:1=0 3,8 ve03R vR"- @,9a&"M "I C(0( 80 C("k$=0 "& m?R (!Q<3&

"I C(0( Q! 3& t#%GM "I ;9R8<

C(0( S!9) *& m?R (!Q<3& 1#a&"E ;9R8<@,9a&"M "I

@/("DM S03x0 ", 1&"x S03x0 L##6M ;9R8<

."I3$R0!"5 (!Q<3&

mQ?B13 L,0 !( C("k$=0 (!9R "I3#p$R Q! 3& @6UB FI ?e0Q *G,! ;9R8< �,"$.

.?I( @R ;"G. 0! @o#[9M "I3#p$R Q *$+&0Q 3#p$R ;097\ *& ("D$E0 ?-! @76, JIQ�5

5 L,0 !( (9- @R *TefR *> !9] ;"UI "I ;9R8< 80 @,","5 ;9R8< _"g.0 03& JIQ�

(!"I2 (9BQ _?\) !0?,"5". 3& @7XR ;9R8< Q( 3I !( 3k) *#[3/ .F,0 C(3> C("k$=0

C!"R< !0?^R *|."7H 04K Y1="I3#p$R (?e0Q *G,!z @.03o& !0?^R 80 3M �!`& C?- *X="oR

". 3& @7$XR 3k) *#[3/ Y?-"& �,0! ;"7#U]0 {9j= *& �9&3R @=!3& .?- ?I09: (! !0?,"5

"I C!"R< 3,("^Rz (! m"U$e0 *> ?I( @R ;"G. "I ;< 23,45 m"U$e0 Q C?- *X="oR

1. Panel Data

2. Hardi

8%&'7 5(6&4 (./ 0123'- 0(> !" #$% &' %() * +,)- (<%1=) %0- )(6 (' +9 :;#4 " &'?"&@ 195

Y"I3#p$R 3k) *#[3/95 mQ?B S"\f]0 *& *B9M "& .1=0 3Mb"& Q ?)!(13 @R *g#$.

;"7#U]0 ij= !( YJIQ�5 L,0 !( C("k$=0 (!9R "I3#p$R _"UM @6UB @,","5 F,3#h95

.(9- @U. (! ?)!(

mQ?B13@6UB FI ?e0Q *G,! ;9R8< �,"$. .1 m?R "I3#p$R Q! 3&

3#p$R _". Hardi Z-Test

Prob. Value

Growth 0,000 8010.8

INFLATION 0,000 9117.8

FDI 0,000 9317.4

POPG 0,000 6696.9

Gover 0,000 1110.9

Laborg 0,000 592.7

Capitalg 0,000 0493.4

EB 0,000 2205.9

!0`/0 _3. 80 C("k$=0 "& C?- _"g.0 S"X="oR :~X7REviews6

*> (9U. v)"e ;"7#U]0 ?,"& v."5 ", @,9a&"M "I C(0( (!Q<3& 2Q! 80 Ym?R (!Q<3& 80 J#5

C?- (!Q<3& V,03[ SQ"kM Y;9R8< L,0 !( .(!0?. (9BQ @6UB S!9) *& (!Q<3& ;"NR0

"I!9G> �M �M 03& 3,8 C!"R< �,3] 80 @6UB "I C(0( 80 v)"e C?- (!Q<3& V,03[ "&

C?- (!Q<3& V,03[ ;"#R @MQ"kM *> 1=0 ;< ;9R8< L,0 3k) *#[3/ .(9- @R @=!3&

*> @76R L,?& Y(!0?. (9BQ @6UB ;9#=3h! C?- (!Q<3& V,03[ Q ~]"^R �M �M 03&

9a&"M "I C(0( 80 C("k$=0 "& m?R (!Q<3& *& @RQ`K.(!0?. (9BQ @,

Fobs = {(ée0-éea)/(N-1)}/{ éea/(NT-(N+K))}=F{(N-1),(NT-N-K)}

éeo?#^R m?R :2

éea?#^R". m?R :3

1. Common Unit Root

2. Model Common

3. Model Fixed Effect


Y*j&0! L,0 !(éeo Q 3&03& FI "& ~j^R 3x0)?#^R ;9#=3h! m?R "I"j: !Q4gR �9UgR

Q 1=0 (.?-"& 3k) Q"+Réea )?#^R". @.9#=3h! *K("6R "I"j: !Q4gR �9UgR S03x0

.?-"& @R (.(9- (!Q<3& @,9a&"M "I C(0( S!9) *& m?R ?,"& Q C(9X. !0("76R ~j^R

"I("U. L#7|UIN YT QK 80 �, 3I !( (9B9R S0?I"GR (0?6M Y~]"^R (0?6M V#M3M *&

C!"R< Yb"& ;9R8< C!"R< .1=0 m?R !( (9B9R "I3$R0!"5 (0?6M Q ~]"^RF (08< *B!( "&

)1- N ) Q (K +N( - NT ("I!9G>)~]"^R (0?6M JIQ�5 L,0 !( *> L,0 *& *B9M "& .1=0

3&03&25 3&03& ("I m"=)S0?I"GR (0?6M Y7 3&03& "I3$R0!"5 Q9 :1-0( F#I09: Y1=0

mQ?B14@,9a&"M "I C(0( S!9) *& m?R (!Q<3& 1#a&"E ;9R8< �,"$. .

z,(! 3#p$R !0?^R

1 9#=3h! m?R "I"j: !Q4gR �9UgR?#^R ; 67. 5145

2 ?#^R". @.9#=3h! *K("6R "I"j: !Q4gR �9UgR 4436

3 S!9) (08< *B!( 24

4 �3%R (08< *B!( 230

5 C!"R< !0?^RF 1,82

6 C!"R< @.03o& !0?^RF ij= !(95% 35.1

3dGIQ�5 "I *$/", : ~X7R

C!"R< *> (9- @R *TefRF 03o& 3,("^R 80 3$G#& C?- (!Q<3& ;"7#U]0 ij= "& 3�"7$R @.

95 @6UB C9#- *& "I C(0( (!Q<3& 1#a&"E 3& @7XR 3k) *#[3/ Q! L,?& .1=0 ?)!(

.(9- C(!Q<3& v."5 ", @,9a&"M "I C(0( 2Q! *& m?R 1=0 _8b Q (9- @U. *$/3,45

(!Q<3& v."5 S!9) *& ?,"& @=!3& (!9R m?R *> F,(9U. v)"e ;"7#U]0 *> L,0 80 y5

Y(9- 1&"x S!9) *& @6j^R S03x0 *> 1=0 L,0 (9- @R {3jR *> J=35 L,3M FAR

�, (!9R !( *> L,0 L##6M �(@/("DM S03x0 (9BQ)@/("DM ", ?7$+I (1&"x S03x0 (9BQ)

"I ;9R8< �,3] 80 (3#h !03E C("k$=0 (!9R ?,"& 2Q! Q( L,0 80 �, _0?> "I C(0( 80 *.9U.

@N, .(3#h @R _"g.0 (9: �":LU="I ;9R8< "I ;9R8< L,0 L,3M �,0! 801 *#[3/ .1=0

`#. ;9R8< L,0 C!"R< .1=0 @/("DM S03x0 0!0( m?R *> 1=0 ;< LU="I ;9R8< 3k)

1 Hausman Test

8%&'7 5(6&4 (./ 0123'- 0(> !" #$% &' %() * +,)- (<%1=) %0- )(6 (' +9 :;#4 " &'?"&@ 197

C!"R<2$ 3,("^R 80 3$G#& C?- *X="oR Q( "> C!"R< !0?^R 3h0 .?-"& @R Q( "> ",

*& m?R (!Q<3& _Q`K 3& @7$XR 3k) *#[3/ Y?-"& ;< @.03o& *$/3,45 @/("DM S03x0 S!9)

.?- ?I09%.

mQ?B15@/("DM ", 1&"x S03x0 L##6M 03& LU="I ;9R8< �,"$. .

Correlated Random Effects-Hausman Test

Pool: SECURITY

Test cross-section random effects

Test Summary Chi-Sq. Statistic Chi-Sq. d.f.

Probb.

Cross- section random 21.620102 8

0.0053

3dGIQ�5 "I *$/", : ~X7R

(9BQ 3& @7XR 3k) *#[3/ Y@/("DM S03x0 ", 1&"x S03x0 L##6M ;9R8< �,"$. *& *B9M "&

0 _8b L,03&"7& .(9- @R (! @/("DM S03x0 .(9- (!Q<3& 1&"x S03x0 S!9) *& m?R *> 1=

:F#7> @R C("k$=0 m?R @a> 9dK0 ;097\ *& 3,8 9dK0 80 Y1,"A. !(

Growthit = !0 + !1Inflationit + !2Popgit + !3Goverit + !4Laborit +

!5Capitalit + !6FDIit + !7BEit + #it

Y*]9&3R "I ;9R80 80 C?R< 1=?& �,"$. *& *B9M "& 3,8 S!9) *& b"& *j&0! (!Q<3& �,"$.

:1=0

Growthit = 5.29 - 0.028Inflationit + 1.034Popgit + 0.0054Goverit +

0.00014Laborit

(-2.805) (2.98) (2.988) (2.684)

+ 0.088Capitalit + 0. 12FDIit + 0.0607BEit

(4.748) (1.267) (2.269)


R2= 0.72

�Xj7R "I ;< 1Rf\ Q *$-0( 0! !"T$.0 (!9R 1Rf\ "I3$R0!"5 _"UM Y(!Q<3& �,"$. *& *B9M "&

?-! c3. Y("D$E0 !( 1KQ( FA= Y1#6UB ?-! c3. "I3#p$R .1=0 �,!9rM !"T$.0 "&

x *,"R3= ?-! c3. Y!"> Q3#. V+> "W/ (9XA& Q @B!": F#^$+R !04h *,"R3= Y1&"

@R ("D$E0 ?-! JI"> �\"& _!9M 3#p$R Q *$-0( ("D$E0 ?-! 3& 1XqR 3#x�M !">Q

(9-.

!"> Q V+> "W/ (9XA& J,0`/0 (Q! @R !"T$.0 YC?- (!Q<3& m?R "I *$/", s"=0 3&

;03,0 *aUB 80 "I!9G> L,0 !( ("D$E0 ?-! J,0`/0 �\"& @a)0 *#[3/ Ys"=0 L,0 3& .(9-

;< s"=0 3& *> JIQ�5 L,0" "I!9G> !( ("D$E0 ?-! Q !"> Q V+> "W/ (9XA& ;"#R

.(!0( (9BQ !0("76R *j&0! �, V%$7R" CQ3h "I!9G> Ys"=0 L,0 3& .(9- @R ?#,�M

;"7#U]0 ij= "^M!0 Q !"> Q V+> "W/ t:"- J,0`/0 "& ?7.09M @R ;03,0 ?R<!(

3= 0! (9: ("D$E0 ?-! "I ;< 1#K"6/ 03& V="7R u,03- ;(9U. FI03/ Q ;0!04h *,"R

?7I( J,0`/0.

G,@(N; %() * +,) -(./ 0123' WX($(' ?"&@" -(<%1=) ?"&@" -#;g%0 A*&V

3& L,0 s"=0 @=!3& "W/ V+> Q !"> !( !9G> Q "& ;< *+,"^R "I!9G> ?R<!( CQ3h

;03,0 @R ?.09M 1#6[Q G>!9 0! �#e 80 0`B0 t:"- "W/ (9XA& V+> Q !"> *& 3,9DM

?GN&.

CQ3h "I!9G> "& ;03,0 !"> Q V+> "W/ (9XA& t:"- L#d."#R *+,"^R !9T7R *&

;9R8< Q @a#aoM !"R< 80 (u=9$R ?R<!( 80 3Mb"& ?R<!() ;03,0 ?R<!(t C?- C("k$=0

V+> "W/ (9XA& t:"- L#d."#R *X="oR "& .1=0 Y ?R<!( CQ3h L,0 "I!9G> !"> Q

:(9- @R _"g.0 3,8 ;9R8<

H0: BEIRI < Avrupper middle income

CQ3h V%$7R "I!9G> L#d."#R 80 3$NH9> ;03,0 !"> Q V+> "W/ (9XA& t:"-

.1=0 ?R<!(

H1: BEIRI % Avrupper middle income

8%&'7 5(6&4 (./ 0123'- 0(> !" #$% &' %() * +,)- (<%1=) %0- )(6 (' +9 :;#4 " &'?"&@ 199

R ", 3$h!`& ;03,0 !"> Q V+> "W/ (9XA& t:"- CQ3h V%$7R "I!9G> L#d."#R Q"+

.1=0 ?R<!(

CQ3h "I!9G> !"> Q V+> "W/ (9XA& t:"- L#d."#R Y*#[3/ L,0 ;9R8< !9T7R *&

?R<!( "I m"= !( Y;03,01390 -1384 "W/ (9XA& t:"- "& ;< !0?^R Q *X="oR

mQ?B !( ;9R8< L,0 �,"$. .1=0 C?- *+,"^R ;03,0 *& �9&3R !"> Q V+>14 C?- *�0!0

;"7#U]0 ij= !( Y1=0 t%GR mQ?B L,0 �,"$. 80 *> !9] ;"UI .1=099 @U. ?)!(

.(3> (! 0! 3k) *#[3/ ;09M

Q V+> "W/ (9XA& t:"- *7#R8 !( ;03,0 (3NaU\ 1/3h *g#$. ;09M @R s"=0 L,0 3&

XA& t:"- Q (!0( @=!3& (!9R "I!9G> 3,"= L#d."#R "& !0( @76R SQ"kM !"> "W/ (9

@R 0! 3R0 L,0 .1=0 3M L#,"5 ;03,0 ?R<!( CQ3h "I!9G> u=9$R 80 ;03,0 !"> Q V+>

mQ?B C?I"GR "& ;09M14 L,0 _Q( Q mQ0 "I z,(! s"=0 3& .(9U. �"X7$=0 (Q?e "M `#.

80 3$U> C!09UI @=!3& (!9R C!Q( !( ;03,0 !"> Q V+> "W/ (9XA& t:"- YmQ?B

"I!9G> L#d."#R *$-0?. *7#R8 L,0 !( @&9ajR (3NaU\ ;03,0 Q C(9& ;03,0 ?R<!( CQ3h

.(9- @R (! *K"^R _Q( *#[3/ L,03&"7& 1=0

mQ?B14 CQ3h "I!9G> "& ;03,0 !"> Q V+> "W/ (9XA& t:"- 3&03& ;9R8< .

;03,0 ?R<!(1

m"=

3#p$R

1384 1385 1386 1387 1388 1389 1390

(9XA& t:"- L#d."#R

/ !"> Q V+> "W

77,6 79,1 78,2 79 78,6 79,6 78,9

;03,0 t:"- 11 119 138 142 137 140 144

"I C(0( !"#6R P03o.0 37,46 38,43 37,02 39,05 38,53 39,94 40,73

;9R8< C!"R< 6,83 7,02 10,93 10,93 10,26 10,25 10,83

) @.03o& !0?^R99(% 2,42 2,42 2,42 2,42 2,42 2,42 2,42

JIQ�5 "I *$/", :~X7R

1 Upper middle incom


A#$ D([K" Q(;"#!" * (< h_(C

!( S!Q3[ Y!"> Q V+> "W/ t:"- !( ;"R!9G> *XM! *& *B9M "& *> 1kh ?,"& �9UgR

@M"R0?E0 "& za$%R "I!9G> L#& !( ;03,0 *XM! "^M!0 �9D: !( _8b S"R0?E0 *& *B9M

3#T.) B(9& ;(3> ;809$R Y_!9M c3. ;(!Q< L#,"5 _"g.0 1K9A=Y@M"#K"R 1#/"k- Y1KQ( *

C("= YSfR"6R *,Q! ;(3> 3M Y@B!": S!"gM ?e0Q C3g75 ("g,0 Y !"> "I?7,<3/ Q "I

*,"R3= (9XA& Y!"> !08"& @I?."R"= Y("D$E0 !( 1KQ( Sf:0?R JI"> J,0`/0 Y@\"U$B0

C("= Q @,"WE 1#7R0 S","N- Q Q"\( *& @h?#=! ;(3> 3M( . *& @R0`K0@R 3T .?=!

FI P"k- Q _8b "I("A. ("g,0 L#7H !9R0 v#A+M (3N,Q! "& L#.09E {f)0 Q 8"= @R"UM !(

*)3\ 1#K"6/ *& �9&3R ve03R *UI vR"- !"> Q V+> "I *ae3R 80 ("D$E0 "I

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