Le Manager
Volume 12, Numéro 2, Pages 254-281
2025-12-25

The Impact Of Domestic Credit To The Private Sector On Economic Growth In North African Arab Countries: A Dynamic Panel Data Analysis



Authors : Bouabdallah Hassan .

Abstract

This study investigates the impact of domestic credit to the private sector on economic growth in four North African Arab countries, Algeria, Egypt, Libya, and Tunisia, using a Dynamic Panel Data Analysis estimated through the Feasible Generalized Least Squares (FGLS) method over the period 1990–2023. The aim is to assess whether financial deepening through increased private credit effectively contributes to economic performance in the region. The empirical results reveal a negative and statistically significant effect of domestic credit to the private sector on economic growth, indicating that credit expansion has not been efficiently directed toward productive sectors. In contrast, Foreign Direct Investment (FDI) shows a positive influence, while government consumption expenditure exerts a negative effect. The findings suggest that credit alone cannot foster growth without institutional reforms that enhance financial efficiency, improve governance, and promote productive investment.

Keywords

Domestic Credit ; Private Sector ; Economic Growth ; Panel Data

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