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Impact of Unemployment, Inflation and Households Consumption on Economic Growth

Received: 28 June 2020     Accepted: 9 July 2020     Published: 24 December 2021
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Abstract

The challenges imposed by the rising cases of unemployment, inflationary rate and less purchasing power in households have stirred considerable interest amongst researchers and actors in contemporary times in designing agreeable mechanism that engenders economic growth. This paper examined the impact of unemployment, inflation and household’s consumption on economic growth for 1960 to 2018. OLS estimation technique was adopted. From the findings, unemployment, inflation and household’s consumption impacted on economic growth. But it was observed that inflation (INF) significantly influence economic growth in Nigeria. However, controlling for the influence of consumer price index (CPI), we observed that it is a key determinant of economic growth. The study therefore recommends for efficient and effective policy mix that may monitor the inflation rate in Nigeria.

Published in International Journal of Business and Economics Research (Volume 10, Issue 6)
DOI 10.11648/j.ijber.20211006.16
Page(s) 258-266
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2021. Published by Science Publishing Group

Keywords

Unemployment, Inflation, Consumption, Households, Economic Growth

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Cite This Article
  • APA Style

    Felicia Abada, Charles Manasseh, Ogochukwu Okanya, Nnenna G. Nwonye, Ngozi Mabel Nwekwo, et al. (2021). Impact of Unemployment, Inflation and Households Consumption on Economic Growth. International Journal of Business and Economics Research, 10(6), 258-266. https://doi.org/10.11648/j.ijber.20211006.16

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    ACS Style

    Felicia Abada; Charles Manasseh; Ogochukwu Okanya; Nnenna G. Nwonye; Ngozi Mabel Nwekwo, et al. Impact of Unemployment, Inflation and Households Consumption on Economic Growth. Int. J. Bus. Econ. Res. 2021, 10(6), 258-266. doi: 10.11648/j.ijber.20211006.16

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    AMA Style

    Felicia Abada, Charles Manasseh, Ogochukwu Okanya, Nnenna G. Nwonye, Ngozi Mabel Nwekwo, et al. Impact of Unemployment, Inflation and Households Consumption on Economic Growth. Int J Bus Econ Res. 2021;10(6):258-266. doi: 10.11648/j.ijber.20211006.16

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  • @article{10.11648/j.ijber.20211006.16,
      author = {Felicia Abada and Charles Manasseh and Ogochukwu Okanya and Nnenna G. Nwonye and Ngozi Mabel Nwekwo and Shammah E. Shimmah and Oluseun Paseda},
      title = {Impact of Unemployment, Inflation and Households Consumption on Economic Growth},
      journal = {International Journal of Business and Economics Research},
      volume = {10},
      number = {6},
      pages = {258-266},
      doi = {10.11648/j.ijber.20211006.16},
      url = {https://doi.org/10.11648/j.ijber.20211006.16},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijber.20211006.16},
      abstract = {The challenges imposed by the rising cases of unemployment, inflationary rate and less purchasing power in households have stirred considerable interest amongst researchers and actors in contemporary times in designing agreeable mechanism that engenders economic growth. This paper examined the impact of unemployment, inflation and household’s consumption on economic growth for 1960 to 2018. OLS estimation technique was adopted. From the findings, unemployment, inflation and household’s consumption impacted on economic growth. But it was observed that inflation (INF) significantly influence economic growth in Nigeria. However, controlling for the influence of consumer price index (CPI), we observed that it is a key determinant of economic growth. The study therefore recommends for efficient and effective policy mix that may monitor the inflation rate in Nigeria.},
     year = {2021}
    }
    

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    T1  - Impact of Unemployment, Inflation and Households Consumption on Economic Growth
    AU  - Felicia Abada
    AU  - Charles Manasseh
    AU  - Ogochukwu Okanya
    AU  - Nnenna G. Nwonye
    AU  - Ngozi Mabel Nwekwo
    AU  - Shammah E. Shimmah
    AU  - Oluseun Paseda
    Y1  - 2021/12/24
    PY  - 2021
    N1  - https://doi.org/10.11648/j.ijber.20211006.16
    DO  - 10.11648/j.ijber.20211006.16
    T2  - International Journal of Business and Economics Research
    JF  - International Journal of Business and Economics Research
    JO  - International Journal of Business and Economics Research
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    EP  - 266
    PB  - Science Publishing Group
    SN  - 2328-756X
    UR  - https://doi.org/10.11648/j.ijber.20211006.16
    AB  - The challenges imposed by the rising cases of unemployment, inflationary rate and less purchasing power in households have stirred considerable interest amongst researchers and actors in contemporary times in designing agreeable mechanism that engenders economic growth. This paper examined the impact of unemployment, inflation and household’s consumption on economic growth for 1960 to 2018. OLS estimation technique was adopted. From the findings, unemployment, inflation and household’s consumption impacted on economic growth. But it was observed that inflation (INF) significantly influence economic growth in Nigeria. However, controlling for the influence of consumer price index (CPI), we observed that it is a key determinant of economic growth. The study therefore recommends for efficient and effective policy mix that may monitor the inflation rate in Nigeria.
    VL  - 10
    IS  - 6
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Author Information
  • Social Sciences Unit, School of General Studies, University of Nigeria, Nsukka, Nigeria

  • Department of Banking & Finance, University of Nigeria, Enugu Campus, Enugu, Nigeria

  • Department of Banking & Finance, Institute of Management and Technology, Enugu, Nigeria

  • Department of Banking & Finance, University of Nigeria, Enugu Campus, Enugu, Nigeria

  • Department of Accounting, University of Nigeria, Enugu Campus, Enugu, Nigeria

  • Department of Banking & Finance, University of Nigeria, Enugu Campus, Enugu, Nigeria

  • Department of Banking & Finance, University of Ibadan, Ibadan, Nigeria

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