Estimation Results using GMM Estimator based on different income levels.

<p>The dependent variable is the Ln(GDP) and all variables are in Logarithm form.</p><p>Figures in parentheses refer to standard errors.</p><p>***, ** and * denote statistically significant at 1%, 5% and 10%, respectively.</p><p>GDP (-t) and ICT (-t), t = 1, 2, 3, 4 are lagged variables of GDP and ICT respectively.