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One economic development strategy suggests that some economies benefit from having government policies that promote growth in manufacturing and growth in exports.A regression analysis is undertaken (using the following data) from a sample of countries that operate these types of policies.

Country

Growth GDP(Y)

GrowthManufacturing(X1)

GrowthExports(X2)

China

11.88

7.081

13.968

Hong Kong

7.242

10.404

6.448

Japan

10.71

5.7

13.02

Korea

8.73

12.445

15.18

Malaysia

4.557

8.16

9.31

Singapore

6.466

5.723

7.776

Thailand

7.49

7.533

12.032

Mean

8.15

8.15

11.10

A summary of the multiple regression analysis undertaken in Excel is reported below.

SUMMARY OUTPUT

Regression Statistics

Multiple R

0.71724576

R Square

0.51444148

Adjusted R Square

0.27166223

Standard Error

2.14232238

Observations

7

ANOVA

df

SS

MS

F

Significance F

Regression

2

19.4501989

9.72509947

2.11896802

0.23576707

Residual

4

18.3581808

4.58954519

Total

6

37.8083797

Coefficients

Standard Error

t Stat

P-value

Lower 95%

Upper 95%

Intercept

4.1438

3.9408

1.0515

0.3524

-6.7976

15.0852

X1

-0.2435

0.3558

-0.6843

0.5314

-1.2314

0.7444

X2

0.5398

0.2676

2.0171

0.1139

-0.2032

1.2828

State the multiple regression model for this data and interpret all the slope coefficients.(5 marks)