Managing an economy is no easy task. A high growth rate as indicated by the change in gross domestic product, GDP, a low rate of inflation as depicted by the change in consumer price index, CPI, a favorable trade balance and a high rate of employment are main targets or mission of a nation’s macroeconomic policy maker. The sum of inflation rate and unemployment rate is associated with the undesirable Okun’s misery index (Lovell et al., 1995) and provides a pessimistic measure of the macroeconomic performance of a nation. Thus the performance of a nation needs to be assessed and evaluated periodically so that any shortcoming or underachievement can be identified, analyzed and appropriate steps taken to remedy it.